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.
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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?
With the PMBOK® Guide as the foundation, organizations can build their project methodologies to meet their specific business needs. The focus in this article is on the fundamentals of project execution. All of these elements are interdependent and take time and effort to build. Principled execution is the goal for our customers and ourselves.
Why inject complexity into your projects when elementary math will suffice? Cut through the quantification using these three simple formulas when engaging with stakeholders.
Sharing only single-outcome estimates of the future fails to convey project risk, uncertainty and the project team’s nascent project knowledge. A far better approach is to use visual signals to help project sponsors sense the uncertainties that they and their project teams face.
The benefits of project management for traditional energy projects, such as building a power plant, are well known. But there are also benefits for energy sector reform, particularly government initiatives. Project management techniques can help by clarifying objectives, engaging stakeholders, improving the speed of legislation, and managing scope and schedule.