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Category Archives: PgMP
What is Alternatives Identification?
Alternatives Identification Alternatives identification is a technique used to generate different approaches to execute and perform the work of the project. Brainstorming and lateral thinking are often used to identify alternatives.
What is Transference?
Transference Transference is a strategy to mitigate negative risks or threats. In this strategy, consequences and the ownership of a risk is transferred to a third party. This strategy does not eliminate the risk but transfers responsibility of managing the … Continue reading
What is Acceptance Response?
Acceptance Response Acceptance response is a part of Risk Response planning process. Acceptance response delineates that the project plan will not be changed to deal with the risk. Management may develop a contingency plan if the risk does occur. Acceptance … Continue reading
What is Exploit Response?
Exploit Response The exploit response is one of the strategies to negate risks or threats appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is … Continue reading
What is Float?
Float, also called slack, is the amount of time an activity can be delayed without affecting any subsequent activities. There are two types of floats available: Free Float: It is the amount of time a schedule activity can be delayed … Continue reading
What is Fast Tracking?
Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done in sequence. It is shortening the project schedule without reducing the project scope.
What is Schedule Variance (SV)?
Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula: … Continue reading
What is Schedule Performance Index (SPI)?
Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The SPI is calculated based on the … Continue reading
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What is Cost Performance Index (CPI)?
Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated based on the following formula: CPI … Continue reading
What is Variance at Completion (VAC)?
Variance at Completion (VAC) is the difference between the total baseline cost (BAC) and the estimated total cost (EAC). It is calculated by subtracting the total estimated cost at completion from the total baseline cost (BAC-EAC). If VAC is a … Continue reading