EVM has been a required measure for federal U.S. In PCM, Earned Value Management (EVM) is a clear indication of how a project is doing. This is why it is critical for PMs to make use of available resources and plan the cost section carefully. Most experts consider the cost management portion of project management to be the weakest area. Templates are available in order to describe how costs will be planned, structured, and controlled. A PM uses Project Cost Management Plans to accomplish this work. The processes of PCM include planning cost management, estimating costs, determining budgets, and controlling costs. PCM is one of the ten knowledge areas outlined in the Project Management Body of Knowledge. Project Cost Management’s (PCM) main function is to complete a project on time within the approved budget. The PMI, explained through the Project Management Body of Knowledge (PMBOK), requires potential certified professionals to be able to answer the status of their projects. This article can prepare you by providing information about the project management concept of schedule variance, and some different ways to study for the PMP exam that will help you remember the concepts when you are studying for the test. Taking enough time and studying in a way that helps you retain the material is a start to getting the concepts down. Being properly prepared is critical for people attempting the exam. With such high failure rates, it is considered an extremely challenging assessment of the project management concepts. Based upon prepatory class rates, some experts estimate that only 50-70% of people who take the test pass. The Project Management Institute (PMI), the organization responsible for the PMP test and certification, does not release its failure rates, or even the grade required on the exam to pass it. Professionals who earn the PMP credential are more competitive in the job market. This is why they are part of the Project Management Professional (PMP) exam. These variance analyses allow you to control the scope of your projects, and every professional PM needs to be able to expertly perform them. These costs are unnecessary, and can be kept to a minimum with regular performance variance analyses. Costs rise rapidly once your project exceeds the time budgeted for it. Keeping projects on the agreed-upon schedule is a critical function of Project Managers (PMs).
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