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- TUSLOG Detachment 150
The PMBOK buries the project cost management formulas so far into the text it takes you a while to hunt them down in Paragraph 10.3.2.4. While writing up this web page, it took me 20 minutes to find them using the CD-ROM version of the PMBOK and Adobe Acrobat Reader's "Find" function.
Even once you find the formulas, you find there are no really good explanatory illustrations; only some descriptions buried in some subparagraphs' sentences. This is bad news to Project Management Professional examination candidates as they need to be well-versed in them to pass the exam--or risk losing a lot of test points!
I wrote an e-mail to the Project Management Institute in 2000 suggesting they resolve this situation with a few very simple algebraic and numerical illustrations which are prominently placed in an illustration of the equations. That idea was rejected unfortunately. Why is this rejection unfortunate (besides injuring my professional pride)? Simple:
- You will find the PMBOK contains an "illustrative tabular performance report" in Figure 10-3, but that illustration does not show you how to set up the equations!
- You need to know how to set up the equations in order to
- Understand them,
- Use them
- Most importantly to PMP exam candidates, pass the PMP exam!
But--have--no--fear! Your pal Bluejeans has a snappy little study aid that makes them all crystal clear in just a page and a half of illustrations and text! You can download a copy by clicking on the link shown below.
You need to be aware of some terminology changes in the 2000 PMBOK edition which differ from the 1996 PMBOK edition.
PV = Planned Value(previously called BCWS = Budgeted Cost of Work Scheduled)
AC = Actual Cost(previously called ACWP = Actual Cost of Work Performed)
EV = Earned Value(previously and interchangeably called BCWP = Budgeted Cost of Work Performed)
I updated my cost equation document on August 27, 2002 to reflect these changes. You can download a copy by clicking on this link.