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Project Cost Management – The Essential Things to Know and Do

Online PM Courses

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. Project Cost Management.

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.

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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.

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. Projections/Prediction.

Estimating is a Learned Skill

Herding Cats

Estimating is a learned skill, used for any purpose from every-day life to management of projects. When I left for the airport this morning to catch my flight to a customer site I estimated, given the conditions, how much time I need to get to my favorite parking spot at DIA. The same process for estimating is applied to multi-billion dollar projects we work. And the same process is applied to the Scrum development processes on those projects. .

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

Herding Cats

Software development is a Value Creaton activity, but Value cannot be determined unless we know the cost to produce that value and when that value will be available for use by those who of paid for that Value. It's not clear why those advocating the first approach don't understand this, but the principles of MicroEconomics of software development demand we know both cost and value produced. This is the foundation for estimates. What will it cost to get the value?

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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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DDSTOP The Saga Continues

Herding Cats

There's been a rash of conjectures about all kinds of bad business, project, and software development (agile and traditional) management ideas of late. These are classic examples from an author who is either unskilled, untrained, and inexperienced in estimating software development.

2018 42

DDSTOP The Saga Continues

Herding Cats

There's been a rash of conjectures about all kinds of bad business, project, and software development (agile and traditional) management ideas of late. 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. . 40 - Estimation is a Problematic Practice of Companies Doing Dangerous Things. Analytical Hierarchical Process .

DDSTOP The Saga Continues

Herding Cats

There's been a rash of conjectures about all kinds of bad business, project, and software development (agile and traditional) management ideas of late. 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. . For cost and schedule, there are databases containing 1,000's of past projects. link] Cost Estimating Tools.

Epistemic Uncertainty Creates Reducible Risk

Herding Cats

Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Aleatory uncertainty, from the naturally occurring variances in the process and Epistemic uncertainty from the probabilistic event-based processes that impact the project. Epistemic uncertainty and the risk it creates can be reduced with handling processes. Estimates lead to buffers. Related articles. NoEstimates Estimating Risk

Traditional or Agile? - 10 Questions to Find Out Which PM Method Is Right for Your Project

Inloox

Traditional vs. agile project management. The answer to this question is usually a list of the differences, followed by the note: It always depends on the specific project. Your project determines the project management method and not the other way around. The key question is therefore: Which method fits your specific project? Fixed scope, estimated schedule. Fixed schedule, estimated scope. Permanent team with fixed project manager.

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The Problems with Schedules

Herding Cats

Here's an article, recently referenced by a #NoEstimates twitter post. The headline is deceiving, the article DOES NOT suggest we don't need deadline, but that deadlines without credible assessment of their credibility are the source of many problems on large program. The Core Problem with Project Success. Unrealistic Cost and Schedule estimates based on inadequate risk adjusted growth models. There is no ideal in the estimating business.

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Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

Managing Cost, Schedule, & Technical Performance Risk Is The Basis Of Good Project Management. Risk management is essential to the success of any significant project. Certain information about key project cost, performance, and schedule attributes are often unknown until the project is underway. The emerging risks that can be identified early in the project that impact the project later are often termed “known unknowns.”

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A Wrap Up of the #NoEstimating Conjecture Analysis to Date

Herding Cats

The conjecture that we can make decisions in the presence of uncertainty without estimating the impacts of those decisions is without any principles that can be tested beyond personal anecdotes of I know people who spend other peoples money without providing estimates. Here's some reading to help understand why its bunk and how to learn to estimate in the presence of uncertainty in order to make better decisions. Software Estimating Taxonomy. Estimating Accuracy.

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Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

What happens if you shift focus from "accurate estimation" to "reliably shipping by a date"? . This quote demonstrates a lack of understanding of making decisions in the presence of uncertainty and the processes and events that create uncertainty. All project work has uncertainty. Uncertainty comes from the lack of precision and accuracy about the possible values of a measurement of a project attribute. If your project has no uncertainty, there is no need to estimate.

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. From internal initiatives to major customer endeavors, there’s a universal truth: all projects are susceptible to cost overruns and schedule slippage. But what are the right project controls and is there a single method to the implementation madness? What Are Project Controls?

