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Project Budget Template for Excel

ProjectManager.com

A project budget contains the financial details of your project, including the estimates of all the money you need to layout to lead a successful project, from resources to materials. Monitor project expenses with this Excel budget template. That process isn’t free.

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Estimating Agile Projects.Or Not

Leading Answers

Project managers generally like plans and estimates so we can forecast when things should be done and how much they may cost. " So, when project managers hear about ideas such as "let's stop estimating," it can trigger a knee-jerk reaction.

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Project Management Processes & Phases

ProjectManager.com

If so, it might be time to start implementing proven project management processes and phases at your organization in order to bring your company’s workflow under control. At first, the concept of the project management process and its practical adaption can seem a little daunting, but this article will give you everything you need to set up PM processes and phases at your business. Cost: Estimate the costs involved across the project and formulate a budget.

How to Keep Your Projects On-Time and On-Budget

Arras People

Deltek is the latest member of the Arras People Software Directory , in this article they give a brief overview of how projects can be controlled and how software can help with this. And now more than ever, projects that are over budget, behind schedule or are not delivering the value originally promised are in jeopardy of being cancelled. Many think they involve a structured process that represents unwelcome change and creates additional burden and unnecessary project costs.

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Planning a Budget for a Proposal in 5 Easy Steps (+ Example)

Girl's Guide to PM

This is a guest article by author Edoardo Binda Zane. We start with 5 steps for how to put a proposal budget together and then Edoardo shares a worked (fictional) example to show you what the budget would look like once it is completed. Scroll to the bottom to download this article as a handy PDF so you can keep it for reference as you create your proposal. A proposal budget is similar to a project budget, but with a very different goal. Travel Budget.

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Project Estimation: Master the Tools and Techniques

Online PM Courses

There are two reasons why Project Estimation is a big deal for project managers. And second, poor estimates are often a primary reason for a project cost or schedule over-run. So, in this article, we’ll take a careful look at project estimation, to help you learn how to master the art and craft of doing it well. What is Project Estimation? Why is Project Estimation so hard? The Estimation Knife Edge. Methods and Tools for Project Estimation.

Software Estimating Resources

Herding Cats

This blog page is dedicated to the resources used to estimate software-intensive systems using traditional and agile development methods. The reason for this resource page is the lack of understanding of how to estimate, the urban myths about software estimating, and the fallacies that estimating is not needed, when developing software, in the presence of uncertainty, when spending other peoples money. Estimating Probable System Cost,” Stephen A.

Project Management Process & Phases

ProProfs Project Management

Project Management is the art of coordinating resources and directing working groups to execute components of work so that each group delivers components that can be tied together into a wholesome deliverable (contracted scope of work) within schedule and budget. In simple terms, the Project Management process is the art of managing all components of a project from starting to closure using a structured scientific methodology. The processes in this phase are: .

Estimates, Forecasts, Projections

Herding Cats

Estimates. An Estimate is a value inferred for a population of values based on data collected from a sample of data from that population. The estimate can also be produced parametrically or through a simulation (Monte Carlo is common, but Method of Moments is another we use). . Estimates can be about the past, present, or future. We can estimate the number of clams in the Pleistocene era that are in the shale formations near our house. Estimate to Complete.

Project Budget Example: How to Create an Accurate Project Budget for Junior Project Managers

PM Basics

Do you want to see a project budget example? Project Budget is a tool that calculates the total funds authorized to execute the project. Project Budget is created based on Activities List. A Mindset That Helps Creating an Accurate Project Budget. We’ll review the project budget example in just a minute. When you think about the project budget, what comes to your mind? I need accurate estimates. You estimate activities and tasks.

Why Johnny Can't Estimate?

Herding Cats

Since all risk comes from uncertainty - reducible (Epistemic) and irreducible (Aleatory), estimating is a foundation of all we do. There is no discussion of the conjecture that estimates are a waste, estimates can't be done, estimates are evil, estimates must be stopped immediately. To be informed how to estimate in this broad range of domains, problems, and impacts - education, exp[erience, and skill are needed. Gow to avoid common estimating mistakes.

Why Johnny Can't Estimate? (Update)

Herding Cats

There is a discussion of the conjecture that estimates are a waste, estimates can't be done, estimates are evil, estimates must be stopped immediately. To be informed how to estimate in this broad range of domains, problems, and impacts — education, experience, and skill are needed. Through this education process and the hands-on experiences that followed, we all learned an Immutable Principle. Generating accurate and precise estimates is straightforward.

How to Talk About Estimates

Herding Cats

What is an estimate? An estimate as a noun is an approximate calculation or judgment of the value, number, quantity, or extent of something. An estimate as a verb is to roughly calculate or judge the value, number, quantity, or extent of. But those estimates, nouns, and verbs themselves's have other attributes. Estimating and the resulting Estimates must be described by their accuracy and precision. Related articles. Estimates.

