Could your projects use additional risk management? Experts agree that it is one of the most underutilized areas of project management. As project managers we like to think we know the primary risks to the project that we have them under control. But a small amount of risk management planning at the outset of every project generally reaps disproportionate dividends for … [Read more...]
Critical path analysis is a method used in project management for optimizing the completion of project tasks. If you need to go to yoga class and buy groceries, but yoga class doesn't start for 2 hours, you should buy the groceries first. The critical path is defined as the list of tasks which determine the completion date of the project. If you need an extra day … [Read more...]
How would you feel if your boss gave you a 23% raise? The Project Management Institute reports that certified project managers earn 23% more than non-certified ones. Job security also increased substantially over the 33,000 professionals surveyed in 37 countries. How do you become part of this club? Well, I've been part of it for 11 years, and in this article I'm … [Read more...]
Most projects have a million things that can go wrong. Because a project is by definition temporary, it is inevitable that the budget and schedule factor prominently in project success. But it is a surprisingly common scenario that project managers think the project is going great because the variables they are concerned with are on track (usually the deadlines and … [Read more...]
Net Present Value (NPV) is the current worth of an income stream in today's currency. It is used to make a decision to proceed with an expenditure, for example: The construction of a new building Proceeding with a new business line Purchase of equipment Net Present value takes into account the time value of money. It uses a discount rate to convert future … [Read more...]
Some projects are considered successes even though they did some things I'd probably lose my career over. And others are considered horrible failures even though I could probably find a way to navigate through their issues. It's almost like there's a certain element of human interaction that all of the project methodologies in the world can't put into neat boxes and … [Read more...]
The project sponsor is a very important part of the project management organizational chart. In fact, every project has a sponsor. The project sponsor is one, and only one, level above the project manager. They do not manage the day to day operations of the project but they ensure the resources are in place, promote the project, and hold overall responsibility for the … [Read more...]
Like many things in life, project management is an art form as well as a science. But fortunately, a strong knowledge of the science helps you practice the art form with more skill. Although some people are naturally good at the art of project management, I believe that anyone can become a great project manager simply by learning and implementing the fundamentals of … [Read more...]
Like termites that build their invisible kingdoms secretly and slowly, projects have a similar parasite that grows under the surface until it suddenly exposes itself with disastrous consequences. It's called scope creep, and it has eaten many projects alive. Scope creep is the unauthorized addition of tasks into a project. If the project manager is not on the lookout, … [Read more...]
Generally speaking, the scope of a project should not change. However, in the real world scope change is difficult to eliminate altogether. Inevitably the presence of many interrelated moving parts means that the initial project estimate and the final project cost (or deadline) are rarely the same. Scope change can be authorized or unauthorized. The latter is often … [Read more...]
