|A.||The economic marketplace is so dependent on stakeholder interpretations of the news and political events that it is impossible to try to predict the value of organizational projects in the future. Since 2011, businesses no longer use the present and future monetary calculations in their strategic planning.|
|B.||When choosing projects, the one which will offer the highest return on investment is always the best one to choose. Financial value, even if it is delayed longer into the future, is always the wisest way for an organization to direct its investment dollars.|
|C.||Present Value (PV) and Future Value (FV) can be used to see how much business value a project can provide to the organization in the future. It allows mathematical calculations to pinpoint amounts rather than just predictions of good “growth” or “return.”|
|D.||There are many types of value for a company to consider. Each project can be focused to lead to whichever type of value is most important to the organization, but only one of four portfolio value categories for projects can be met by a single project.|
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Scared of spreadsheets? Don't be! They are a necessary and valuable tool in the project manager's arsenal. This article and its accompanying template are not a step-by-step tutorial. Instead of detailed instructions, it discusses a few things that are crucial to start both managing projects and completing advanced work with spreadsheets.
What constitutes a troubled project? The answer is truly in the eyes of the sponsor, but as project managers we need to measure objectively and then decide how to use those facts in our go-forward plans. Here the author puts everything in the context of the triple constraint.
Like project managers, weather forecasters predict, or forecast, what will happen in the future. But they have an advantage over most PMs when it comes to estimating future uncertainties. Weather forecasters forecast the future more than they predict the future, and forecasts are superior to predictions for aligning stakeholder expectations and improving stakeholder decision making.
We generally talk about managing projects that were sold to our customers. But how about the management of a presales project? Is that just like managing any other project? Do we have the same constraints? Is it less stressful?
This is an exploration of the importance of first-cost estimates in engineering projects and how they are used to decide whether to go ahead with market studies and engineering development—or dismiss the project.
It can sometimes get lost that there are a great number of projects initiated every day that will never have a formal budget associated to them. It is important that PMs and management not lose sight that even internal projects can benefit from the rigor of cost management processes and EVM principles.
While there are many governance data points that can be gathered and analyzed to help make go/no-go decisions, there are three in this writer's experience that stand out as being the most important.
Project-status reporting is intended to enable decision makers to make informed decisions that will increase the chances of achieving a favorable outcome. The process of establishing an effective and proactive reporting system that ensures engagement of the project executive team is discussed here.
When you think of the leaders who look at your status reports as users, the look and feel of the report you use may be inadequate. Give leaders the information they need in a compelling manner by using design thinking to make improvements in how information is presented.