LiquidPlanner

JANUARY 4, 2023

I my first 15 years, I used single-point estimation to build project schedules. The next ten years I used ranged estimations with traditional Gantt chart project scheduling software tools – this was better but cumbersome. Ranged estimation has been around since the introduction of PERT and the three-point estimation method.

Estimate 156

Estimate Risk Management Software Review Critical Chain 156

MPUG

JANUARY 8, 2024

The solution, of course, is estimating. There is a whole science to estimation, and it would be possible to go very deeply into this. But before we start, let’s tackle the Estimation Elephant in the Room…. The estimation techniques they use are a deliberate trade-off between speed and accuracy.

Estimate 52

Estimate Technical Review Risk Management Closing 52

Rebel’s Guide to PM

MARCH 18, 2021

But what if you don’t use PMI methods? Whether you subscribe to the PMI way of thinking or use another approach based on your background, skills, experience, certification or the expectations of management, I’m pretty sure that you’ll have to create project documents. Documents are documents. We create baselines throughout the project.

Logistics 509

Logistics Artificial Inteligence PMI Performance Measurement 509

ProjectManager.com

NOVEMBER 27, 2019

It is a set of standard terminology and guidelines for project management published and updated by The Project Management Institute (PMI). The project is divided into tasks, which are scheduled with start dates and deadlines, as well as budgets for each task. Related: Free Project Budget Template for Excel.

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Monitoring Risk Management Controlling Technical Review 502

Rebel’s Guide to PM

JULY 20, 2023

A Guide to the Project Management Body of Knowledge (also known as the PMBOK® Guide -- 7th Edition) is core reading as prep for PMI exams. See on Amazon We earn a commission if you click this link and make a purchase, at no additional cost to you #ad 07/19/2023 01:40 pm GMT But what if you don’t use PMI methods?

Logistics 258

Logistics Artificial Inteligence PMI Performance Measurement 258

ProjectManager.com

AUGUST 22, 2023

Project Budgeting The project budget is what the project will cost to complete. Project budgets are estimated by project managers and then approved by the project client or stakeholders. Each task will have a duration with its own start date and end date. Leadership: Leading a project inherently means being a leader.

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Certification Leadership Risk Management Budget 357

ProjectManager.com

OCTOBER 17, 2023

From the smallest to the largest and most complicated, they’re broken down into five construction phases to detail all the steps necessary to complete the project on time and within budget. At this point, there will be a selection of the project delivery method, construction cost estimating and permitting.

Construction 339

Construction Process Project Life Cycle Software Review 339

Rebel’s Guide to PM

JANUARY 31, 2024

The ISO 9001 definition is very similar to APM’s, as is the definition in the PMI PMBOK ®. Add project management software or testing tools (or whatever else you need) to the project budget. Make sure that you are thinking realistically about estimates and the likelihood of risk affecting your ability to deliver.

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Software Review Technical Review Budget Defining 332

ProjectManager.com

AUGUST 23, 2023

PMI offers PMP certification, but also PRINCE2 Practitioner, though this methodology is mostly found in the UK. They develop strategies, develop IT risk management plans and maintain schedules and budgets. The Computing Technology Industry Association (CompTIA) has Project+.

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Manufacturing Construction Certification Engineering 294

ProjectManager.com

JUNE 15, 2021

Project managers plan, budget, monitor and report on the project with project management tools , sometimes pitching the idea of the project or being assigned to it once it’s already been approved. There are two major certifying bodies, PRINCE2 and the Project Management Institute (PMI). What Does a Project Manager Do?

Certification 441

Certification Prince2 Monitoring PMI 441

Rebel’s Guide to PM

APRIL 1, 2019

PMI defines a Knowledge Area in the PMBOK® Guide – Sixth Edition Glossary like this: An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. Knowledge Areas: Definition. What exactly are ‘Knowledge Areas’?

PMI 384

PMI Risk Management Risk Estimate 384

Rebel’s Guide to PM

DECEMBER 9, 2020

City Percentage Shanghai 78% Buenaventura 52% NEOM 39% Warsaw 39% Seattle 19% Tokyo 19% London 19% Las Vegas 19% Washington DC 19% Brisbane 19% Sydney 19% Percent of project professionals who believe they will get a pay increase of 5% of more in the next 12 months (Source: PMI; figures relate to country). They are both cannabis plants.

