Rebel’s Guide to PM

APRIL 5, 2024

All the things you need to know and do for successful risk management, for example, are bundled under the Risk Management Knowledge Area. 10 Knowledge Areas of Project Management They appear in that order as there is some logic to how they map to the project lifecycle. Let's look at each of those in a bit more detail.

PMI 207

PMI Risk Management Risk Technical Review 207

ProjectManager.com

NOVEMBER 23, 2023

Net Present Value When looking at the net present value of a project, you’re viewing the excess of cash inflows beyond cash outflows, adjusting both streams for the time value of money. That is, the internal rate of return generates a yield percentage on a project instead of a dollar value.

Budget 352

Budget Technical Review Software Review Executing 352

Project Pulse Journal

NOVEMBER 24, 2023

By: Dr. Michael Shick, MSPM, PMP, CSM Are you a project manager struggling to predict the risks in your projects accurately during planning? Do you find yourself overcome by the inherent uncertainty of project variables like cost or schedule and worried about how they might impact your project's success?

Risk Management 52

Risk Management Risk Engineering Estimate 52

ProjectManager.com

FEBRUARY 3, 2022

So, those are the broad strokes, and while a project statement doesn’t need to go into great detail, there are many more key elements to it than these general statements. State the Project Information. If you don’t have a clear target your project is going to miss the mark. Present a Business Case. Log Key Project Risks.

Risk Management 512

Risk Management Budget Defining Software Review 512

Rebel’s Guide to PM

FEBRUARY 5, 2024

If you are planning a budget for a project proposal i.e. pitching to someone else for them to secure your services to deliver a piece of work, then read this article about preparing a budget for a proposal. What is included in a project budget? I find this helps me establish what’s in the project budget and what isn’t.

Budget 312

Budget Project Cost Estimate Finance 312

Teamweek

AUGUST 1, 2022

The project is spiraling out of control, scope creep is closing in, and you’re losing sleep because of all the stress. Unfortunately, this scenario is all too common for project managers. . Project cost estimation can be challenging, especially when the project is complicated and has many moving parts.

Estimate 52

Estimate Project Cost Web Development Software Review 52

Epicflow Blog

JULY 5, 2022

Estimation of project cost is one of the core practices of the project initiation stage, which becomes the basis for the approved project budget. At the same time, the forecasted cost should not be too overestimated or underestimated. What helps make cost estimation simple and efficient?

Project Cost 52

Project Cost Estimate Process Budget 52

ProjectManager.com

JANUARY 17, 2022

Here they are: Quality: There are quality standards for every project, whether its final deliverable is a tangible or intangible product. Project managers need a quality management plan to control quality. Risk: Risk is inherent to any project. Benefit: There are different types of benefit obtained from a project.

Budget 505

Budget Estimate Controlling Risk Management 505

ProjectManager.com

SEPTEMBER 21, 2022

The larger your profit margin in a project, the more money that project will generate. It’s total project cost minus total expenses divided by total project cost multiplied by 100. Project Profitability Analysis. It helps you determine the potential profitability of a project.

Initiating 318

Initiating Project Cost Estimate Software 318

Online PM Courses

SEPTEMBER 3, 2018

Project Cost Management often puts people off. But there’s little your project sponsor, your client, or their Finance Director care about more than your budget and how closely you can stick to it. Project cost over-runs are common. The governance considerations for project cost management.

Project Cost 72

Project Cost Prince2 Budget Governance 72

Epicflow Blog

MARCH 22, 2024

This article is inspired by the webinar featuring Epicflow co-founder Jan Willem Tromp and professor Mario Vanhoucke based on his latest book “The Illusion of Control: Project Data, Computer Algorithms and Human Intuition for Project Management and Control”. So, what do you need for an efficient risk analysis?

Risk Management 52

Risk Management Controlling Risk Aerospace 52

ProjectManager.com

JULY 5, 2023

It’s a hierarchical chart where each line or row is a specific cost type, item, work or organizing activity. The CBS works at the task level to create a bottom-up analysis of project costs. It’s helpful to look back at historical data for similar projects and seek the guidance of experts for their judgment.

Construction 309

Construction Estimate Monitoring Budget 309

ProjectManager.com

MARCH 2, 2020

If something bad is going to happen on a project, it’s likely related to time, cost or scope. Project managers are well aware of this and spend much of their time planning in order to avoid negative risk and its potential impact. In fact, it works throughout the entire life cycle of a project. Cost estimates.

