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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.
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.
Not every project is a multi-year, billion-dollar implementation. Sometimes, you need to get something done in a few weeks or a few months…and the approach to these projects is much different.
In the world of IT, each project comes with a different set of expectations and requirements that make everyone nervous about estimating cost, time and level of effort. Estimations based on a mature estimation model (function points) are more likely to be successful than projects that are estimated ad hoc, based on expert judgment alone. Function points translate all project functionalities into equivalent efforts. Combined with a well-defined process, they serve as a powerful tool for accurate estimations.
Effectively communicating schedule information in a VUCA environment can be very challenging, especially when powerful stakeholders create psychological schedule baselines based on preliminary estimates. There are commonalities between the challenges of forecasting project schedules and forecasting weather.
Sometimes the temptation to work on an exciting project—and other times the pressure from the business executives to get the business—leads to agreement on unrealistic expectations. This article discusses the mistake of agreeing to unrealistic timelines and suggests a few ways on how this can be avoided—and the project kept under reasonable control.
While we all generally know what a pitfall is in the business world and understand that they should be avoided, the most obvious traps are still sometimes the ones we fall into—especially when managing projects with dozens of competing priorities that distract us and take our eyes off the trail ahead. This two-part article series identifies the top 10 reasons projects fail and focuses on how to avoid these common project management pitfalls.
While we all generally know what a pitfall is in the business world and understand that they should be avoided, the most obvious traps are still sometimes the ones we fall into—especially when managing projects with dozens of competing priorities that distract us and take our eyes off the trail ahead. This two-part article series identifies the top 10 reasons projects fail and focuses on how to avoid these common project management pitfalls.
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.
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.
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"It is hard to fight an enemy who has outposts in your head." - Sally Kempton |
