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?
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During a Crisis, managing projects become extremely critical as we may experience Cost & Schedule overruns, unidentified Changes & Risks that creates an imbalance. Focusing on Priority Knowledge areas of PMBOK during a crisis, helps us stay aligned to the Program GOAL's & the Organization Targets. An approach to consolidate the projects of a Program or a Portfolio in a single shell will be my call during this webinar - with my personalized model that can give an "Effective Approach".
In the next five years, the world will see more projects than ever. The reconstruction of the economy, healthcare, social care, and society at large after the devastating global pandemic crisis, will be unprecedented in human history. According to McKinsey, Governments’ have announced $10 trillion in reconstruction funds just in the first two months of the crisis, which is three times more than the response to the 2008–09 financial crisis. These are millions of projects, which will need millions of project managers. However, despite this positive outlook, significant trends will put at stake the project management profession that we have learned to know in the past 40 years. We should consider these signals as an urgent call for profound change in our practices and a much needed in our competencies. A small price to pay compared to the unique opportunity that the project management profession has to lead what I call our new world driven by change.
Outages are planned shutdowns of plants for maintenance, including preventative maintenance and defects. Preventative maintenance works have pre-defined scope, a job plan and resource requirements built into a maintenance management system. The problematic area is corrective maintenance scope (i.e., defects). Defects often result in significant increase in outage scope, known as scope creep. Scope creep is a serious challenge that outage managers, outage engineers and planners face before and during an outage. In order for us to manage it, it is necessary to understand what scope creep is—and what its causes are. If the root causes are taken care of, the problem will be solved by itself! The webinar will discuss this in detail based on practical experience and will be followed by Q&A.
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).
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.
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.
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