The earned value method is the project management standard for cost control during a project. Whether you are a practicing project manager or studying for the PMP exam, you need to know how to calculate earned value. Fortunately, it involves nothing more than basic high school math. The more difficult part is knowing what each of the variables means and how … [Read more...]
Studies show that over 85% of projects have a value below $100,000. These are projects where the bulk of the work happens within only a few weeks to a month. Because of their short duration, these types of projects have their own unique set of circumstances that warrant a slight adaptation of project management methodologies. Googling project management … [Read more...]
Bottom up estimating is the project management technique of estimating individual tasks and then combining them into an overall project estimate. Often the individual project team members who will be performing the task provide the estimates, because they are in a better position to estimate a task that they will be working on. Types of Estimates Any of the three main … [Read more...]
Before a project even begins, a project charter is a document that incorporates the project and appoints the project manager. Many projects operate without a project charter, even multimillion dollar projects. But the formal authorization of the project by the performing organization can be important to ensure the lines of authority are clear and identify what the … [Read more...]
Many documents are created in the profession of project management. Some of these are critical to the successful completion of the project, and others are merely intended for organizing the work flow. But the Project Management Body of Knowledge (PMBOK) outlines many documents that have an integral place within the structure of project management, and the … [Read more...]
The Project Management Body of Knowledge (PMBOK) divides projects into five phases. Although the term 'phase' implies that they are carried out in chronological order, in practice they can be performed out of order. For example, when project changes occur the project manager would proceed back to the planning phase. For this reason they are officially … [Read more...]
In yesterday's post we outlined the critical path method which is one of the professional project manager's techniques to ensuring project deadlines are met. Today we will walk through an example with a complete solution using MS Excel. Our example project is to build a new driveway. We will be hiring our friend, Jon, who is a concrete worker, and we will … [Read more...]
With most projects, success can ultimately be attributed to the project team. Using the right people for the job and managing them well can be one of the biggest skills of a project manager. You can't put a value on knowing your project team is going to get the job done right, on time, and under budget. The Project Management Body of Knowledge contains processes to … [Read more...]
Unlike most of the project management knowledge areas, which deal with a specific area of expertise of the project manager, the Project Integration Management knowledge area is something of a catch-all, containing many of the everyday actions of a project manager. It is the glue that holds the project together. The processes within the Project Integration Management … [Read more...]
Project Management is like fixing a car - you must break it down into parts. You won't find the problem if you can't isolate the defective part, and you can't fix the problem if the defective part is not separated from the main engine. A Work Breakdown Structure (WBS) represents this division of a project into constituent tasks. It is a tabular or … [Read more...]
