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. Project controls can vary according to industry and organizations, but they always provide a way to complete a successful project and deliver benefits to cost, time and performance. What Are Project Controls?

Cost Estimation for Projects: How to Estimate Accurately

ProjectManager.com

Good cost estimation is essential for keeping a project under budget. Many costs can appear over the life cycle of a project, and an accurate estimation method can be the difference between a successful plan and a failed one. Estimation, however, is easier said than done. Cost estimation is the process that takes those factors into account, and calculates a budget that meets the financial commitment necessary for a successful project. Analogous Estimating.

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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 Be An Estimating Superhero

Girl's Guide to PM

A statistical model for estimating isn’t normally something I’d put in the ‘make my job easy’ box, but I might just have found one that works. He’s taken the PERT (Project Evaluation and Review Technique) estimating approach to the next level by letting you add a dash of professional judgement in with the numbers. What if you want an estimate that is, say, 75% reliable? PERT can’t give you those kinds of estimates. How reliable is this estimate?”.

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How to Package and Price Embedded Analytics

What’s more, these features contribute 54 percent of the overall value of software products, as estimated by independent. With this approach, you turn features off and on through visibility controls, conditional logic, and your application’s security model.

Integrated Change Control

MPUG

Outlining the Purpose of Project Change Requests and Change Control Boards. Integrated change control (ICC) is the process of reviewing all change requests, approving changes, and managing changes to deliverables with documentation. ICC consists of many overlapping areas, such as change management, project management, configuration management (CM), and the change control board (CCB). Integrated Change Control. Change Control Board Overview.

How to Estimate Project Duration

Wrike

Knowing how to estimate project duration can help teams become more efficient and improve on-time and on-budget delivery. . When it comes to project management time estimation, there are a couple of likely scenarios. Why is it important to estimate project duration?

Project Management Process & Phases

ProProfs Project Management

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. According to the PMBOK guide, which is considered the bible for project managers, project management is scientifically done by managing project documents through 49 processes that are grouped into five project phases. . The processes in this phase are: . Monitoring and Controlling. Control Scope .

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.

Scheduling and Cost Control in a Complex Environment

Strategy Execution | PMO Perspectives

Benefits are much harder to estimate but it can still be done, and experienced companies are able to map projected benefits, albeit within wider ranges than for project costs, whilst avoiding the natural tendency to over-estimate those benefits. Schedule and Cost Control Starts with Good Estimates. Despite the development of many frameworks and best practices, evidence shows that we are not good at estimating, especially in complex projects.

RBS is one more technique for your estimation tool belt!

Kiron Bondale

Project managers need to be comfortable with different estimation techniques. Foundational project management courses will teach you about analogous, bottom-up, parametric and three-point estimating. Take a course covering agile delivery and you’ll learn about relative sizing techniques such as estimating poker or t-shirt sizing. epics & stories or control accounts & work packages). Make a note of how many epics or control account have been identified.

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.

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. .

Change Control is Key to Project Success

Brad Egeland

Change control is one of those tasks the project manager must do but usually hates to perform. It can result in increased revenue, but always at the expense of a customer that needs the change to meet a business process need or requirements clarification. It can increase project profitability, but only if you are very accurate in your effort planning and estimation because it can quickly decrease project profitability.

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. This would be like saying, risk management is a waste , control system engineering is a waste, thermal analysis of the computer system is a waste, assessment of the reliability, repairability, survivability - all the. 2) Aleatory Uncertainty from statistical naturally occurring processes.

Principles of Cost and Schedule Estimating

Herding Cats

One of the 4 summary root causes of project performance failures is Unrealistic Cost and Schedule Estimates based on inadequate risk-adjusted growth models. Those making these claims may have their own personal purposes, their own agenda, their own reasons for sell this idea that estimates are somehow no longer needed when we're spending other people's money to produce value in exchange for that money. If you have no uncertainty, then estimates provide no value.

10 Point Checklist for Better Project Estimates

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. From all the previous six parts of this series, it should be clear that effective estimation is a primary driver of project success, resource planning, and portfolio alignment. Part 1: Improve Project Estimates and Escape Crisis Mode. Use Horizon-Based Estimates. Part 2: Improving Project Estimates is all About Direction.

Software Development Process: How to Pick The Process That’s Right For You

Planio

Every great piece of software starts with a plan and a clear process in place. Luckily, there are numerous software development processes you can choose from when you’re starting your next project. But which software development process is right for you? In this guide, we’ll go over the basics of your software development lifecycle, why it’s so important to understand, and then cover the pros and cons of the five best software development processes.

Demystifying the PMBOK Process Groups

Wrike

Generally speaking, projects require five process groups — initiating, planning, executing, monitoring and controlling, and closing. These are known as the PMBOK (Project Management Body of Knowledge) process groups. Though widely used, this form of process management can often be confusing for managers and team members who are new to formal project management. . An introduction into PMBOK process groups and knowledge areas. What are the process groups of PMBOK?

Risk Management Plan - What is the Process?

Brad Egeland

One must keep alert for the effectiveness of the security controls so that they don’t change in a split of a second. Risk Management Planning What is the Risk Management Process? So, most times you can expect to make lots of lists to keep up with the entire process. But when well-informed about the probable events and statistics promoting data invasions costs, you can bet you will reflect over the risks and estimate the impact adequately.

Estimating the Risk

Herding Cats

Aleatory uncertainty, which is the naturally occurring yields variances in the underlying processes. Epistemic uncertainty comes from probabilistic processes that can be addressed with handling responses. In order to make risk-informed decisions, we must estimate the outcomes and the impacts of those outcomes on future activities (cost, schedule, and technical performance of products and services). Without these estimates, there is no risk management.

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.

