A Rough Cost Estimate is an initial estimate that uses prior experience (and other non-project data) to estimate the cost of a project. It is also called a Rough Order of Magnitude (ROM) estimate, or a Conceptual Estimate. The Rough Cost Estimate is used for project screening, or deciding which among several projects to proceed with. The project definition is … [Read more...]
Almost every project requires an estimate. Since a project is, by definition, temporary, somebody must approve a budget for it. Which means they must know how much to approve. The available types of estimates can be categorized into the following groups: Accuracy Source of Data Estimating techniques Accuracy In many industries, project estimates start … [Read more...]
In most organizations, if nobody is responsible for maintaining project management practices they will fade away and become just another fad. For this reason, we have seen the rise of the project office. Project offices come in a variety of forms, but can be loosely broken into the categories of duties and authority. Each type of project office provides a different … [Read more...]
Project management is a critical discipline in the modern business world, ensuring that complex projects are completed on time, within budget, and to the required quality standards. Over the years, several project managers have stood out for their exceptional skills, innovative approaches, and significant contributions to their fields. Although some debate will exist … [Read more...]
Document control, in project management, is a function that involves the tracking of project documents to ensure confidence in their accuracy and fitness for use. Projects of all sizes use document control to track the important technical documents that the project depends on the accomplish its objectives. Although we focus more on the project's technical documents … [Read more...]
There is much confusion over what roles a project management office (PMO) plays, and indeed the term is quite broad. But PMO's have undergone significant development in recent years and their roles have become more standardized. So whether you're considering establishing a new PMO or wondering what roles your existing PMO should play, use this comprehensive list to … [Read more...]
A Project Management Office, usually abbreviated PMO, is an organizational project support function which assists project managers in the management of projects. There is no single definition of a PMO, and the roles and responsibilities vary quite widely. It depends mostly on the organization's project support needs. Some PMO's perform project management tasks, … [Read more...]
In many areas of life there are multiple ways to accomplish a goal, and project management is no different. At its most basic level, project management is the organization of people to accomplish a task. Humans have been successfully performing complex projects, like the ancient pyramids of Egypt, for thousands of years however today the processes and methods are … [Read more...]
You've probably been there. A project manager gets a weekly report that shows the project's time and expenses, and it's a little too high. The project hasn't advanced as far as its expenses have. Someone, somewhere has introduced inefficiencies that now need to be addressed. This is scope creep, the unauthorized inclusion of unplanned work into a project. Scope … [Read more...]
In project management, like most things in life, there is no free lunch. If you want to finish sooner, you will have to cut the project scope. If you want lower costs, you have to cut expenses. If you want higher quality, you have to pay more. This constant tug of war is called the Triple Constraint, also known as the Project Management Triangle, or the Iron … [Read more...]
