TSI’s Project Management Discussion Blog

TSI, a project management industry leader, projects that their 2008 revenues will double to $10 million as they continue to add industry leaders to their already impressive client roster. In July and August alone, the U.S. Air Force, U.S. Department of Energy, KPMG and Wal-Mart became clients.

Dallas, TX (MobilityNewswire) September 25, 2007 — TSI, a project management industry leader, projects that their 2008 revenues will double to $10 million as they continue to add industry leaders to their already impressive client roster. In July and August alone, the U.S. Air Force, U.S. Department of Energy, KPMG and Wal-Mart became clients. Numerous mid-sized companies including, Transplace, AirCell and Albert Moving, just to name a few, tapped into TSI’s world-class project management services during the same timeframe. (http://www.truesolutions.com)

The demand for TSI’s project management expertise and proprietary methodologies is on the rise as companies strive to become more globally competitive and create repeatable best practices, reduce costs, improve quality and deliver projects on time and on budget.

The Road to Process Management

TSI, known for its full life cycle project management services, provided a wide range of services to these new clients in key areas including training, staffing, business process improvement and project management.

Training:

• U.S. Air Force

When the U.S. Air Force needed the project management industry’s most comprehensive training for personnel responsible for critical projects and initiatives, they hired TSI. In August, TSI taught a week long Ultimate PMP Exam Prep class at The Pentagon to prepare Air Force personnel pursuing their PMI certifications.

• U.S. Department of Energy

In an effort to continue to improve internal efficiencies and productivity, the U.S. Department of Energy conducted a rigorous selection process for Lean Six Sigma training that included companies from across the country. TSI beat out the competition and was contracted to conduct a Six Sigma classes for 30 employees in June. It was so successful that TSI was asked to train an additional group in July and deliver a five day, more comprehensive Lean Six Sigma class.

• KPMG

KPMG’s Atlanta office contracted TSI to create a custom four day Ultimate PMP Exam Prep course for 20 employees pursuing their PMI certifications. The course, which is slated to begin in October, is part of KPMG’s effort to improve internal processes and continue to offer world-class services.

• AirCell

AirCell, a broadband services company that caters to the airline industry, recognized the need to streamline and improve their processes to be competitive. So, they hired TSI to provide a two day Process Management introduction class titled, “The Road to Process Management” to key employees at their Itasca, Illinois office. The class resulted in a clear roadmap for documenting, analyzing processes, improving productivity and customer service. Staffing:
Wal-Mart
When Wal-Mart needed to find the most qualified person for a high-level project management position, they turned to TSI. TSI’s industry reputation for identifying client needs, locating and placing seasoned project management professionals, enabled Wal-Mart to quickly find the perfect candidate who matched their business culture.

Business Process Improvement:
Transplace
Transplace, a logistics company, came to TSI with a common dilemma – they needed to more clearly identify the processes involved when bringing new clients on board. In record time, TSI was able to evaluate and clearly define their business processes so they could be repeated and consistently duplicated by employees. TSI is slated to provide project management training to a select group of employees tasked with this critical role.

Project Management:
Albert Moving
Albert Moving needed to implement a new CRM system on time and on budget, so they called TSI for support. TSI will be overseeing three vendors responsible for this project during the course of 12 to 18 months to ensure a successful implementation and launch.
According to TSI CEO, Wes Balakian, “TSI continues to attract Fortune 500 companies because of the depth of project management services we offer and our proprietary methodologies. Companies know they can come to TSI and get all of their project management needs met in one place – from training to consulting to staffing.”

About TSI:
TSI, based in Dallas, Texas, is a global provider of full life cycle project management services including outsourced project management, staff augmentation and education. The company has offices in Atlanta, Europe, Australia and India and is a primary supplier to a number of Fortune 100 companies, educational institutions and government agencies. TSI provides business solutions to companies of all sizes, across all industries worldwide to drive organizational change and results. For more information, visit www.truesolutions.com or call 866.770.0903.

Lesson 39 in TSI’s Free PMP Exam Prep Lunchtime Lecture Series – Applying the Cost Control Process

Watch the PMP Training Video | Buy the Project Management Process Posters

Cost Control is the process of effectively managing changes to the project budget, then integrating those changes across the entire project through the Integrated Change Control process. It is important to understand that it is the project manager’s responsibility to discourage unnecessary budget changes. It is also important to understand that when changes are warranted, that they be made in strict accordance with the project’s cost change control process, and that the established cost baseline remains intact. Re-baselining the budget is appropriate only in extreme situations.

