Getting an early indicator of deviations from the project plan can be a game changer for project managers. This is precisely the main benefit of the earned value method, and its diligent application can do wonders for a project manager's career. Planned Value, usually abbreviated as PV, is one of the fundamental inputs of the Earned Value Management System. It is … [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...]
If projects had a share price, they would trade low at the beginning. Instead of completed work that has intrinsic value, the project's stock price would be derived from future hopes and dreams. And there would be many things that could happen between now and then to derail the most ambitious of plans. Near the end, however, most of the project work has been completed … [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...]
The project manager is the ultimate authority responsible for the successful completion of a project. They establish the critical success factors and take responsibility for achieving them. The buck stops here. Usually the project manager inherits requirements that the project must work with, such as budget, stakeholder concerns, and so forth. These are codified … [Read more...]
Project Management Professional (PMP) certification is the largest and most well known project management designation with 830,000 people certified worldwide. Issued by the Project Management Institute (PMI) based in the United States, it gives you the initials "PMP" after your name. The PMI issues a PMP Handbook which lists all the details. The following overview … [Read more...]
Project risk is like an orchestra with many instruments. All elements are crucial to the final result. If even one instrument is not playing correctly, the whole performance can be a failure. Hence, risk management is integral to project management. Since projects have many moving parts and technical knowledge areas, risk management keeps everyone singing the same … [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...]
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...]
