1.gif)
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.
Network:9
See all Cost Management Influencers
This webinar will detail how project management skills can be leveraged to learn home brewing, set up a home brewery, and then go on to master the science of beer brewing. In addition, the webinar will detail the vital role project management played in the history and evolution of beer making.
This webinar looks at the #noestimate approach, a revolutionary approach seen by some Agile teams as a waste reduction, team morale improvement and of course the elimination of one of the most dreadful activities in "waterfall". The webinar is based on the presenter's practical experience as a Project Manager and Development Manager, including real life examples of the benefits and pitfalls of estimation and lack of estimation.
In this Expected Monetary Value (EMV) & Contingency Reserve Calculation Sheet, fill in probability and impact for a risk, and then the EMV and contingency reserve will automatically be calculated in dollars.
This Excel template can be used to keep track of cash flow for your project, helping you chart cumulative planned and paid invoice activity based on monthly payments.
This project charter includes sections for allocating phase owners and tasks; timelines; budget/resource allocation; and cost estimation. Adapt it to fit your project.
While actively participating in mentorship during a project with a local design/build firm, this practitioner compiled an overview of the project management process as detailed in PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Use this overview with other project managers as a tool to reference in your day-to-day PM activities (as well as share with new project managers).
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.
How long should we spend on planning as a proportion of the project lifecycle? That's a very good question, and one this practitioner often gets asked. So, is there an answer?
This article describes construction project cost control techniques without the use of special tools or software…and with the help of organizational process assets (OPAs).
In this article, schedule variance is modeled to show the comparison and relationship of actual project progress and the schedule baseline. The underlying linear model of the schedule performance index (SPI) is explained and visualized with the budget square chart. The limits of the linear SPI approach are shown, and then an improved non-linear visualization is explored.
The article is devoted to the underlying mathematical concepts of earned value: linear function, Cartesian coordinates and tangent. The EV visualization named “budget square” is derived from these concepts—and helps us master the earned value concept for both certification and practical needs.
We all know the last thing you do in the project is test it. The question, however, is how to plan for it. The problem with many project plans is that they don't allow for a situation where the test fails, which is almost inevitable. Here's some help.
Ask a Question |
Discussion Rules |
