Staying within budget and schedule is one of the project manager's most important jobs. It is not an understatement to say that if you master this one thing, most other things will fall into place. The secret to doing this well is called earned value management. It is one of the foundational processes of project management, as well as a central component of the … [Read more...]
In project management, the network diagram is a graphical depiction of a project schedule which uses boxes to represent each task. It is used to determine the critical path, as well as the float of each task. These two terms are defined as: Critical Path: The tasks which define the completion date of the project. They cannot finish late, or be moved, or the overall … [Read more...]
Projects are like trains rolling down the tracks - Once they are put in motion and they are hard to stop. Stakeholder communication is one of the project manager's most important jobs because the stakeholders define the success of a project. The stakeholders must be identified, actively managed, and communicated with to ensure their buy-in to the final product, or else … [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...]
Many, if not most, project issues can be traced back to poor communication. Like an airplane with many parts, projects are an interconnected network of stakeholders attempting to accomplish a goal. If even the smallest part malfunctions during the flight, disaster can strike. Project communications management are the tasks that are performed to ensure that the … [Read more...]
Procurement can be one of the most challenging roads that the project manager must travel. The legal implications, documentation, and vendor and supplier management responsibilities can introduce speed bumps that can have a significant impact on project success. We know, because we've been there. In short, project procurement can make or break a project. In that … [Read more...]
Due to expertise or resource constraints, many projects require external resources to complete their work. These resources can come from either the project's parent organization or from external sources. But regardless of how they are obtained, project procurement is one of the most exciting areas of project management but also results in the biggest headeaches for the … [Read more...]
A Statement of Work (SOW) is a project management document which describes the work that is required of an external contractor, vendor, or supplier. It can either be included within the contract documents or simply be a reference for the project management team. Also called Terms of Reference, the more generic Statement of Work is used by the Project Management Body of … [Read more...]
Top Down estimating is a project estimating technique whereby the overall project is estimated first, and individual tasks are apportioned from it. You start from the top of the pyramid and work downwards. This type of project budgeting usually occurs when there is a fixed budget and/or the scope of the project must fit within a predetermined funding level, … [Read more...]
Stakeholders are indeed the lifeblood of any project. From project inception through to completion, stakeholders contribute vital resources, insights, and support. Their engagement ensures that the project remains aligned with its goals and responsive to changes in a positive way. Stakeholders are as unique as the human race. Whether investors funding the project, … [Read more...]
