Every project manager is familiar with the project management triangle, comprised of scope, time and cost. Quality, resources and risk are additional factors that must be accounted for to achieve project success. The focus here is to understand how these constraints are still relevant in the age of agile.
In order to maintain the same level of service to citizens, federal and state agencies need to increase efficiency by applying innovative techniques such as the return on investment methodology. This article aims to provide an introduction to ROI methodology and provides an example of how the public sector can make its processes more effective by applying it.
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See all Cost Management Influencers
The concept of schedule monitoring and control as one of the most important functions of project management has not been fully exploited. That could stem from the dominance of Earned Value Management Systems which use cost indicators to measure schedule preformance. This can be misleading. In contrast to Earned Value and Earned Schedule, the authors have developed the Earned Duration Management (EDM) which uses certain indices to measure progress and performance of schedule and cost.
To help you understand project cost management, this webinar covers cost estimating, budgeting and control. We use a case study richly embedded with illustrations of tools, techniques and project management templates. Our presenter, Dr. Vijay Kanabar, PMP, is a council member of the PMI New Practitioners Community of Practice. He is the director of project management programs at Boston University, has presented at PMI conferences and authored two books on project management.
This template shows how you can track actual time and dollars against estimated time and dollars across projects, activities and persons. The pivot table allows you to roll up the data at the project, activity and person, in any order.
This Excel sheet performs the calculation for earned value and earned schedule analysis. The forecast resulting from all KPIs [time-based SPI, CPI, CPI (internal), CPI (external) and WPI] is calculated based on the different forecast methods proposed by A Guide to the Project Management Body of Knowledge (PMBOK® Guide). The user can choose which method shall be used for each KPI.
Once the work breakdown structure and the schedule are defined, this document can be used to plan and monitor the costs for each individual activity or work package. This template lets you subdivide an activity or work package into smaller parts (cost items). For each of these cost items, you can plan the corresponding costs in detail.
This presentation template is a formal customer-facing status report used for medium to larger projects, or for reporting multiple projects with the same stakeholder audience.
In business, disputes happen. They are an unfortunate, but inevitable, consequence of the financial interests of the supplier and the customer. What happens when we, as project managers, are faced with a customer who says they are not happy, who refuses to pay or who threatens legal action? What steps can we take to address this challenge?
Companies have embraced agile over waterfall for managing projects. But for all the hoopla around Scrum and sprints, one area of the business has resisted agile because it means it must change the way it operates.
Are you armed with an accurate budget? This article aims to highlight the main principles of budget estimates for projects, looking at basic principles to help you stay on target.
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.
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.
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.
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.
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.
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?
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.
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