Topic Teasers Vol. 134: Unexpected Changes Lead to Alphabet Madness
Due to the fact that (unexpectedly) the employees I thought could work on my project are not all available, and the reality that my suppliers are not going to deliver as originally planned, there is no way my original project estimates are accurate. It’s not enough that we are over budget and behind schedule, I now need a way to show management how I predict this work will change financially and in terms of time. It is key to them so that our business can continue to survive. I recall I learned some alphabet formulas to pass the PMP® exam, but that was years ago. Is there a simple way to calculate this stuff? I need to be focused on managing this project, not on complex calculations.
A. Estimate at Completion and Estimate to Complete are the same thing, so unless you are more than $10,000 off your initial figures, it is not necessary to do any formal updates.
B. Each organization designs its own terms and formulas to describe what a project will cost, and a unique reporting structure to use if the project is off track. The formulas used for the PMP® exam were only samples and should not be used in an actual workplace calculation.
C. It is typical for all projects to vary on cost, time and quality. The metrics you
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