Earned Value Management Archives - Page 3 of 5

Determine Budget

Struggling to keep your project on budget? Let’s crack the code with “Determine Budget”! Determine Budget is the process of adding up the estimated costs of activities to create an authorized cost baseline. Why is it crucial? It helps you plan, track, and control project costs. Avoid surprises and ensure […]

Critical Path Activity

Ever wonder what’s holding your project together? Let’s unlock the secret: the Critical Path Activity! A Critical Path Activity is any task on the critical path of your project schedule. Why is it important? Because it determines your project’s timeline. Delay it, and the whole project is delayed! Identify these […]

Work Breakdown Structure Dictionary

Need a project management secret weapon? Let’s unlock the power of the WBS Dictionary! The WBS Dictionary is a document that provides detailed deliverables, activity, and scheduling information about each component in the work breakdown structure. It gives you clarity and precision. You’ll have all the details you need to […]

Work Package

Struggling with project details? Let’s dive into the power of Work Packages! Work Package is the work defined at the lowest level of the work breakdown structure. It’s where cost and duration are estimated and managed. Work Packages help you manage tasks more effectively. They provide clear estimates for cost […]

Scope Baseline

Struggling to keep your project on track? Let’s unlock the power of the Scope Baseline! Scope Baseline is the approved version of a scope statement, WBS, and its WBS dictionary. It can be changed using formal change control procedures and is used as a basis for comparison to actual results. […]

Management Reserve

Worried about unforeseen project challenges? Let’s explore Management Reserves! A Management Reserve is an amount of the project budget or schedule held outside the performance measurement baseline (PMB) for management control purposes, reserved for unforeseen work within the project scope. Management Reserves help you handle unexpected issues. They provide a […]

Code of Accounts

Want to keep your projects organized and on track? Let’s dive into the Code of Accounts! Code of Accounts is a numbering system used to uniquely identify each component of the work breakdown structure (WBS). It helps you track project details, manage budgets, and ensure nothing falls through the cracks. […]

Contingency Reserve

Worried about project risks? Let’s talk about Contingency Reserves! A Contingency Reserve is time or money allocated in the schedule or cost baseline for known risks with active response strategies. Contingency Reserves help you manage uncertainties. They provide a buffer for unexpected issues, ensuring project stability. Identify known risks and […]

Cost Baseline

Struggling to track project costs? Let’s dive into the Cost Baseline! The Cost Baseline is the approved version of the time-phased project budget, excluding any management reserves. It can be changed only through formal change control procedures and is used as a basis for comparison to actual results. The Cost […]

Control Account

Want to keep your project on track? Let’s talk about Control Accounts! A Control Account is a management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement. Control Accounts provide a comprehensive view of project performance. They help identify issues […]