Rapid Fire on Project Management

As the name implies, Risk Probability is the chance of a risk to happen, while Risk Impact is the cost when the risk occurs. In project management, risk impact and risk probability are two critical concepts within the risk management process. Here’s the difference between the two: Risk Impact: Risk impact refers to the effect … Read more

Effort Variance = (Actual effort – Estimated Effort) / Estimated Effort. It is the difference between the estimated effort and the effort required. Effort variance in project management refers to the variance between the planned effort required for completing a particular task or project phase and the actual effort expended. It’s a measure used to … Read more

It is a mutually agreed arrangement, where a contractor is paid on the basis of factors like – • Actual cost of direct labor at hourly rates • Actual cost of equipment and material usage • A fixed add-on to include profits and overheads In project management, a time and material (T&M) contract is a … Read more

Tell them about some important and commonly used tools like – • Gantt Chart • Work Breakdown Structure • Product Breakdown Structure • PERT Chart • Logic Network When answering the question about project management tools you’ve used before in an interview, it’s important to be honest and provide specific examples. Here’s a structured response … Read more

These are the final version of all plans before the initiation of a project. It includes time schedule, quality plan, communication plan, and everything else. This acts as the reference to measure the project performance. In project management, a plan baseline refers to a set of approved project plans that serve as a reference point … Read more