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Tracking Budget Variance in Project Management

ProjectManager.com

Those disruptions can play havoc on a project’s budget. Therefore, project managers are always tracking budget variance to deliver projects without breaking the bank. We’ll define project variance below as well as what a budget variance analysis is. What Is Budget Variance?

Budget 304
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Organizational Process Assets: Definitions, Examples & Templates

ProjectManager.com

Officially defined by the Project Management Institute’s Project Management Body of Knowledge (PMI’s PMBOK) as “the plans, processes, policies, procedures and knowledge bases specific to and used by the performing organization,” operational process assets influence the management of a project.

Process 366
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Importance of Scenario Planning and Analysis in Business

ProjectManager.com

It considers trend analyses and qualitative data, but also examines quantitative data and past events. By using regular and consistent scenario planning, organizations can better allocate resources successfully, mitigate risk and decrease production costs. Scenario planning is different from forecasting.

Planning 343
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What Is a Cost Breakdown Structure (CBS) In Project Management?

ProjectManager.com

The price for the product or service is then developed by using a cost breakdown analysis to figure out how much the product or service costs and then adds the profit margin. This is further broken down into direct and indirect costs. This allows you to track project variance in real time. It’s ready when you need it.

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Project Controls: A Quick Guide

ProjectManager.com

There are many tools that can mitigate risk in a project, but it also takes skill in something called project controls. Like the name implies, project controls are about controlling the project and keeping it from exceeding budgets and deadlines. In fact, it works throughout the entire life cycle of a project.

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How to Create a Performance Measurement Baseline for Your Projects

ProjectManager.com

A performance measurement baseline provides a window into the project that allows project managers to see roadblocks and resolve them before the project hits a dead end. The performance measurement baseline (often abbreviated as PMB) is part of the project plan that sets the scope, budget and schedule.

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Kanban vs. Scrum: What’s the Difference?

ProjectManager.com

Learn more One value of using this method is that it’s easier to identify bottlenecks and other issues that could delay the completion of tasks and address them before they affect your project budget or schedule. Scrum boards and kanban boards break the project into smaller, more manageable pieces.

SCRUM 412