Project Expected Monetary Value Analysis. Expected Monetary value analysis is a risk analysis tool in project management Example Expected Monetary Valuation (EMV) is calculated as P*I P stands for Probability I stand for Impact Risk 1 : Probability =50% …
The common tools and techniques of project managements can be grouped into four major categories These are data gathering, data representation, data analysis , interpersonal/team skills and decision making Data Gathering Tools and Techniques Interviews Focus groups checklists Brainstorming Benchmarking …
There are five economic models to select a project. 1. Internal rate of return (IRR) 2. Payback methods 3. Cost benefit analysis 4. Present value 5- Net present value 1. Internal rate of return (IRR) Internal rate of return …
The project management areas describes project management knowledge and practice in terms of their component processes. These processes have been organized into nine knowledge areas, such as described below. Project Integration Management, describes the processes required to ensure that the …
Project management is the application of knowledge , skills, tools and techniques to project activities to meet project requirements. Project management is accomplished through the use of the processes such as : initiating, planning, executing, controlling and closing. The project …
Projects are different from operations which are ongoing and repetitive. A project is temporary endeavor undertaken to create a unique product or service. Temporary means that every project has a definite beginning and a definite end. The end is reached …
For every dollar spent a decision has been made to spend it. On one level many decisions are more or less automatic. such as the decision to buy food . But the question of what kind of food to buy …