Cost Variance (CV) and Schedule Variance (SV) are essential earned value management (EVM) metrics used to assess a project's performance. Calculating and interpreting these variances helps IT project managers understand…
Earned Value Management (EVM) is a powerful technique used by project managers to assess project performance by integrating project scope, schedule, and cost. It provides a comprehensive understanding of a…
A tracking Gantt chart is a valuable tool for IT project managers to monitor and visualize time performance throughout the project lifecycle. Here's how to effectively utilize a tracking Gantt…
The project control involves four steps: setting a baseline plan, measuring progress and performance (including quality), comparing the plan against actuals, and taking action. These four steps are critical for…
Controlling a project involves monitoring, assessing, and regulating various aspects to ensure the project stays on track. Here are four essential steps for project control: Performance Measurement: Establish clear metrics…
Reducing project costs while maintaining quality and meeting objectives is a key challenge for project managers. Here are several strategies and options to consider for cost reduction: Resource Optimization: Efficiently…
Compressing or crashing a project schedule can yield benefits in terms of meeting deadlines or gaining competitive advantages, but it also comes with several risks that project managers should be…
The optimum cost-time point in a project network, often referred to as the "cost-time trade-off," involves finding the balance between project duration (time) and project cost. This point represents the…
When resources are constrained in a project, crashing activities becomes more challenging, but there are still strategies that can help expedite the project timeline: Resource Leveling: Optimize the utilization of…
When resources are not a limiting factor, crashing a project activity can still be achieved through various means. Here are some options available to project managers in such scenarios: Resource…