A google search for the term "lean project management" is a perplexity. At the time of this writing, the search results didn't even attempt to place a result for lean methodology applications to project management until the bottom of the first page. Once there, the articles and courses that purport to teach lean project management as if lean was just another well … [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. But 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...]
If there's one cosmic law every project manager should engrave on their whiteboard, it's the Pareto Principle, or as it's more commonly known, the 80/20 Rule. This principle, named after Vilfredo Pareto, suggests that approximately 80% of results come from 20% of efforts. For project managers, this isn't just a theory; it's a strategy for survival in the chaotic galaxy … [Read more...]
Project managers wear many hats, but perhaps none is more crucial than being the catalyst for productivity. In an era where efficiency is king, understanding how to boost productivity isn't just beneficial; it's essential for project success. But it's more than that. It's about creating systems that are productive, that is, creating an organizational structure where … [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 of the … [Read more...]
Total Float is a concept within the Critical Path Method which tells the project manager how much time a task can be delayed without delaying the project completion date. Total float, often simply referred to as float, is a measure of scheduling flexibility. This is in contrast to the other type of float, free float, which refers to the amount a task can be delayed … [Read more...]
Cognitive biases can be the unseen architects of failure or success. These mental shortcuts often lead us astray, from overly optimistic timelines to underestimating risks. Today, we'll explore how biases like overconfidence, sunk cost, and anchoring affect project outcomes, team dynamics, and strategic planning. Understanding these invisible forces can transform how … [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 in the manufacturing industry for new plant … [Read more...]
A cost benefit analysis is a project selection method in which a common metric is used to compare a project's costs and the benefits it provides. It is used in public projects (like road building) or projects where the end product is not purely monetary. The cost benefit analysis is performed by computing the net present value of the project with the net present value … [Read more...]
Payback period is the length of time required for an investment to recover its capital. It is the amount of time required until the investment is in a break even position. It is generally used for investments that involve a large up front capital outlay, such as the construction of an industrial facility or development of a software product. The shorter the payback … [Read more...]