Planning a Budget for a Proposal in 5 Easy Steps (+ Example)

Girl's Guide to PM

This is a guest article by author Edoardo Binda Zane. We start with 5 steps for how to put a proposal budget together and then Edoardo shares a worked (fictional) example to show you what the budget would look like once it is completed. A proposal budget is similar to a project budget, but with a very different goal. First, you need to explain your project and process well in the narrative of your proposal. Step 3: Estimate Labour Costs.

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Reasons to Estimate and Measure

Herding Cats

Estimating Software-Intensive Systems: Project, Products, and Processes , Richard D. Stutzke is a starting point for estimating software projects. I recommend it for anyone starting out in the estimating business all the way to seasoned veterans. Any estimating process requires discipline and repeatability to produce accurate and precise results. The estimate can also be produced parametrically, empirically, or through a modeling and simulation.

When to Estimate and When Estimates aren't Needed

Herding Cats

Paul Boos has a post about estimating and makes a case for the Principles of when NOT to estimate. This struck a cord around a bigger topic - the inversion of estimating. When should we NOT estimate? What business decision making conditions could be in place where we don't have to estimate the outcomes of our decision in the presence of uncertainty? Then on to the original conjecture for No Estimates from Paul's post. Not principles for NOT estimating.

How to Create a Project Budget: A Must-Read Guide for Agencies

Workamajig

Mastering the art of creating a project budget is a crucial skill for any agency. Learn how to create a project budget in our new article. So much of your success as an agency depends on getting the project budget right. Creating the perfect project budget is partly a matter of experience, and partly a matter of process. In this guide, we’ll cover project budgets in detail. Breaking Down the Project Budget. What goes into the project budget.

How To Create A Simple Project Plan (Project Planning Process)

PM Basics

Nevertheless, project planning is a structured and logical process. In this article, I’ll show you a proven workflow. At each moment of the process, you’re in need of information that you don’t have yet. Most of the processes are interrelated, and you don’t know where to start from. You use outputs from the previous steps in the next step in the process. You need to evaluate each process. Here, I focus on project planning process only.

Why Estimates are Needed for Success in the Nondeterministic Universe

Herding Cats

There's a fallacy used by some in the software development business, that estimates are not needed to make decisions in the presence of uncertainty. And of course to manage in the presence of uncertainty and the resulting risks we need specific processes and practices based on principles. . Here's an example of the probability distribution of a cost estimate for a project. Most IT projects have some made up budget and schedule. Related articles.

The Magic 7 Project Portfolio Management Process Steps

Project-Management.pm

Countless business articles have provided you viable information regarding project portfolio management , accompanied by its objective, the roles of the portfolio manager, and the benefits of the project portfolio management as a whole. And the answer to all of these is in the guise of project portfolio management process steps. Project Portfolio Management Process Steps : #1 – Commitment from the Executives. Project Portfolio Management Process Steps : #5 – Balance is Key.

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4 Fallacious Reasons to Estimate and Why Those Are Fallacious

Herding Cats

There's a recent post titled Four Fallacious Reasons to Estimate. It lists the usual suspects for why those spending the money think they don't have to estimate how much they plan to spend when they'll be done producing the value they've been assigned to produce for that expenditure. And like many posts and tweets about estimating, it's made from this point of view, not the business point view, not from the point of view of those paying the developer. Related articles.

Five Immutable Principles of Project Success and Estimating

Herding Cats

In order to manage risk - and act as an adult when spending other people's money - you must estimate many aspects of the project. The Five Immutable Principles of Project Success layout the aspects of project success that must be managed using estimates. . There was a question asked on Twitter - what do estimates have to do with these Principles ? Controlling that path - in the presence of uncertainty - means making estimates of the possible outcomes of any decision. .

Project Cost Management – The Essential Things to Know and Do

Online PM Courses

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. Instead, you must act with determination to understand project cost management and implement all the tools at your disposal to control costs and bring in your expenditure on budget. What is not negotiable is the budget. So, in this feature article, we’ll look at: What project cost management is.

Common Ground for a Conversation about Estimating

Herding Cats

Neil Killick posted a good question, what's the common ground for talking about estimates. All estimates have two attributes - accuracy and precision. The values of these two attributes are what those needing the estimates are after. With the knowledge of the two values of these two attributes the decision makers can assess the "value" of the estimate. That request comes from those asking for the estimate. But that dysfunction is not "caused" by the estimate.

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Two Parallel Processes of Project Success - Both Value and Delivery are Needed

Herding Cats

Software engineering economics is a topic that addresses the elements of software project costs estimation and analysis and project benefit-cost ratio analysis. Showing up late and over budget does not produce the needed Value. This randomness comes from the underlying uncertainties (Epistemic and Aleatory) in the processes found in the development of the software. This is the foundation for estimates. These estimates are critical to both developers and customers.

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Software Development Process Improvement Opportunities

Herding Cats

Here's the IT budget for the Federal Government. Related articles. Estimating and Making Decisions in Presence of Uncertainty. When we hear about all the suggested ways to improve the effectiveness of our development effort, if we're to going work on improvements, let's go where the REAL money is. . This is larger than all the IT systems found everywhere else in the world, plus all their custom built IT stuff. This is not the embedded systems. These are business systems.

