Title_Bottom-Up-Estimating

Bottom-Up Estimating – Definition, Example, Pros & Cons

Bottom-up estimating is a technique that involves estimations on a granular level for parts of a project. These are then aggregated to a total estimate for the entire project. It is often referred to as one of the most accurate ways of estimating. Estimating cost, duration or resource requirements of a project typically starts with …

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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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Project members in a conference room

Number of Communication Channels (+ PMP® Formula & Calculator)

The PMI methodology, set out in the Project Management Body of Knowledge, introduces the number of potential communication channels as a part of the communication requirements analysis. This type of analysis is a tool and technique of the “Plan Communications Management” process (ch. 10.1.2 in the PMBOK, 6th edition). The goal of this analysis is …

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Title 5 step guide to analogous estimating

How to Do Analogous Estimating – an Illustrated 5-Step Guide

Analogous estimating is a common technique in project management to determine cost, schedule or resource estimates. It is often used in situations where a rough estimate meets the needs of the stakeholders or at a time when not many details are known about a project (source). Applying the technique involves the selection of similar projects, …

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Title Analogous Estimating

Analogous Estimating | Definition, Examples, Pros & Cons

Analogous estimating is a top-down estimation technique for estimating the cost, resources and durations of projects (according to PMBOK, 6th edition, ch. 6.4.2, 7.2.2, 9.2.2). While it is less accurate than other methods, it can be used to produce an order of magnitude or an initial estimate. Therefore, it is a common technique during the selection or …

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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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COQ Title

Cost of Quality (COQ) – Cost of Conformance vs. Cost of Non-Conformance

Cost of quality is a technique under the Project Quality Management Knowledge Area of the PMBOK (PMBOK, 6th edition, ch. 8.1.2.3). The concept comprises of a short- and long-term consideration of quality expressed in its two components: cost of conformance and cost of non-conformance. In this article, we will shed a light on the technique …

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