Mismanaging project costs is the single fastest way to cause project failure. Project costs represent the many multi-faceted experiences that occur on a project, however stakeholders see only the bottom line and draw rapid conclusions from it. For this reason, the planning of the management of project costs is the focus of the Project Management Body of Knowledge's … [Read more...]
Keeping project costs under control can feel like swimming against the current sometimes. To prevent you from going up the creek without a paddle, a Cost Management Plan is the guiding document which allows you to take fast, decisive action when issues arise and the sharks are circling. The Project Cost Management Plan is the component of the overall Project … [Read more...]
A Gantt chart is a horizontal bar chart showing the start and end dates of each task within a project. It shows the tasks on the vertical axis and time on the horizontal axis. The tasks are shown sequentially. It can have many other pieces but these are the basic building blocks. Gantt Chart Example 1 Here is a Gantt chart that was created with Microsoft … [Read more...]
Project scope issues are the number one reason for unhappy clients and customers. Human nature is such that unauthorized tasks will always tend to slip into a project unannounced, thus project scope management is just as important as the more visible aspects of project management like scheduling and budgeting. Hence, it is the project manager's job to actively manage … [Read more...]
The Budget at Completion (BAC) is a value used in earned value management, a division of project management. It represents the original project budget. For example, if a project has a budget of $10,000, BAC = $10,000 Therefore, there is no other formula or calculation for this metric. The BAC is often compared to the Estimate at Completion (EAC) which … [Read more...]
Love it or hate it, the measuring stick for a project manager is often their ability to keep projects on time and under budget. Thankfully, project management theory provides us with a fantastic tool to keep us on target. But it has to be used correctly. Like a software tool, if you are not trained to use it, it’s just a bunch of numbers. Once the technique is … [Read more...]
There is much confusion over what roles a project management office (PMO) plays, and indeed the term is quite broad. But PMO's have undergone significant development in recent years and their roles have become more standardized. So whether you're considering establishing a new PMO or wondering what roles your existing PMO should play, use this comprehensive list to … [Read more...]
In many areas of life there are multiple ways to accomplish a goal, and project management is no different. At its most basic level, project management is the organization of people to accomplish a task. Humans have been successfully performing complex projects, like the ancient pyramids of Egypt, for thousands of years however today the processes and methods are … [Read more...]
A Gantt Chart is to a project manager like a hammer is to a carpenter. It is the project manager's most used tool. It is used to convey the most critical information. And it plays an outsized role in project success. Since a project is by definition temporary, the completion date is a critical item in virtually every project. The gantt chart is used during project … [Read more...]
The To-Complete Performance Index represents the efficiency level, specifically the CPI (Cost Performance Index) that will make the project finish on time. It can be a powerful indicator because it is generally easy to ascertain if your people will be as productive as the indicator tells you. There are two ways to calculate the TCPI: To achieve the original … [Read more...]
