In my industry, value engineering is something that's codified in the standard specification book, the one that's tossed into every contract to define the standards for the project. It allows a Contractor to approach the owner/consultant and request design changes. If approved, the savings are shared with the Contractor. I've never seen the clause used, although I can … [Read more...]
In project management, a Work Breakdown Structure (WBS) is a planning tool whereby the project scope is divided into logical sub-components. It is a graphical representation of the project scope and forms the basis for further planning, such as the cost and schedule. It is not a scheduling or costing tool. A good WBS should be created in advance of the schedule to keep the … [Read more...]
Scope issues are the #1 reason for project failure. Today more than ever, it's imperative that all projects need a scope management plan. In its absence, project stakeholders tend to assume the project boundaries in their favor, and the result is generally not good. If there's one thing a project manager can do to make project run smoother, it's to establish the scope … [Read more...]
I was once part of a project which went behind schedule and over budget. The project manager asked the project team, which included me, to come up with reasons why the project was late. Naturally the team produced several reasons, and a scope change request along with a new budget was sent to the client. Everything sounded like it was back on track. This sequence of … [Read more...]
Risk management is not a new concept but has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects and give them the appropriate level of scrutiny. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or … [Read more...]
Risk management is one of the ten project management knowledge areas in the Project Management Body of Knowledge. In PMBOK theory, there are six main process groups within Risk Management. Five of those occur in the planning stage of a project. Thus, Risk Planning includes the following tasks: Identifying Risks Prioritizing Risks Determine Triggers Determine … [Read more...]
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Many people become project managers simply by receiving additional responsibility or via promotion into the role. As such, project management fundamentals are often unknown to the very people who manage projects. The Project Management Institute's Project Management Body of Knowledge (PMBOK) is a very structured, analytical outline of a somewhat abstract topic. Although … [Read more...]
The difference between a successful project and an unsuccessful one can usually be narrowed down to one word: Planning. The Project Management Institute (PMI) reports that only 64% of projects meet their intended goals, and from my experience working for a large engineering company, this is probably not too far out. But there is a solution. Even the smallest of … [Read more...]
As you may be aware, this site has been down for the last few days. On the evening of Tuesday July 28, we were the target of a denial of service attack. This means that a malicious party (hacker) bombards a website with so much traffic that the server fails. Our normal traffic of about 6,000 "hits" per day became about 180,000 in the space of about one hour, and was … [Read more...]
