The Project Management Institute (PMI) is a nonprofit organization for project management professionals with members worldwide. Founded in 1969, it has grown to become the world’s leading association for project management. The PMI has over 3 million members and has issued its respected credentials to members in over 185 countries. In 1969, months of conversation …
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The Cost Performance Index, or CPI, provides insight into the accuracy of the predicted project cost and is a measure of cost efficiency. In basic terms, the CPI shows how well the project is sticking to the planned budget. It’s one of many key metrics used in Project Management. The CPI formula is defined in …
Green supply chain management – GSCM – integrates environmentally sustainable practices throughout the supply chain. It includes the design, production, delivery, and disposal of goods. “Green” is a common term for eco-friendly strategies and initiatives to minimize adverse environmental impacts. Both production and distribution of goods cover many activities leading to these potential negative impacts, …
The critical path method (CPM) is a project modeling and scheduling technique for large or complex projects. It was developed in the 1950s by analysts at DuPont and Remington Rand, influenced by work on the Manhattan Project (WW II research effort resulting in the introduction of nuclear weapons). A core benefit of CPM is that …
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Industry 4.0 concepts and technologies can be applied across all types of industrial companies, including discrete and process manufacturing, as well as oil and gas, mining, and other industrial segments. Historical Context Let’s start with a bit of history to put it in perspective. First industrial revolution The first industrial revolution began in the late …
