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Supple Software Company is an S Corporation founded and entirely owned by Ralph and Mabel Smith. The company was founded in 1993 and has received no outside investments. Supple sells three different software products that command impressive market share. Ralph and Mabel are interested in taking the company to the next level in sales by 2000. Supple's objectives are ambitious yet achievable. Sales increases in 1999, and doubling again for the next year.
Quentin Fleming began his management consultancy practice in 1991 to help companies implement new projects, and / or to assess the performance of their ongoing projects. He offers his services in the old fashioned way...working with company management as an outside catalyst, to stimulate permanent improvements within the organization. In 2008 he served on the Project Management Institute (PMI) "core team" which updated the PMBOK(R) Guide for their Fourth Edition released in December 2008.
Common and special causes are the two distinct origins of variation in a process, as defined in the statistical thinking and methods of Walter A. Shewhart and W. Edwards Deming .
Introduction | Project Management Overview | Understanding Conflict | Approaches to Conflict Resolution | Conclusion | References Introduction Conflict in project management is inevitable. The potential for conflict in information systems development projects is usually high because it involves individuals from different backgrounds and orientations working together to complete a complex task. The cause of conflict in team projects can be related to differences in values, attitudes, needs, expectations, perceptions, resources, and personalities.
written by: Rupen Sharma, PMP • edited by: Michele McDonough • updated: 3/25/2010 “So far , we’ve lost over a million dollars. No point in turning back now. Let's see if we can recover our sunk costs." But...can sunk costs be recovered?
The term apportioned effort refers to energies put forth for application into project-related work that is incapable of being easily and readily divisible into discrete effort s for those tasks but rather, in fact, is related in a direct proportion to measurable discrete work efforts. As such, the existence of apportioned effort relies specifically and directly on the performance of other efforts. One example of apportioned effort in action is that of the quality assurance division within a major corporation. That quality assurance division is specifically and wholly reliant on the performance of the manufacturing team as a whole.
Copyright © 1997-2006 Samuel L. Baker When you are evaluating an investment, a useful number number to know is the internal rate of return .
08 Jan Given below are some of the key terms, definitions related to PMP Exam. Memorize well and follow the Exam Tips - 1 .
Many cognitive biases have been demonstrated by research in psychology and behavioral economics . These are systematic deviations from a standard of rationality or good judgment. Although the reality of these biases is confirmed by replicable research, there are often controversies about how to classify these biases or how to explain them. [ 1 ] Some are effects of information-processing rules, called heuristics , that the brain uses to produce decisions or judgments. These are called cognitive biases . [ 2 ] [ 3 ] Biases in judgment or decision-making can also result from motivation , such as when beliefs are distorted by wishful thinking . Some biases have a variety of cognitive ("cold") or motivational ("hot") explanations.
Project team builder (sometimes abbreviated as PTB) is a project management simulation tool developed for training and teaching the concepts of project management and for improving project decision making. A number of published books and academic papers are based on the PTB and its predecessors. The PTB won the Project Management Institute Professional Development Product of the Year Award. [ 1 ] The PTB is used in universities and business organizations around the world. The simulator is based on an approach that separates the simulation engine from the scenario editor and allows each user (or teacher) to simulate any project. The simulation engine simulates the dynamic stochastic nature of modern projects.
Calculation of Point of Total assumption (the case when BAC exceeds PTA that should be treated as a risk trigger, is shown) The point of total assumption (PTA) is a point on the cost line of the Profit-cost curve determined by the contract elements associated with a fixed price plus incentive-Firm Target (FPI)contract above which the seller effectively bears all the costs of a cost overrun . The seller bears all of the cost risk at PTA and beyond, due to a dollar for dollar decrease in profit beyond the costs at the PTA. In addition, once the costs on an FPI contract reach PTA, the maximum amount the buyer will pay is the ceiling price.
Every facet of human life is a project. Every little step we take, from the moment we wake up up to the time we settle to sleep, is filled with mini projects. It's then not a stretch to assume that the way we handle actual projects (from work, school, etc.) is reflection of the way we handle the biggest project there is - our existence. That's why it's doubly important to come up with the perfect habit of proper planning and management of projects.
Project Management Professional - PMP Certification is administered by the Project Management Institute (PMI). This tutorial will help you to prepare and to test yourself for PMP Certification exams based on latest version of PMBOK®,Guide 4th Edition (2009) You know, most of the MNCs prefer to keep PMP Certified Project Managers, so its always worth to get this certification and move ahead fast in your career. This tutorial has been prepared to give you idea about a basic overview of PMP Exams and its preparation. So if you are preparing for PMI's PMP or other management related exams then you will find this material very helping for you. We assume you have basic knowledge about project management and leadership.
A project sponsor requested earned value data on two concurrent projects from the project managers. Both projects are regarded as equally important and strategically beneficial and have been finished by over 80%. He received the following information: Project A: PV: $1,800,000 EV: $2,300,000 AC: $2,100,000 Project B: PV: $2,000,000 EV: $1,500,000 AC: $1,600,000 The sponsor considers to shift some resources from project A to project B to speed up the second project which is currently behind schedule.