Tools & Templates

Definitive Estimate vs. Rough Order of Magnitude (ROM) Title

Definitive Estimate vs. ROM/Rough Order of Magnitude (+ Calculator)

When the cost of projects (or parts of a project) is estimated, the accuracy of these estimates depends on various factors. These include but are not limited to the availability and quality of information and the estimation technique used. The available options and data to estimate costs typically vary among the phases of a project. …

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How Project Management Software Improves Productivity

The success of a business project relies heavily on a number of factors: individual and collective expertise of the team members, budget, resources, communication, and productivity among other things. Productivity, however, is becoming a serious concern for many project-based firms. According to a recent productivity survey by VoucherCloud that interviewed nearly 2,000 employees, the average …

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Title Balanced Scorecard Project Management

Balanced Scorecard in Project Management – Uses, Pros & Cons

The Balanced Scorecard, or Integral Scorecard, is a strategic management methodology used to define and monitor the strategy of an organization. Robert Kaplan and David Norton created this methodology in 1992 (original article). The Balanced Scorecard was originally developed as a tool to implement the corporate strategy and is a common method in companies of …

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PMI ACP Formulas Title Image

PMI-ACP® Formulas for 19 Agile Metrics (incl. Explanations)

When you are preparing for your PMI-ACP exam, studying formulas has probably not been your top priority so far. Although the PMI-ACP exam puts less emphasis on calculations than other certifications (such as the PMP, for instance) you should be familiar with a few formulas. As they are not overly complicated, they are ‘quick wins’ …

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Title and Screenshot of Calculator for Discounted Payback Period

Discounted Payback Period: Definition, Formula, Example & Calculator

The discounted payback period (DPP) is a success measure of investments and projects. Although it is not explicitly mentioned in the Project Management Body of Knowledge (PMBOK) it has practical relevance in many projects as an enhanced version of the payback period (PBP). Read through for the definition and formula of the DPP, 2 examples …

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Calculator for rough order of magnitude estimate range

Calculator for the Rough Order of Magnitude (ROM) Range

If you are in the initiation phase of a project or studying the PMBOK for your PMP exam you will find this ROM Range Calculator useful. This tool helps you determine the minimum and maximum values of the range of your rough order of magnitude estimate. Introduction to the ROM Calculator There are numerous estimation …

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Title schedule variance

What Is Schedule Variance (SV)? Definition, Formula, Example, Calculator

When you are in the process of controlling the schedule of your project, or when you are preparing for your PMP exam, you will likely make use of the Schedule Variance (SV) at some point. This is one of the key indicators of the variance analysis which is part of the earned value management of …

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Title COst Variance

What Is Cost Variance (CV)? Definition, Formula, Example, Calculator

You probably came across the cost variance (CV) when you had been reading about earned value management and variance analysis. Whether you are controlling the cost of your project or preparing for the PMP exam – being familiar with the CV is essential to master project cost management. This article introduces the concept of cost …

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Internal Rate of Return (IRR) Calculator

IRR Calculator: Internal Rate of Return (IRR) of Projects

The Internal Rate of Return is one of the most common success measures of projects and investments. It is a profitability metric that can be used to assess and compare different project options even if their investment amounts, timeline and cash flow characteristics differ. In project management, it is often used for cost-benefit analyses as …

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