PMO Archives - Page 3 of 8 - Project Management Bootcamp

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 […]

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 […]

Estimate at Completion

Want to know your project’s final cost? Let’s explore the expected total cost! The expected total cost of completing all work is the sum of the actual cost to date and the estimate to complete. This projection helps you anticipate the total expenditure. It ensures you stay within budget and […]

Variance at Completion

Curious about your project’s financial future? Let’s explore budget projections! A projection of budget deficit or surplus is the difference between the budget at completion and the estimate at completion. This projection helps you understand your financial standing. It highlights potential budget issues early on. VAC= Budget at Completion (BAC) […]

Schedule Performance Index

Want to know if your project is on schedule? Let’s dive into Schedule Performance Index (SPI)! Schedule Performance Index (SPI) measures schedule efficiency. It’s the ratio of earned value to planned value. SPI shows how well you’re sticking to your schedule. It helps identify efficiency and potential delays. Formula SPI […]

Schedule Variance (SV)

Worried about project delays? Let’s explore Schedule Variance (SV)! Schedule Variance (SV) measures schedule performance. It’s the difference between earned value and planned value. SV shows if your project is on track. It helps identify delays early, keeping your timeline in check. Formula SV = Earned Value (EV) – Planned […]