Estimating a project is one of the most important aspects of project management. Projects are by definition temporary endeavors with a defined beginning and end, hence stakeholders need to know how much expenditure they are committing to. Thus, project estimates tend to start before the project even begins and are usually updated throughout the project life … [Read more...]
The Rough Order of Magnitude Estimate
Project estimating is one of the most important aspects of project management. By their very nature, projects have fixed budgets and their owners want to know how much they will cost. Hence, project estimating begins prior to project initiation and estimates are usually updated at important project milestones. A Rough Order of Magnitude estimate, often called ROM … [Read more...]
What is a Rough Cost Estimate?
A Rough Cost Estimate is an initial estimate that uses prior experience (and other non-project data) to estimate the cost of a project. It is also called a Rough Order of Magnitude (ROM) estimate, or a Conceptual Estimate. The Rough Cost Estimate is used for project screening, or deciding which among several projects to proceed with. The project definition is … [Read more...]
11 Types of Estimates
Almost every project requires an estimate. Since a project is, by definition, temporary, somebody must approve a budget for it. Which means they must know how much to approve. The available types of estimates can be categorized into the following groups: Accuracy Source of Data Estimating techniques Accuracy In many industries, project estimates start … [Read more...]
10 Famous Project Managers: Leaders Who Shaped Success
Project management is a critical discipline in the modern business world, ensuring that complex projects are completed on time, within budget, and to the required quality standards. Over the years, several project managers have stood out for their exceptional skills, innovative approaches, and significant contributions to their fields. Although some debate will exist … [Read more...]
When Scope Creep Becomes Scope Gallop
You've probably been there. A project manager gets a weekly report that shows the project's time and expenses, and it's a little too high. The project hasn't advanced as far as its expenses have. Someone, somewhere has introduced inefficiencies that now need to be addressed. This is scope creep, the unauthorized inclusion of unplanned work into a project. Scope … [Read more...]
The Triple Constraint
In project management, like most things in life, there is no free lunch. If you want to finish sooner, you will have to cut the project scope. If you want lower costs, you have to cut expenses. If you want higher quality, you have to pay more. This constant tug of war is called the Triple Constraint, also known as the Project Management Triangle, or the Iron … [Read more...]
A Project Health Check
When a patient is first wheeled into the emergency room, the first priority of any doctor is their vital signs, that is, pulse, breathing, body temperature, and blood pressure. Regardless of the injury, if the vital signs are not stable the patient is dying and all efforts must be directed toward stabilizing them prior to treating the original injury. Project management … [Read more...]
30 Roles and Responsibilities of a Project Manager
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...]
40 Project Success Factors
Most projects have a million things that can go wrong. Because a project is by definition temporary, it is inevitable that the budget and schedule factor prominently in project success. But it is a surprisingly common scenario that project managers think the project is going great because the variables they are concerned with are on track (usually the deadlines and … [Read more...]