How do large corporations make the decision to proceed with a project? What data or metrics do they consider prior to investing billions into a new plant, a new high rise condo, or major I.T. project? Capital budgeting refers to the financial modelling that evaluates the feasibility and compares potential project investments. At the end of the day, organizations … [Read more...]
In the grand theater of human endeavor, few fields showcase the pinnacle of project management quite like the space travel industry. From the race to the moon to the current ambitions of colonizing Mars, space projects have not only pushed the boundaries of what's possible but have also provided invaluable lessons in project management. Here’s a cosmic journey through some … [Read more...]
Artificial Intelligence is the latest buzz word. In today’s rapidly evolving technological landscape, AI has the potential to revolutionize project management, offering project managers powerful tools to streamline processes, optimize costs, and ensure stakeholder satisfaction. AI's role extends from predictive analytics for better decision-making to automation in … [Read more...]
The Project Management Institute’s (PMI) Project Management Body of Knowledge (PMBOK) uses the concept of Project Performance Domains to focus on a holistic view of project performance and outcomes. Eight performance domains provide a comprehensive framework for managing a project from start to finish, and are designed to be adaptable to any project type or … [Read more...]
By definition, most of the world is average. In today's fast-paced, ever-evolving business landscape, mediocrity often seems to dominate. From corporate cultures that settle for "good enough" to teams that lack motivation and drive, achieving high performance in project management can be a challenge akin to climbing a mountain without hiking boots. Yet, it is … [Read more...]
If I told you there's an element of project management that causes mistakes to be forgiven (or forgotten), would you believe me? That must be a click bait hook line! You see, not all mistakes are created equal. Some create bigger problems than others. Some create problems that last longer than others. Still others create more personal conflict between stakeholders … [Read more...]
In most organizations, if nobody is responsible for maintaining project management practices they will fade away and become just another fad. For this reason, we have seen the rise of the project office. Project offices come in a variety of forms, but can be loosely broken into the categories of duties and authority. Each type of project office provides a different … [Read more...]
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...]
Document control, in project management, is a function that involves the tracking of project documents to ensure confidence in their accuracy and fitness for use. Projects of all sizes use document control to track the important technical documents that the project depends on the accomplish its objectives. Although we focus more on the project's technical documents … [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...]
