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...]
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...]
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...]
Earned Value Management is the secret to project success! If you are passionate about having projects finish on time, on schedule, and with all other project success criteria satisfied, you must learn how to use it. Earned Value Management is a project control technique used by project managers to keep projects on schedule and budget. Earned Value analysis gives the … [Read more...]
The real benefit of the earned value method is in the early warning signal it provides. In my previous life at a large engineering company, I saw many project managers get to a monthly billing cycle before they realized the project was behind, and even then they would rationalize it by deciding their project team was going to be more efficient in the next cycle. Suffice … [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...]
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...]
