Tag: Formula

2 of 100 Items Missing From the PMBoK

2 of 100 Items Missing From the PMBoK

Variance At Completion (VAC) is the difference between what the project was originally expected (baselined) to cost, versus what it is now expected to cost. Every month, our vendor is required to report this total on the project as a whole and on key deliverables.  I’m used to seeing the numbers reported and how to…

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Calculating Initial Velocity On Day Zero

Calculating Initial Velocity On Day Zero

While reviewing proposal documentation yesterday, I noticed the contractor’s predicted velocity rate was pretty high.  Being they are not experienced in using Agile and they haven’t even started the project, I was curious how they were able to calculate such a high velocity rate for the first iteration.  I know how many developers they intend…

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Communications Channels

Communications Channels

I was at a vendor site yesterday, discussing how they were going to satisfy our needs on four upcoming projects.  There were four people in the meeting:  the technical lead from the vendor, the product manager from our organization, a director from our organization, and myself.  Since I am the project manager, I had to…

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Cost Variance and Project Management Terms

Cost Variance and Project Management Terms

If you’re looking to take the PMP exam, there are several definitions you need to know.  You MUST know and understand the definitions listed in the table below. The exam won’t come right out and ask you “What does Actual Cost mean?”  The questions are more like:  “What kind of Variance do you have on a deliverable…

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