Infrastructure 471

Infrastructure Transportation Construction 2020 471

Rebel’s Guide to PM

SEPTEMBER 14, 2020

By the way, the answer to that question is: “Yes, let me analyze what the impact will be and bring you a recommendation for what that means for our current budget and timeline.”). These are laid out in a research paper from PMI *. Scope creep happens when the project sponsor says, “Can you just…?”. (By

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Underperforming Technical Team 2009 Controlling Risk Management 457

ProjectManager.com

JANUARY 11, 2024

Managing resources effectively is one way to deliver your projects on time and within budget. Four factors will affect the critical path, such as estimations, task dependencies, set milestones to reach and critical deadlines, none of which are impacted by resource smoothing. Project managers use a technique called resource smoothing.

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Monitoring Executing Software PMI 334

Rebel’s Guide to PM

SEPTEMBER 29, 2021

In the PMI Business Analysis Practice Standard, business analysis is defined like this: The set of activities performed to identify the business need and recommend relevant solutions; and to elicit, document, and manage requirements. The responsibilities of a BA and PM on a project. What does a business analyst do? Interpersonal skills.

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Certification 2020 PMI 2013 405

Project Bliss

MARCH 20, 2021

They constantly need to overcome several roadblocks to ensure that the project stays within the agreed constraints of time, scope, and budget. Accurately estimating project costs for bidding is important for landing the project and making it profitable. The road they tread on every day is never smooth. Project Bidding Issues.

Governance 266

Governance Government Finance Software Review 266

Rebel’s Guide to PM

AUGUST 29, 2021

The PMI definition of risk is: “an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.”. Project Budget Risks. Project stakeholders are particularly sensitive to cost and potential overruns, especially is the project’s results impact their budget. Reduced budget.

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Risk Technical Review Risk Management Estimate 320

ProjectManager.com

JANUARY 26, 2022

You also estimate the project budget at this time. Part of that monitoring includes the budget and costs accrued over the course of the project. Having a dashboard that monitors the project and allows you to gain insights into the progress and performance of the project will help you stay on schedule and keep to your budget.

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Software Review Certification Risk Management Monitoring 310

ProjectManager.com

NOVEMBER 19, 2021

To begin, let’s look at the five project management process groups defined in the Project Management Book of Knowledge (PMBOK), published by the Project Management Institute (PMI), the leading industry trade group. The business case includes the estimated costs and benefits of the project. If it’s not, it’s abandoned.

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Process Monitoring Controlling Software Review 312

Online PM Courses

NOVEMBER 4, 2018

The PMI Talent Triangle is a simple tool that reminds us all about the value of a broad range of professional skills. The most succinct – and possibly best known – articulation of that full range of capabilities is the PMI’s Project Management Talent Triangle. Just a Moment… Who or What is the PMI?

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PMI Technical Review Certification Leadership 73

Project Risk Coach

MAY 21, 2018

Work Breakdown Structure Dictionary – provide the detailed information about the deliverables, activities, cost estimates, and scheduling information for each item in the WBS. Cost Baseline – approved version of the project budget. Schedule Baseline – approved version of the schedule.

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Underperforming Technical Team Planning Project Life Cycle PMI 220

Rebel’s Guide to PM

OCTOBER 26, 2020

LeRoy Ward, PMP , PgMP, and PMI Eric Jenett Project Management Excellence Award winner, when I asked him for his view. Work out the end date ignoring the fixed delivery date, even if you do have to crash your analysis time into a shorter period and use estimates with a greater degree of uncertainty than normal. But now what?

Telecoms 476

Telecoms 2010 Estimate Prince2 476

Project Risk Coach

DECEMBER 11, 2022

And this can be particularly difficult when estimating the cost and the timeline of complex, volatile projects. Estimating just one value/date for a complex, risky project is not a good idea and can lead to significant issues. Project managers may use it to simulate project tasks and estimate the risks associated with various outcomes.

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Estimate Risk Management Risk Budget 195

Rebel’s Guide to PM

JANUARY 23, 2022

The PMI Code of Ethics and Professional Conduct included as part of the standard for Responsibility the statement: “We report any illegal or unethical conduct.” The most obvious are impacts on project success, team performance, budgets and timelines. He serves as member of the PMI Ethics Member Advisory Group.

