The growth of agile and the increasing pace of all forms of project delivery have meant that the triple constraint is no longer the thing we all have to tattoo on our brains. But it is still important, and it is still heavily misunderstood. If it’s not helping, then it needs to adapt—and a new variable can help.
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Question: Due to my success as a project manager in the traditional marketplace, I have opened my own business as a contractor for unique projects. I’m having some trouble with the financial side of things. How can I make sure I’m covering my own expenses and profit, while also protecting my customers from feeling uncertain about the cost for my services?
Organizations are recognizing that they need to go beyond the traditional metrics of scope, schedule and budget to determine project success—but those metrics still matter as indicators of how effective and efficient a company’s planning approach is.
In order to build accurate project budgets, a project manager must determine what costs they are responsible for managing as part of the project’s execution. Don't forget these types of costs, estimating techniques and calculations the next time you need to estimate a budget.
This article explains the cost pulse check process in IT project management, along with some examples and best practices a project manager can adopt to manage and represent financials realistically.
The goal of any project is to satisfy key stakeholders. But what is a stakeholder, and what is meant by "key stakeholder"? This series continues to help build a foundation of project management knowledge as it also looks at the triple constraint.
Running projects for a not-for-profit organization is a wonderfully worthwhile endeavor. Here are 10 ways you can keep costs off your budget and still deliver value.
Question: Due to major cutbacks at my organization, I have been asked to work on getting new software that we need to update. In the past, we had a procurement department to do this. Since they were all let go, finances are at a low level for us. How can I quickly get myself up to speed so that I lower the company risk when we sign a new software contract?
Question: Due to the pandemic, my original project estimates aren't accurate. It’s not enough that we are over budget and behind schedule, I now need a way to show management how I predict this work will change financially and in terms of time. I learned some alphabet formulas to pass the PMP® exam, but that was years ago. Is there a simple way to calculate this stuff?