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188 items found

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Project Workflow Framework: An Error-Free Project Management Environment

by Dan Epstein

The project workflow framework enables even the inexperienced project manager to use detailed step-by-step guidance, examples, tools and practical advice, freeing experienced project managers to manage programs and portfolios and promoting better use of project resources to reduce the cost of projects across all industries.

Earned Value Management for Beginners

by Madhur Shah

Earned value management is a technique that integrates scope, cost and time to highlight how the project has done in the past and predict how it is expected to do in the future. This article discusses a few basic concepts of EVM and is useful for anyone looking to get started on this topic, as well as for candidates preparing for certification.

WBS: A Building Block of Sound Project Management

by Jon Quigley, Kim H. Pries

The work breakdown structure is fundamental to project execution. When we expend insufficient time and develop inadequate detail on the WBS, the project will yield poor results and we can expect to see last-minute identification of critical elements. Here we look in greater detail at this essential tool.

Intelligent Project Management: Adopting a 'Program Mindset'

by Nic Horn, Mark Seymour

Establishing a “program approach” allows leadership to control performance across multiple projects to achieve maximum efficiency and ensure alignment to strategic goals. The “Intelligent Project Management” model (iPM) provides a fully integrated approach utilizing smart controls, greater visibility of performance data and ensuring people have the right capabilities to support delivery.

Earned Value Management Formulas...Illustrated

by David L. Rico, PMP

The whole point of Earned Value Management is to use past project performance measurements to depict the current standings and predict future efforts and resources required to complete the project goals. If you think in pictures, this illustrated formula will aid in your pursuit of certification or provide a refreshing perspective for veteran practitioners.

Topic Teasers Vol. 85: Figuring COST, Not Cost

by Barbee Davis, MA, PHR, PMP, PMI-ACP, PMI-PBA

Question: We are in financial trouble. Even though my team carefully researches costs for new hardware and software with multiple vendors, somehow as time goes on the expenditures on each implementation always costs up to three or four times what we budgeted. Is it us?
A. You are being “taken” by sales people from your hardware vendors who are behaving like used car salesmen. They quote you a low price to get your management’s approval, but when it comes time to actually install you have to add on many necessary extras you really need that they never revealed.
B. It is probably you and your team if you are only figuring initial hardware costs in your project budget. The total cost of any new installation should be calculated both in immediate costs and in long-term costs over the life of the equipment, including non-tangible expenses. Only then can vendor offerings be fairly compared and evaluated.
C. Management should not expect project teams to be pricing hardware. This should be done exclusively by someone from the purchasing department. Your only role is to install whatever arrives on the dock. In this way, if the costs go up you and your team escape the blame.
D. Since recent costs for information technology (IT) items have quadrupled over the life of the equipment, you should multiply any future vendor contract pricing by four and alert accounting how much cash to have on hand in the immediate future. Always pick the lowest bid, as in today’s market all hardware is basically the same.
Pick your answer then Test Your Knowledge!

The Cost of Quality

by Ayhan Özcan

Many organizations consider quality improvement as a critical factor of success for competitiveness. The goal of continuous improvement attempts to not only meet customer requirements, but to also do it at the lowest cost. Values obtained as a result of the calculation need to be analyzed to prepare plans for improvement and set goals for reducing the cost of quality.

Much More Than the Triple Constraint

by Kumar Srikant

For a long time, the constraints of time, scope and cost have been the key attributes that a project management professional had to handle effectively for project success. However, project success encompasses much more.

Earned Value: Monitoring Projects More Effectively

by Dr. Kenneth F. Smith, PMP

This article highlights why project financial assessment is so prone to errors during project monitoring, and illustrates a better practice for applying earned value to analyze and report project schedule and cost data quickly and accurately.

The Fast Track to Delay

by Ahmed Fouad Sedky

The following article discuss how fast tracking can lead to project delays, showing the most common risk and pitfalls when applying the technique. It will focus on examples from some projects in Qatar.

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