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Embracing Uncertainty in Software Projects

LiquidPlanner

A seemingly simple question that can become a project management nightmare to manage. If you don’t give an answer, you’re viewed as incompetent and unable to estimate. After all, you’re the project manager!) If you give a qualified answer, you risk being held to that original date despite the need to analyze requirements further, discuss with vendors and do proper project planning. No two projects are ever the same. Managing projects is hard work.

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15 Great Ways Project Management Can Help Your Growing Business

Keyedin

Learn how improved visibility and control over your projects and resources can help improve business efficiency and effectiveness. If your business delivers products or services, as your business grows your will certainly need some way of managing projects. Many SME’s are simply scared of the term “Project Management” or end up implementing a host of non-connected, counter-productive tools.

Five Favorite Dashboards from LiquidPlanner!

LiquidPlanner

Onboarding a new employee is incredibly important but can be time-consuming and costly. He created this dashboard to make the process more efficient. . Everyone’s business processes are different, but we recommend always including Helpful Links and Videos. Gretchen works with a lot of our larger manufacturing customers, and many of them find this team dashboard useful in their day to day processes. Client Costing Dashboard. New Project Request Dashboard.

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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. Projeudget Template includes planned expenses for all project activities, including wages, materials, fees, risk reserves, etc.

Without a Root Cause Analysis, No Suggested Fix Can Be Effective

Herding Cats

In a recent Blog post titled Precision it is suggested Precision (or the implication thereof) is perhaps the root problem of most, if not all dysfunction related to estimation. . Yes, projects have uncertainty. Projects are no exception. Estimates have precision and accuracy, but the reason for these unfavorable outcomes is not stated in the post. First, without finding the root cause of the estimating gaps, the quest for a solution is an open loop problem.

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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. Underestimate it and you risk not having enough money to accomplish the project goal. Overestimate it and you risk losing the project altogether. In this guide, we’ll cover project budgets in detail. Time-based, not cost-based.

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

In an increasingly competitive business environment, more organizations are turning to project portfolio management (PPM) to meet strategic goals and objectives. Providing organizations with a system to implement the right projects at the right time, effective PPM improves decision-making, optimizes resource management, and delivers better business value. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios.

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Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

In an increasingly competitive business environment, more organizations are turning to project portfolio management (PPM) to meet strategic goals and objectives. Providing organizations with a system to implement the right projects at the right time, effective PPM improves decision-making, optimizes resource management, and delivers better business value. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios.

2017 150

15 Great Ways Project Management Can Help Your Growing Business

Keyedin

Learn how improved visibility and control over your projects and resources can help improve business efficiency and effectiveness. If your business delivers products or services, as your business grows your will certainly need some way of managing projects. Many SME’s are simply scared of the term “Project Management” or end up implementing a host of non-connected, counter-productive tools.

Artificial Intelligence In Project Management: Pros & Cons

ProProfs Project Management

When we talk specifically about IT project management, app development companies or DevOps teams are responsible for managing various software development projects. In this article, we specifically talk about the impact of AI in project management and its various pros and cons. Pros and Cons of Artificial Intelligence in IT Project Management Pros of AI Project Management. AI Is Ideal for Processing Large Amounts of Data.

4 Solutions to Common Professional Services PM Pain Points

EasyProjects

Now you restart your process all over again. This example, and other pain points reviewed in this article, are typical for professional services organizations that don’t have a centralized project management platform. In this article, we review how Easy Projects helps our clients to resolve these common pain points. Before switching to project management software, professional services teams have difficulty efficiently updating their executives.

2020 43

4 Solutions to Common Professional Services PM Pain Points

EasyProjects

Now you restart your process all over again. This example, and other pain points reviewed in this article, are typical for professional services organizations that don’t have a centralized project management platform. In this article, we review how Easy Projects helps our clients to resolve these common pain points. Before switching to project management software, professional services teams have difficulty efficiently updating their executives.

