Resource allocation is the process of assigning and scheduling resources to project tasks. Resources are the life blood of project management. Resources are used to carry out the project, and are returned to their owners if not consumed by the project. There are 6 steps to performing a proper resource allocation: Divide the Project into Tasks Assign the … [Read more...]
ProjectEngineer.NET is aims to build better project managers each day. That's why we're launching this video series to teach current and future PMP students about the ten knowledge areas of the Project Management Body of Knowledge (PMBOK). … [Read more...]
If there's one cosmic law every project manager should engrave on their whiteboard, it's the Pareto Principle, or as it's more commonly known, the 80/20 Rule. This principle, named after Vilfredo Pareto, suggests that approximately 80% of results come from 20% of efforts. For project managers, this isn't just a theory; it's a strategy for survival in the chaotic galaxy … [Read more...]
Project Integration is the “mother” to all other project knowledge areas and brings the knowledge and processes together where there is overlap, synergies and flow between other knowledge areas. It has the most processes of any knowledge area at 7 and spans the entire set of process groups. Looking at the Integration knowledge area in more depth, it can be broken down … [Read more...]
Project managers wear many hats, but perhaps none is more crucial than being the catalyst for productivity. In an era where efficiency is king, understanding how to boost productivity isn't just beneficial; it's essential for project success. But it's more than that. It's about creating systems that are productive, that is, creating an organizational structure where … [Read more...]
Resource management is the effective utilization of an organization's resources to accomplish a given task or project. In project management, resource management is one of the most important skills of a project manager. Because a project has a fixed (usually) schedule and budget, the utilization of the project's resources can play an integral role in the success of the … [Read more...]
Total Float is a concept within the Critical Path Method which tells the project manager how much time a task can be delayed without delaying the project completion date. Total float, often simply referred to as float, is a measure of scheduling flexibility. This is in contrast to the other type of float, free float, which refers to the amount a task can be delayed … [Read more...]
Cognitive biases can be the unseen architects of failure or success. These mental shortcuts often lead us astray, from overly optimistic timelines to underestimating risks. Today, we'll explore how biases like overconfidence, sunk cost, and anchoring affect project outcomes, team dynamics, and strategic planning. Understanding these invisible forces can transform how … [Read more...]
A project feasibility study is a report that investigates the viability of a project. It seeks to provide its stakeholders with an analysis that results in a go/no-go decision. Feasibility studies are performed in a variety of industries. They are prominent in the oil & gas, mining, or renewable energy industries, or in the manufacturing industry for new plant … [Read more...]
A cost benefit analysis is a project selection method in which a common metric is used to compare a project's costs and the benefits it provides. It is used in public projects (like road building) or projects where the end product is not purely monetary. The cost benefit analysis is performed by computing the net present value of the project with the net present value … [Read more...]