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How to Use Wrike for Professional Services Performance for Project Budget Management

Wrike

Effective project budget management is one of the most critical components of successful projects. As many as 27% of projects go over budget, which can negatively impact client relationships and profits. One in six of those over-budget projects nearly doubles the original estimate. . In this article, we will discuss the average profit margin expectations for professional services. Measure your project budget in real-time with Wrike’s custom fields .

Forecasting versus Estimating - are they Different or are they the Same

Herding Cats

One of the escape clauses of #Noestimates is to re-label Forecasting as NOT Estimating , It is forecasting, based on empirical data. This is in comparison for estimating purpose for a theoretical model that produces data, parametric from empirical or theoretical models that produce data. In all cases the data is used to estimate some outcome in the past, present, or future. When that estimate is about the future, it can also be referred to as a Forecast.

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How to Improve Your SWAG

MPUG

I eventually learned it stood for “Scientific Wild-A** Guess,” which really meant a high-level estimate, a ball-park number, or guesstimate. Expert Feedback : Get knowledgeable feedback from people on your estimates. Work on or fine-tune your estimates, and then import (i.e.

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The 20-Percent Startup Solution

MPUG

Keep in mind that poor estimating during the planning phase is the largest contributor to project failures. Most IT organizations talk a lot about their risk and issue management policies/processes which gives’ one an impression they spend about the same amount of time in each area. Since this usually is not the case, contingency funds totaling 20% of the total budget should be setup for each project. This is an update of PMI’s PM Network article from December 2015.

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How to Create a Successful Procurement Management Plan

MPUG

Create a timeline and use this to monitor the procuring process and track progress. Crucially, this allows you to effectively budget and ensure that you are able to keep to the project schedule. Thoroughly identify and estimate the costs involved with all procurements. Any changes to the statement of work during the project should be budgeted for and estimated, as needed. Articles Procurement procurement management plan

Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana

MPUG

The project scope was changed by the owner, or the management, or you had unfortunate estimates of the time, and resources that would be required to complete particular steps in the schedule. John Owen: First, let’s talk about the estimates that we’re using in our schedule.

Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana

MPUG

The project scope was changed by the owner, or the management, or you had unfortunate estimates of the time, and resources that would be required to complete particular steps in the schedule. John Owen: First, let’s talk about the estimates that we’re using in our schedule.

New PM: The What?, Why?, and How? of Project Charters

Leading Answers

This article explains those basics. To start the chartering process, we first need to understand a few things about the project goals and our internal processes. For our organization, we must understand any strategic plans we need to align with, our standards and processes, contracts to use, and any relevant external factors like market conditions and industry standards. Budget  – Explain  how  much this is likely to cost.

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Why Are Daily Scrum Meetings Important for Successful Project Management?

MPUG

There are multiple reasons for this relevancy: On the spot, working teams are more likely to provide accurate estimates for project requirements. Budgets and timelines can be created and adjusted quickly, as per the team’s actual capabilities and performances. Make informed course adjustments to improve performance and product quality while refining project processes. Providing real-time and constant feedback on processes and product progress.

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Process is King Part 2

Herding Cats

I wrote a post about Process is King a few years ago. Came across a few posts about how people trump process. fail to put those people in a process that can guide their success. . People without process is an undirected effort and where I work, that's called waste. Just a reminder about the spectrum of processes for writing software for money. Since many in the agile community like to quote Deming, let's look at what he says about process.

Project Management, Performance Measures, and Statistical Decision Making

Herding Cats

I work in the Software Intensive System of Systems domains in Aerospace, Defense, Enterprise IT (both commercial and government) applying Agile, Earned Value Management, Productive Statistical Estimating (both parametric and Monte Carlo), Risk Management, and Root Cause Analysis with a variety of capabilities. In this domain, we are guided by credible results using principles, processes, and procedures to increase the probability of program success. NASA Cost Estimating Handbook.

A Brief Explanation of the Triple Constraint in Project Management

nTask

The Triple constraint or accurately speaking: project management triple constraints are all the names for the three most important elements in a project development process. Time is the constraint that is very important for every single element related to the project development process.

Cost Benefit Analysis for Projects – A Step-by-Step Guide

ProjectManager.com

You can then use that data to evaluate your decisions with a process called cost benefit analysis (CBA). It begins with a list, as so many processes do. The Process of Cost Benefit Analysis. The short answer is it’s as accurate as the data you put into the process.

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DDSTOP The Saga Continues

Herding Cats

The result was a safety stand down for everyone on the site (5,000 Steel Works), including all us office workers, to get the message about health, safety, and safeguards of the materials and processes on site. . I'm reminded of that when I hear suggested processes - in less threatening environments - like those here listed from latest to earliest, mostly from #NoEstimates advocates, but there are others. 40 - Estimation is a Problematic Practice of Companies Doing Dangerous Things.