2020 43

4 Solutions to Common Professional Services PM Pain Points

EasyProjects

Now you restart your process all over again. This example, and other pain points reviewed in this article, are typical for professional services organizations that don’t have a centralized project management platform. In this article, we review how Easy Projects helps our clients to resolve these common pain points. Before switching to project management software, professional services teams have difficulty efficiently updating their executives.

2020 40

The Key Aspects Of Project Management

Proofhub

Understanding The Many Aspects Of Project Management “What makes a project successful?” Some say, behind any successful project is a project manager with above and beyond management skills. For some, it is the team who works hard day and night to deliver every deliverable and deadlines within the project to make it successful. And for the rest, it takes the best of both (management and teamwork) to make a project successful.

Lean Project Management For Remote Teams: A Simple Guide To Eliminate Waste & Improve Productivity

Teamweek

Lean Project Management can fix this. In this article, we’re going to explore: What is Lean Project Management? What is Lean Project Management? The original goal of Lean thinking was to streamline production processes in order to maximize outputs and reduce wasted effort.

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Planning before Scheduling

Herding Cats

Planning is an unnatural process, it’s much more fun to get on with it. For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Without some form of decomposition of what “done” looks like, it is difficult to connect the work of the project to the outcomes of the project. The project cost, schedule, and resulting deliverables are a system, subject to these coupling and cohesion.

The Best 53 Project Management Blogs You Should Be Reading

Paymo App

People are gradually becoming more interested in project management as an independent topic and as a possible career. Project management blogs and resources can be a primary source of knowledge, especially if project management (PM) experts contribute to them. To help you save time searching for the best resources, we have thoroughly analyzed more than 300 project management blogs and resource websites. Project Management Software Developers. Project Bliss.

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Why Your Team Misses Their Deadlines

Workzone

According to PMI’s 2018 Pulse of the Profession report , roughly 48% of projects don’t finish within their initially scheduled times. When nearly half of all projects are missing their deadlines, you know this is an issue that cannot be overlooked. Late projects can result in increased costs and unhappy customers, which harms both your reputation and your business. For instance, imagine your last software development project took 16 months to complete.

Marketing Project Management: How Data Analytics Can Help

Proofhub

They have become an integral part of project management, letting the marketers know the risks as well as control and estimate project schedules and costs accurately for delivering seamless results to the consumers. Effective management of projects leads to the timely delivery of the results. There are uncertainties and risks on the project that are most probably unforeseen. It can provide a hassle-free approach to marketing project management.

The Best Time Tracking Software of 2018

Paymo App

To save you precious time, we did the hard job of in-depth market research and app testing and came up with a list of 10 time tracking software that are “la crème de la crème” The time-tracking tools that made our list are (click on each one to jump directly to its detailed review): Paymo – full-feature project management app with time tracking and accounting features to help you manage projects from start to finish. 5/month, unlimited users and projects).

2018 63

18 Best JIRA Alternatives For Agile Project Management in 2019

Workzone

JIRA from Atlassian is one of the most popular project management tools for software development teams. Not to mention, some small businesses with a growing tech team struggle with JIRA’s plans, which can cost up to $12,000 per year for a team of 500 users. Each team will have their own set of projects, tasks and templates they can use again and again. Targetprocess is designed to help users manage Agile projects by visualizing complex processes.

2019 38

LiquidPlanner: A Microsoft Project Alternative

LiquidPlanner

We’re often asked how LiquidPlanner compares to Microsoft Project. Which makes sense—after all, Microsoft Project was the go-to project management software for years. But times and the way we work have changed, and you need a project management tool that better fits your evolved needs. Project Management: Then and Now. We don’t have to tell you about the pain associated with this process, or about how impossible it is to keep the schedule truly up to date.

2018 30

60 Important Business Metrics Your Company Must Know

nTask

Business metrics are used to track, monitor and analyze quantified measures that assess the business process’s success or failure. The sales department will cater to their respective metrics like sales volume, sales call, etc, while the marketing team will look after their respective metrics such as engagement, campaign costs, website traffic, etc. How to Manage a Project like a Pro in today’s Work Environment? Top 12 Project Management Tools for Agencies and Creatives.

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