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Underperforming Technical Team Influencer PMI PMO 195

The IIL Blog

OCTOBER 17, 2023

Bottom-up Estimating A project estimation technique that leverages tactical-level team members/subject matter experts (SMEs) to break down tasks into smaller components to create a more accurate estimate. hours, personnel needed, and/or tasks) to ensure that a project can be completed on time and within budget.

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Development Team Review Project Life Cycle Underperforming Technical Team Estimate 148

Online PM Courses

JUNE 3, 2018

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.

Estimate 73

Estimate Technical Review Underperforming Technical Team Agile 73

MPUG

APRIL 2, 2024

The project manager is responsible for coordinating the work of the team, monitoring progress, and making any necessary adjustments to ensure that the project is completed on time and within budget. Constraints typically relate to schedule, resources, budget, and scope. Executing the Project Build the project team.

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Certification PMI Logistics Construction 52

Rebel’s Guide to PM

MARCH 22, 2021

The project manager estimates the resource requirement and creates open positions that get fulfilled by the resource manager. As a project manager, your primary concern is: How do I deliver a project on time and within the stipulated budget? Estimate activity resources: Determine resources needed for carrying out project activities.

Construction 352

Construction Estimate Technical Review Software Review 352

MPUG

APRIL 3, 2022

The Project Management Institute (PMI) has gone through quite the metamorphosis over the past few years, positioning itself once again as one of the top authorities on how project management is practiced. I honestly believe PMI is heading in the right direction with this edition and I’m excited to see where it takes them in the next.

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PMI 2021 Defining Engineering 111

LiquidPlanner

JULY 26, 2022

PMI calls this the Project Economy, and McKinsey expects the world to see an investment of $130 trillion in infrastructure upgrades alone over the next five years. . PMI calls these ‘gymnastic’ organizations because they can pivot when needed and focus on outcomes by tailoring the process to work the way it needs to every time. .

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PMI Infrastructure Risk Management Engineering 166

ProjectManager.com

JULY 18, 2018

Often the progress of a project is thought of simply as being ahead or behind schedule and over or under budget. However, what if you’re ahead of schedule, but costs are higher than your planned budget? It does this by comparing the progress and budget of work planned to the actual costs. your costs are higher than budgeted.

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Budget PMI Executing Controlling 223

LiquidPlanner

FEBRUARY 1, 2023

Robust agile estimation methods can improve quality by 250%. That’s largely down to consistent use of user stories, story points and breaking down stories into tasks with hour-based estimates. The work to estimate effectively requires teams to know a lot about what the task actually is.

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Agile Cadence Estimate Risk Management 174

MPUG

JULY 24, 2023

In 1987, PMI included an overview of EVM in their PMBOK Guide and in subsequent editions and during the 1990’s governmental procurement groups streamlined their activities to include EVM reform. When EVM is applied properly and consistently, it takes the guesswork out of estimating project progress and performance.

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Project Life Cycle Budget 2023 Controlling 52

nTask

MARCH 30, 2022

According to a report generated by PMI , 14% of the IT projects surveyed and started by companies in the organizational paradigm are deemed failures. Project cost management is the process of budgeting, estimating, and controlling the costs associated with the overall project lifecycle. What is Project Cost Management?

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2022 Project Cost Construction Budget 88

LiquidPlanner

MAY 17, 2023

However, real life projects and company budgets are rarely that straightforward, so while increasing the resource pool is one option, let’s assume you’ve already considered that. Data from PMI shows that only 26% of organizations always use project resource management to estimate and allocate resources.

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Estimate Lean PMI Construction 142

NimbleWork

MARCH 10, 2024

Background Whether it is project management best practices as prescribed by PMI or agile manifesto or any other development method from waterfall to hybrid, they all prescribe to a simple recipe. Middle management wants to have a better hold on resources, timelines, costs and budgets in order to ensure optimal utilization.

Engineering 105

Engineering Software Review Technical Review Executing 105

The IIL Blog

SEPTEMBER 17, 2018

To be successful, they must be able to evaluate and allocate resources necessary to complete deliverables on time, with quality, and without exceeding the budget. Take adequate time to make reasonable and realistic estimates: Perfection is nearly impossible to achieve in resource management, but you should still aim for it.

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Project Life Cycle Technical Review 2013 2002 117