In Cost Control, the application of earned value analysis (EVA) is a key tool used to measure project performance. Earned value analysis integrates cost, scope and schedule to derive measurement values that accurately assess project progress to date, as well as forecasted future performance.

Consider that schedule, scope or cost values alone can create false impressions. For example, a project can be well under budget at any given time. This may appear favorable. However, if the underbudget performance is the result of being well behind schedule, then the project may not be in a favorable status. Earned value analysis corrects these type issues.

You will likely encounter five or six questions on your PMP Exam designed to challenge your applied understanding of earned value analysis. Accordingly, this discussion includes an earned value primer.

Cost Control Must Know Concepts

1. “Cost Control is the process of effectively managing changes to the project budget, then integrating those changes across the entire project through the Integrated Change Control process.”
2. “It is the project manager’s responsibility to discourage unnecessary cost changes.”
3. “When legitimate budget changes are warranted, they should be made in accordance with the project’s cost change control system.”
4. “Earned value analysis (EVA) is a key tool used to measure project performance. Earned value analysis integrates cost, scope and schedule to derive measurement values that accurately assess project progress to date, as well as forecasted future performance.”
5. “Planned Value PV (also termed Budgeted Cost of Work Scheduled BCWS) is the established baseline that indicates the amount of money planned for spending to date, at any particular point in time (regardless of what actual work has been performed).”
6. “Earned Value EV (also termed Budgeted Cost of Work Performed BCWP) is the established baseline that indicates the amount of money planned for spending on the actual work performed to date, at any particular point in time (regardless of other planned objectives).”
7. “Actual Cost AC (also termed Actual Cost of Work Performed ACWP) is the amount of money spent on the actual work performed to date, at any particular point in time (regardless of other planned objectives).”
8. “Budget at Completion BAC is simply the amount of money planned for spending on the entire project.”
9. “Schedule Variance SV SV = EV – PV SV>0 = ahead of schedule. SV<0 = behind schedule.”
10. “Cost Variance CV CV = EV – AC CV>0 = under budget. CV <0 = over budget.”
11. “Variance at Completion VAC VAC = BAC – EAC VAC>0 = under budget. VAC<0 = over budget.”
12. “Schedule Performance Index SPI SPI = EV/PV SPI>1 = ahead of schedule. SPI<1 = behind schedule.”
13. “Cost Performance Index CPI CPI = EV/AC CPI>1 = under budget. CPI<1 = over budget.”
14. “Estimate to Complete ETC ETC = BAC – EV or ETC = (BAC – EV) / CPI ETC forecasts remaining project costs.”
15. “Cost Estimate at Completion EAC EAC = AC + ETC EAC forecasts final project cost total.”

Today, TSI announced that we will soon release our newest flagship PMP training course.  This E-learning version of our PMP Certification Exam Prep Course is designed for the busy professional that can’t take time off to attend traditional project management training in a classroom.  With this new training product, our customers can prepare for their PMP certification exam from the comfort and convenience of their home or office.  The training will be available 24X7 to ensure preparing for your certification is both thorough and convenient.

We’re really proud of this new project management training tool.  It incorporates audio and video material in an online, interactive format to ensure you absorb all the project management principles you’ll need to pass the PMP exam.  The course includes 48 lesson modules covering all aspects of the PMI Project Management Professional exam.  After each lesson, users will take an end of lesson quiz to ensure they’ve mastered each concept covered in the lesson. 

After completing all the project management principles, the user will take a 50 question PMP practice exam.  This exam is designed to familiarize you with the types of questions you will face in the final PMI PMP certification exam.  After passing the exam with a score of 80% or higher, TSI will award you with the 35 contact hours required to sit for PMI’s Project Management Professional Exam.

We’re also really excited about the pricing for this new PMP prep course.  For only $897, you get the same project management training information that more than 1000 of TSI’s customers have received in our traditional Instructor-Led PMP Exam Prep Course.  All of our classroom students have passed the PMP certification exam on their first try!

See the new E-Learning Version of Our PMP Certification Exam Prep Course.

PMP Exam Prep Course Highlights:

• 48 PMP Lesson Modules
• Audio and Video Project Management Course Material
• End of Lesson PMP Quizzes
• 50 Question PMP Practice Exam
• Learn from Work or Home
• Self-paced PMP Certification Training

Try a short demo of the new E-Learning PMP Exam Prep Course !

TSI will be making this PMP course available to our customers on November 20, 2007.  We’re excited to give our customers one more way to accelerate their project management career by getting PMP certified.