How long should we spend on planning as a proportion of the project lifecycle? That's a very good question, and one this practitioner often gets asked. So, is there an answer?
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This article describes construction project cost control techniques without the use of special tools or software…and with the help of organizational process assets (OPAs).
In this article, schedule variance is modeled to show the comparison and relationship of actual project progress and the schedule baseline. The underlying linear model of the schedule performance index (SPI) is explained and visualized with the budget square chart. The limits of the linear SPI approach are shown, and then an improved non-linear visualization is explored.
The article is devoted to the underlying mathematical concepts of earned value: linear function, Cartesian coordinates and tangent. The EV visualization named “budget square” is derived from these concepts—and helps us master the earned value concept for both certification and practical needs.
We all know the last thing you do in the project is test it. The question, however, is how to plan for it. The problem with many project plans is that they don't allow for a situation where the test fails, which is almost inevitable. Here's some help.
As a project manager, you’re used to focusing on the project itself. That makes sense when it comes to hitting deadlines and making your budget. There’s a gap though. You might be hurting the organization’s financial sustainability.
Most projects don't end with their launch date—they have an active lifespan and eventual decommissioning. Do you know what the true end-to-end cost of your project is?
Estimating something to be developed in a product—something that has not been done before—involves inherent uncertainty, not the least about how much work is required to produce a finished product. Estimation is about having a grip on the size of a project in terms of the amount of work, complexity or functionality, and is critical to the business.
Effective decision-making requires forecasting the outcome of each option based on the probability of alternative scenarios. As a project manager, you must become the financial advisor on your project. Management reserve should be added to your baseline costs, then used to manage the uncertainty of risks and to mitigate variability.