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

PM Basics

Nevertheless, project planning is a structured and logical process. 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. It’s more important that you understand the process.

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. Of course, the machine in the video wouldn't be able to take a step without falling if it didn't have a probabilistic feedforward adaptive closed loop control system. Closed-loop control systems actively control the system based on state feedback. Why Guessing is not Estimating and Estimating is not Guessing.

Governance and Estimating

Herding Cats

If your business is not subject to any external governance process, you’re free to spend your money as you please. A process component that defines the decision-making rights associated with IT as well as the mechanisms and policies used to measure and control the way IT decisions are made and carried out within the organisation. Development Change control - ISO 12207, CMMI, CoBit, OPM3, Prince2. make use of estimates in their decision support processes.

The Origins of Scrum and Empirical Closed Loop Control

Herding Cats

Scrum is) more defined rather than empirical process. This took me back since Scrum is derived from an empirical closed loop control system developed in the USAF by Col. So when we hear anything about the current state of Agile or even that Scrum is NOT empirical and needs to be replaced, ask what new process is being suggested that will meet Dr. Carter's definition? See link below on Closed Loop Control). Closed Loop Control.

Control, Stability, Short Term, Long Term all needed for Success

Herding Cats

When riding a single track like this one behind our neighborhood, I came to an understand of the tradeoffs between stability and control. But same tradeoff between stability and control is needed to be ranked 33rd Cross Country and 23rd Short Track at DII in the nation, with team taking 2nd overall. In both cases, nationally ranked and rank amaetur, control of bike is the key. We speak at conference where program planning and controls is the topic. Estimating

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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 ? They have upper and lower control limits for their stochastic behaviors.

Estimating Business Finances With A Budget Proposal Template

Techno-PM

Budget Proposal Template The most effective way for you to estimate your business finances is to create a successful budget proposal template. It will help you in the long run if you begin this process with the correct mindset. It provides you 100% control over your money and helps you to track your financial goals. So what is a budget proposal template and what key benefits can you expect to receive by creating one?

12 Principles of Agile with and without Estimates

Herding Cats

When we hear that the next big thing in agile is Not Estimating, let's look to see how those 12 Principles can be applied without those estimates? . How estimates help implement these principles. Without estimates what is missing. Without estimating the delivered value to the business for the estimated cost and time to delivery that value, the balance sheet will be wholly uninformed about when the breakeven date for this expenditure. Yes, good process.

How to Create an Accurate Time Estimation for Your Next Project

Teamweek

How many times have you given a client a timeline estimate , only to have the actual delivery date surpass it by days or even weeks? It’s embarrassing and makes you wonder whether accurate time estimates are little more than an oxymoron. They may not be easy to create, but in project management they are vital for two primary reasons: Accurate time estimation dictates deadlines and set client and team expectations. Quality control processes.

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. The simple truth is that organisations can avoid these issues by implementing and enhancing their project controls with industry best practices for project management. 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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Coherent Design and Development Process

Herding Cats

Planning , controlling, and applying sy s tem engineering to transform a contractually defined operational need into a system / end product definition and an optimized design that incorporates equipment , personnel, facilities , computer programs, and procedural data. Identifying , providing , and controlling the detailed definition of the contract work breakdown structure in terms of technical tasks , assuring consistency and correlation of all program technical requirements.

6 Practical Ways to Actually Improve Your Cost Management

Project Risk Coach

When John asked the project sponsor how the $100,000 was estimated, but he never got a clear answer. His early estimate — an analogous estimate — was $125,000 with a range of accuracy between -25 percent to +50 percent. John shared the estimate with the sponsor and said that he would provide a more detailed estimate after completing a work breakdown structure (WBS) with the project team. Ask for estimates from the people doing the work.

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Beginner’s Guide to Project Management Process

iZenBridge

Project Management Process Skill (Tools and Techniques). Project Management Process in divided into 5 Process Groups. These groups are further bifurcated in 10 Knowledge Areas and 47 Project Management Processes. These Process Groups are: Initiating. Monitoring & Controlling. Why “project management process groups”, while we usually assign project with phases or stages. This Group includes processes performed to define a New Project.

Principles, Processes, and Practices of Project Success

Herding Cats

Over the years (30 something years) I come to understand and write about the Principles, Processes, and Practices of project success in a wide variety of domains. Over this time I've been guided by project planning and control people, engineers, sales people, marketing people, and senior business leaders. . There are 5 Principles, 5 Practices, and 5 Process that can be applied to increase the probability of success of all projects. Want To Learn How To Estimate?

How to Manage Project Scope

Project Risk Coach

The lowest levels of the WBS are the work products and deliverables used for scheduling, estimating, monitoring, and controlling the project. Monitor and Control Project Scope Project managers should meet with their teams on a regular basis to compare the work completed to the project scope baseline (the defined deliverables, assumptions, and constraints). Take changes through a change control process. 2=Planning 4=Control Project Scope Management

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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. 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. Estimates, with accuracy and precision values, are needed to make credible decisions.

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How to Evaluate Risk Velocity

Project Risk Coach

Think of velocity as an estimate of the time frame within which a risk may occur. Weigh the cost/benefit of adding the risk velocity to your risk evaluation process. 2=Planning 4=Control Project Risk ManagementLife is filled with risks. Some risks occur slowly. Others strike with little warning. Let’s look at how to evaluate risk velocity and why it matters. What is Risk Velocity? Risk velocity is the time to impact.

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Small data is the project norm

Musings on Project Management

One-time projects don't generate enough data for real statistical process controls to be valid. Bayes estimate StatisticsI've written before that the PMO is the world of 1-sigma; 6-sigma need not apply. Why so? To wit: projects are the domain of small data. Usually) And so, small data drives most projects; after all, we're not in a production environment. Small data is why we approximate, but approximation is not.

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