Earned value analysis is used to calculate the project status on two fronts: Schedule. Is the project ahead of or behind schedule? Cost. Is the project over or under budget? Let's say you are the project manager for the renovation of 3 hotel rooms. The tasks are as follows: Preparation. Jan. 1 - Jan. 10, $5,000. Room #1: Jan. 10 - 20, $15,000. Room … [Read more...]
It's amazing how many projects do not know their true status until near the end, when there is little that can be done to ensure they finish on time or budget. The proper time to rigorously track project status is at the beginning, not at the end. This is when project risk can be managed and changes made to get it back on track. Earned value analysis is the current … [Read more...]
Six Sigma is a program to increase product quality in a production process. It is ideally suited to manufacturing processes which produce high volumes of products, but the concepts are relevant to any industry. Even in our engineering consulting firm, Six Sigma concepts are quite valuable to assessing and improving the quality of reports and data that is submitted to … [Read more...]
Six Sigma is a technique used to reduce defects in the manufacturing process. Although it was originally developed for the manufacturing industry, it can be used to improve any business process by using data and statistical analysis to reduce mistakes, rework, and waste. I've found that my six sigma certification (black belt) has helped me to reduce quality issues at the … [Read more...]
Six Sigma is a hot buzzword these days, but what is it and how does it really work? In this article I will give you a quick overview and get you grounded to see if it will help you. In reality it takes a week long intensive course to get all the concepts, and requires several months of hands on experience if you want to become a green or black belt. Therefore, this is … [Read more...]
In project management, a Work Breakdown Structure (WBS) is a planning tool whereby the project scope is divided into logical sub-components. It is a graphical representation of the project scope and forms the basis for further planning, such as the cost and schedule. It is not a scheduling or costing tool. A good WBS should be created in advance of the schedule to keep the … [Read more...]
Scope issues are the #1 reason for project failure. Today more than ever, it's imperative that all projects need a scope management plan. In its absence, project stakeholders tend to assume the project boundaries in their favor, and the result is generally not good. If there's one thing a project manager can do to make project run smoother, it's to establish the scope … [Read more...]
I was once part of a project which went behind schedule and over budget. The project manager asked the project team, which included me, to come up with reasons why the project was late. Naturally the team produced several reasons, and a scope change request along with a new budget was sent to the client. Everything sounded like it was back on track. This sequence of … [Read more...]
Risk management is not a new concept but has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects and give them the appropriate level of scrutiny. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or … [Read more...]
Risk management is one of the ten project management knowledge areas in the Project Management Body of Knowledge. In PMBOK theory, there are six main process groups within Risk Management. Five of those occur in the planning stage of a project. Thus, Risk Planning includes the following tasks: Identifying Risks Prioritizing Risks Determine Triggers Determine … [Read more...]
