A procurement management plan documents how a project will conduct its procurement (purchasing). In the Project Management Body of Knowledge (PMBOK Guide), it is the component of the overall Project Management Plan that deals with external purchasing for the project. It is separate from the statement of work (SOW), also known as the terms of reference (TOR) which … [Read more...]
The Project Management Body of Knowledge (PMBOK) specifies the creation of a Communications Management Plan. The PRINCE2 project management methodology specifies an equivalent Communications Management Approach. This plan describes how project communications will be managed, planned, structured, implemented and monitored for effectiveness. A communications … [Read more...]
Artificial Intelligence is the latest buzz word. In today’s rapidly evolving technological landscape, AI has the potential to revolutionize project management, offering project managers powerful tools to streamline processes, optimize costs, and ensure stakeholder satisfaction. AI's role extends from predictive analytics for better decision-making to automation in … [Read more...]
In the dynamic world of project management, maintaining control over project spending is crucial for ensuring success and meeting stakeholder expectations. When project expenses spiral out of control, it can jeopardize timelines, quality, and overall project goals. One of the most effective tools to regain control is a well-crafted project scope statement. This document … [Read more...]
Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. The profession of project management includes the application of many skills, which include: Dividing the project into tasks Creating schedules (deadlines) Estimating budgets Determining project scope Communicating with … [Read more...]
The definition of a Project is: A temporary endeavor undertaken to create a unique product, service, or result. The two most important keywords within that definition are: Temporary: A project has a fixed beginning and end. Because of this, there are two factors that come into play in virtually every project: Time (deadlines) and money (budgets). These two … [Read more...]
Project initiation is the processes under which the project is created and defined to the extent necessary to begin planning the project. This step involves the project setup, and ensures that the performing organization is clear about the purposes and priorities surrounding the project. There are usually certain issues that require setup, like funding or stakeholder … [Read more...]
Although it is the phase of project management that is most often shortened (or skipped altogether) due to budget availability, project closure is also one of the most visible project phases to senior managers and executives. Virtually all projects need some sort of closure phase to finalize the project and prepare its data for future reference. Project Closure … [Read more...]
The Critical Chain Method is a relatively new concept in project management. It was developed and popularized by Dr. Elihayu M. Goldratt in his book Critical Chain (1997), which is written as a novel but outlines the methods used to ensure that projects complete on time. Critical Chain vs. Critical Path The Critical Chain method is similar to the Critical Path Method … [Read more...]
Earned Value is a method of calculating project status. It does this from two perspectives: Time (schedule) and Cost. After applying the earned value method the project manager will know whether the project is: behind or ahead of schedule. over or under budget. In this post we will outline each formula in the earned value management system. The first three … [Read more...]