Controlling 414

Controlling Underperforming Technical Team Estimate Risk Management 414

ProjectManager.com

AUGUST 21, 2019

Many costs can appear over the life cycle of a project, and an accurate estimation method can be the difference between a successful plan and a failed one. Projects bring risks, and risks bring unexpected costs. Present Estimate to Management: Brief decision-makers on cost estimates to get approval.

Estimate 319

Estimate Technical Review Project Cost Governance 319

Rebel’s Guide to PM

SEPTEMBER 22, 2021

Make sure the assumptions you are making are sound and you aren’t caught out partway through the project. Have a risk budget. One thing that’s important to have is a risk budget. There will be scope creep and things that happen during the project that are not expected. Explaining ‘Run Rate’. Conclusion.

Budget 367

Budget 2015 Retail Governance 367

ProjectManager.com

APRIL 29, 2022

These documents, such as the project plan, project schedule or project budget, define activities, procedures and guidelines to be followed by the project team. Project documentation has several purposes, such as project planning, cost management or risk management. Risk Register.

Project Life Cycle 367

Project Life Cycle Software Review Infrastructure Risk Management 367

ProjectManager.com

APRIL 13, 2022

However, it doesn’t consider the time value of money nor benefits accrued after the payback period or risk inherent in the project. Net Present Value. Net present value is the difference between the current value of cash inflow and the current value of cash outflow in the project. Constrained Optimization Methods.

Software Review 302

Software Review Project Life Cycle Manufacturing Executing 302

ProjectManager.com

NOVEMBER 28, 2023

Besides the examples above, an operational process asset can be any practice or knowledge from anything used to execute or govern the project, even lessons learned from previous projects and historical data. Organizational process assets may also include schedules, risk data and earned value data.

Process 372

Process Executing Controlling Defining 372

ProjectManager.com

MARCH 20, 2024

To help you once you break ground on your construction project, we’ll throw in some free construction project management templates on estimating, scheduling and budgeting. In a preconstruction meeting, project exceptions are defined, roles are clarified and risk mitigation strategies are discussed.

Construction 337

Construction Software Review Underperforming Technical Team Estimate 337

ProjectManager.com

DECEMBER 9, 2021

An alternative analysis is the evaluation of the various routes you can pursue to achieve the goal of a project or a particular project management objective. These factors can be operational, such as cost, risk and effectiveness, as well as the potential shortfalls of those operational factors. Assess the Alternatives.

Risk Management 338

Risk Management Defining Risk Initiating 338

Kiron Bondale

SEPTEMBER 20, 2020

If you have ever taken a course in project management, you may have learned the differences between contingency and management reserves. The former are used to protect project cost or schedule objectives from the impacts of identified, realized risks whereas the latter are used to address the impacts of unidentified risks.

Risk Management 207

Risk Management Risk Estimate Project Cost 207

Rebel’s Guide to PM

SEPTEMBER 3, 2021

What is project contingency? Contingency can be defined as additional resources put aside to address potential risk and uncertainty in a project. Contingency allows us to present final budget estimates as a range, as you can see in the Figure below. Calculating Anticipated Final Cost and confidence range.

Technical Review 302

Technical Review Software Review Estimate Risk Management 302

Rebel’s Guide to PM

NOVEMBER 2, 2023

It facilitates effective resource allocation and leads to the success of projects. Additionally, these are some of the critical benefits of resource forecasting in project management, which we’ll discuss below. Even though employees are assigned to the project, it does not necessarily translate into more revenue for the business.

Underperforming Technical Team 302

Underperforming Technical Team Technical Review Software Review Estimate 302

ProjectManager.com

SEPTEMBER 16, 2020

You can also assign labor costs to team members, and that potential cost is automatically calculated as you assign them tasks and work hours. Plus, as the project unfolds, our real-time dashboards can track project costs and compare them against your initial planned costs, so projects don’t ever have to go over budget.

Budget 417

Budget Estimate Risk Management Monitoring 417

Inloox

JULY 8, 2020

As a project manager you are probably familiar with this situation: Your boss asks you to present the status of your current project in the form of a project status report by Monday. What belongs in the project status report? Yellow: Progress is being made, but risks or delays are to be expected.

