Virtual teams are groups of people with a shared goal who fulfill their roles with little or no time spent meeting face to face. In recent years the availability of communication technology such as email, audio conferencing, social media, web-based media, and video conferencing has made virtual teams feasible for many projects in places where it wasn't … [Read more...]
Project team management is the process of tracking team member performance, providing feedback, resolving issues, and managing project resources to optimize project performance. It is one of the central cogs in the wheel of project management, and also one of the most difficult. No wonder why many books have been written about it from many perspectives. But … [Read more...]
In project management, the project team is the component of the project organizational chart that carries out the project's technical work. The project team reports to the project manager. For small projects, the project team and the project manager can be the same person. But this does not invalidate the presence of the separate roles. The main project … [Read more...]
Resource utilization is a metric that measures the uptime of a project resource. It is one of the most important business metrics for service companies such as engineering, software, or consulting firms. Even non-service companies can benefit from the calculation and tracking of the utilization rate. It is a very simple metric that speaks volumes of … [Read more...]
Like a carpenter without a hammer. Like programmer without a computer. Like a speaker without a microphone. Resource planning is an indispensable component of project management. In fact, it's so important that the Project Management Body of Knowledge (PMBOK Guide) dedicates a full knowledge area to resource management. In order to effectively manage … [Read more...]
The art of making a decision is a daily occurrence for most people, both at home and at work. We've all experienced projects where the best path forward is unclear, or there is no option without a major negative side effect. What does the science say about decision making that could help us? Decision making is the process of choosing a course of action from … [Read more...]
Carpenters have hammers, plumbers have wrenches, and programmers have computers. But does a project manager have any tools which help them perform their work better, quicker, or cheaper? Absolutely! In fact, if you don't use these tools you will be at a serious disadvantage to other project managers. And if you do, your career will see an order of … [Read more...]
Resource management is the effective utilization of an organization's resources to accomplish a given task or project. In project management, resource management is one of the most important skills of a project manager. Because a project has a fixed (usually) schedule and budget, the utilization of the project's resources can play an integral role in the success … [Read more...]
How do large corporations make the decision to proceed with a project? What data or metrics do they consider prior to investing billions into a new plant, a new high rise condo, or major I.T. project? Capital budgeting refers to the financial modelling that evaluates the feasibility and compares potential project investments. At the end of the day, … [Read more...]
A project feasibility study is a report that investigates the viability of a project. It seeks to provide its stakeholders with an analysis that results in a go/no-go decision. Feasibility studies are performed in a variety of industries. They are prominent in the oil & gas, mining, or renewable energy industries, or manufacturing industry for new plant … [Read more...]
