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Project Management Professional (PMP) is an internationally recognized professional designation offered by the Project Management Institute (PMI). [1] As of 31 July 2020, there are 1,036,368 active PMP-certified individuals and 314 chartered chapters across 214 countries and territories worldwide.
The project management triangle (called also the triple constraint, iron triangle and project triangle) is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. [ 1 ]
The items identified in the Work breakdown structure plus overhead costs, plus costs related in proportion to the planning and performance.) According to the PMBOK (7th edition) by the Project Management Institute (PMI), Earned Value (EV) is defined as the "measure of work performed expressed in terms of the budget authorized for that work." [3]
In the 1960s project management as such began to be used in the US aerospace, construction, and defense industries. [7] The Project Management Institute was founded by Ned Engman (McDonnell Douglas Automation), James Snyder, Susan Gallagher (SmithKline & French Laboratories), Eric Jenett (Brown & Root), and J Gordon Davis (Georgia Institute of Technology) at the Georgia Institute of Technology ...
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
The exam consists of 150 multiple-choice questions with four answers per choice. Candidates have 3.0 hours to complete the exam. To be able to apply, one needs a secondary diploma (high school diploma/global equivalent) as well as a minimum of 1,500 hours of project experience OR 25 hours of project management education.
A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering ...
According to the PMBOK (7th edition) by the Project Management Institute (PMI), CPIF is a "type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable cost (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria". [2]
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