Risk Management 152

Risk Management Risk Controlling PMO 152

ProjectManager.com

MAY 30, 2023

You’ll find general conditions in the project contract, the specifications and the project costs. To understand general conditions in construction, we need to define them as it applies to each place in the construction project. The general conditions in this place are specific to the project.

Construction 261

Construction Infrastructure Estimate Defining 261

ProjectManager.com

APRIL 22, 2021

Having good communications with stakeholders gives project managers much needed insight into the project, which helps them in innumerable ways. It helps to mitigate risk and discover the stakeholder’s real goals for the project. Projects cannot succeed if there is little to no communication. Be Inclusive.

Influencer 345

Influencer Closing Monitoring Executing 345

Rebel’s Guide to PM

JULY 22, 2019

If you are planning a budget for a project proposal i.e. pitching to someone else for them to secure your services to deliver a piece of work, then read this article about preparing a budget for a proposal. Types of Project Cost. And your organisation may have other standard ways of thinking about cost categories.

Budget 293

Budget 2014 Project Cost Finance 293

Rebel’s Guide to PM

SEPTEMBER 27, 2021

Sample assumptions: Currency conversions rates will stay the same throughout the project Resource costs will stay the same throughout the project There will be no contractual billing rate changes throughout the project Costs for materials will increase at 3% per year. Assumptions and risks. So it matters.

Technical Review 322

Technical Review Software Review Risk Management Risk 322

Herding Cats

FEBRUARY 13, 2018

Yesterday's Post What Is Risk? Risk is not there to be mitigated, it's there to be eliminated. Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Epistemic uncertainty and the risk it creates can be reduced with handling processes. based risks: If?Then

Risk 37

Risk Estimate Risk Management Infrastructure 37

International Institute for Learning

SEPTEMBER 8, 2022

Presenters: Keynote. In this presentation you will learn the following: How points can translate into complexity; Relative sizing; T-shirt estimating; Translating points into hours/dollars and When is it “Done” Kim Marcelliano. Risk and PMI’s Risk Management Professional (RMP) Certification. Register Now.

2022 89

2022 Underperforming Technical Team PMI Project Life Cycle 89

Project Risk Coach

JANUARY 30, 2017

According to the Project Management Body of Knowledge (PMBOK), the Control Cost process “is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.” Make Your Cost Visible. Compare Expenses to Your Cost Baseline.

Underperforming Technical Team 150

Underperforming Technical Team Controlling Monitoring PMO 150

ProjectManager.com

SEPTEMBER 4, 2019

PMIS is made to support all aspects of project management and the information they monitor or collect. That’s a lot of information to keep track of, and when managing a project, it is crucial to be able to immediately pluck that information required at that moment out from all that data. Therefore, a PMIS is so important.

Software Review 218

Software Review Project Life Cycle Closing Budget 218

Planio

FEBRUARY 13, 2023

For example, if your company’s main goal is to improve user retention, a new feature that increases the risk of customers leaving is unlikely to get approved. For example, if a new project costs $500,000, but is projected to make $1,000,000 in additional revenue per year, that is a good economic return.

Initiating 78

Initiating Finance Lean Risk Management 78

WorkOtter

JANUARY 13, 2023

Forecasting would produce no results if done before any part of a project is started, as there would be no predictions possible without data. Project Forecasting Metrics. The most vital forecasting metrics in project management are the project costs, project duration, and quality of the work done.

Estimate 78

Estimate Risk Management Project Cost Budget 78

The IIL Blog

OCTOBER 17, 2023

Continuous Improvement The ongoing effort to improve a project process, product, or service to achieve better results. Cost Estimation The process of estimating project costs is done by leveraging historical data, expert judgment, or quantitative models. May also be called a project management plan. a project).

Development Team Review 148

Development Team Review Project Life Cycle Underperforming Technical Team Estimate 148

The Strategic Project Manager

MARCH 13, 2023

More complex projects may require a focused Feasiblity Study. Risks – Identify as many risks as possible; play devil’s advocate. For each risk, assess and rate (H/M/L or more detailed) the likelihood and impact, and describe mitigating actions. They may intersect with the Risks and Issues.

Planning 95

Planning ChatGPT Technical Review Underperforming Technical Team 95