article thumbnail

Project Cost Estimation: Overview of the Process, Main Challenges, and Recommendations

Epicflow Blog

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?

article thumbnail

7 Critical Project Management Skills That Will Help You Thrive In 2020

Taskque

Yes, having project management certifications and hands-on experience in managing projects under your belt is important, but it is the project management skills that differentiate great project managers from good ones. Want to succeed as a project manager in 2020? Leadership. Negotiations. Identify the risk.

2020 126
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

2020 Challenges and Trends in Construction

Epicflow Blog

Reducing the carbon footprint is not a unique trend for construction companies, and is not a 2020 trend, either. There’s a worldwide certification program called LEED (Leadership in Energy and Environmental Design) that sets up standards for improving construction processes to make them more environmentally friendly. .

article thumbnail

6 Ways to Track Project Expenses

ProjectManager.com

Projects cost money. Being able to manage and track expenses is what keeps the project within a budget. Stakeholders are not likely to consider the project a success if it costs them too much. Remember the triple constraint: cost, scope and time. You want someone trustworthy to own this process.

Budget 397
article thumbnail

Project Budget Template for Excel

ProjectManager.com

Download The Free Project Budgeting Template: Why You Need a Project Budget Template. A project is made up of tasks that lead to the completion of a project or service. That process isn’t free. This post was updated September 16, 2020). Company insurance.

Budget 414
article thumbnail

Project Management Challenges with Artificial Intelligence

International Institute for Learning

As technology increases within the next two decades, AI is expected to replace humans in many of the simple and mundane tasks that are part of project and program management activities (Grace et al., Marr, 2020, and Dalcher, 2022). Project Management Maturity. Projects are managed by people, not tools.

article thumbnail

14 Common Project Risks (+ more)

Rebel’s Guide to PM

The causes of risk vary by project, but the need to identify it is a constant where a project manager adds value. It’s our job to facilitate the discussion and extract those risks so they can be actively managed: that’s the risk management process. Plus, there should be a business case for the project! Reduced budget.

Risk 317