Expected Monetary Value (EMV): A Guide With Examples
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Expected Monetary Value (EMV): A Guide With Examples

ByFahad Usmani, PMP

Expected Monetary Value (EMV) is an integral part of risk management and used in the Perform Quantitative Risks Analysis process.

This technique involves mathematical calculations, and that is why many PMP aspirants ignore this concept. This is an important concept and I would not recommend you avoid it. Read this blog post and follow the examples. I believe it will help you understand the concept.

This is a straightforward concept and involves basic calculations. Once you understand the concept, solving questions will be easy for you.

Monte Carlo Analysis in Project Management
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Monte Carlo Analysis in Project Management

ByFahad Usmani, PMP

The Monte Carlo simulation is an important technique in risk management that many PMP and PMI-RMP exam study books do not describe in detail.

Most of the guides say it is a complex technique that requires a computer’s assistance, and so aspirants don’t dig further. This assumption is not true; it is a straightforward technique.

The Monte Carlo simulation is a quantitative risk analysis technique used in identifying the risk level of achieving objectives.

Project Network Diagram In Project Management: Definitions and Examples

Project Network Diagram In Project Management: Definitions and Examples

ByFahad Usmani, PMP

A project network diagram is a vital concept in project management, as it is the basis of your schedule and helps you allocate resources. If you are involved in project management, you must understand project network diagrams, their types, and their usage. I will cover this concept in detail in today’s blog post, and I…

Critical Path Method (CPM) in Project Management
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Critical Path Method (CPM) in Project Management

ByFahad Usmani, PMP

Critical Path Method (CPM) is a project schedule modeling technique. Mr. Morgan R. Walker and James E. Kelly developed this technique in the late 1950s.

Project planners use this method to develop schedules for many kinds of projects including IT, research, and construction.

Critical Path Method is a lengthy and complex concept. Please follow each step in this blog post and don’t move on until you understand the previous steps. If you follow this advice and complete the blog post, you won’t have any problems solving the questions on Critical Path Method.

Critical Chain Method (CCM) in Project Management
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Critical Chain Method (CCM) in Project Management

ByFahad Usmani, PMP

The Critical Path Method helps project managers develop and manage the schedule in the past.

This method makes the life of a project manager easy. They can plan activities with less effort, and this was a good communication tool.

However, there were many issues with the schedules developed by critical path methods. These schedules were not realistic, and projects started getting delayed, which caused crossing their cost baselines.

Many times these delays led to project termination, and this was hurting companies financially.

Precedence Diagramming Method (Activity on Node Method) in Scheduling
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Precedence Diagramming Method (Activity on Node Method) in Scheduling

ByFahad Usmani, PMP

A Precedence Diagramming Method (PDM) is a graphical representation technique. It shows the inter-dependencies of activities and is used in schedule development. The other name for this technique is Activity on Node (AON).

We use this method in drawing the project schedule network diagrams; for example, critical path network, critical chain network diagram, and others.

The Precedence Diagramming Method shows activity relationships. Hence, it is an important communication tool for stakeholders.

Fast-Tracking Vs Crashing – Schedule Compression Techniques
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Fast-Tracking Vs Crashing – Schedule Compression Techniques

ByFahad Usmani, PMP

There are many reasons you may want to compress the schedule.

Your project could have been delayed and you have to bring it back on schedule.

Management may also ask you to compress the schedule. Often this happens when your resources are needed for a new opportunity.

Project delays can happen for many reasons. For example: an unrealistic schedule

Verification Vs Validation
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Verification Vs Validation

ByFahad Usmani, PMP

Validation and verification are two important terms in project management; they seem very similar, and it’s easy to get them confused.

These are important concepts and any PMP aspirants needs to understand them well. I will explain these terms fully, so you will have a better understanding of them when you finish this blog post.

This topic is not very important from the PMP exam point of view. However, as a project manager, you must know the difference between these terms.