Defining, Process and Project Cost - Project Management Update

Organizational Process Assets: Definitions, Examples & Templates

ProjectManager.com

NOVEMBER 28, 2023

Some of these are called organizational process assets. These organizational process assets are critical to a project’s success and its operations. To make sure you understand what organizational process assets are, first, we’ll define the terms and explain their importance. What Is an Organizational Process Asset?

Process

Process Executing Controlling Defining

The Construction Resource Management Process Explained

ProjectManager.com

JANUARY 9, 2024

There are many different types of construction resources beyond labor and we’ll define them as well as the process for construction resource management. Construction resource management is the process of planning and managing resources on a construction site. What Is Construction Resource Management?

Construction

Construction Process Estimate Monitoring

Project Management Process Groups: A Quick Guide

ProjectManager.com

NOVEMBER 19, 2021

There are a thousand things that constantly impact the project and require you to reallocate resources to stay on track. To keep to your schedule and manage costs, you need to gather and process project data throughout the five PMBOK project management groups. What Are the 5 PMBOK Project Management Process Groups?

Process

Process Monitoring Controlling Software Review

How to Build and Implement a Project Strategy

ProjectManager.com

MARCH 14, 2024

Project strategy is the plan that defines a project, which is why project management strategy is so important. To better manage projects, one must clearly understand project strategy, who’s responsible for it in the organization and the steps to create a project strategy.

Budget

Budget PMO Defining Estimate

Project Cost Estimation: Overview of the Process, Main Challenges, and Recommendations

Epicflow Blog

JULY 5, 2022

Estimation of project cost is one of the core practices of the project initiation stage, which becomes the basis for the approved project budget. At the same time, the forecasted cost should not be too overestimated or underestimated. What helps make cost estimation simple and efficient?

Project Cost

Project Cost Estimate Process Budget

10 Do’s & Don’ts of Project Cost Management

nTask

MARCH 2, 2022

Unexpected costs, events, and miscalculations can take your project down the hill in no time. This is where project cost management jumps in. Cost management helps you to mitigate the risk of any surprise costs and budget constraints. What is Project Cost Management? Let’s Begin!

Project Cost

Project Cost Underperforming Technical Team Estimate Budget

How to Make a Contractor Payment Schedule in Construction (Template Included)

ProjectManager.com

MARCH 22, 2024

Construction projects are often long and complicated endeavors. Payment is determined in the contract process, which includes the contractor payment schedule. Therefore, a construction payment schedule shows how they receive compensation for their work over the project’s life cycle. They’re also expensive.

Construction

Construction Software Review Budget Defining

12 Free Project Planning Templates for Excel and Word

ProjectManager.com

FEBRUARY 27, 2024

Even if you’re using project management software, project planning templates can help you with everything from decision making, such as with our free RACI matrix template, to identifying project deliverables, with our free work breakdown structure template. Project Budget Template All projects cost money.

Planning

Planning Software Review Risk Management Budget

RFI in Construction: A Quick Guide for Contractors

ProjectManager.com

MARCH 8, 2024

We’ll also note the difference between an RFI in construction and other construction project management documents before going into the construction RFI process, the different types of RFIs and more. Let’s define a few in comparison to an RFI in construction. What Is an RFI in Construction?

Construction

Construction Software Review Engineering Budget

Measuring the Project Management Maturity of Your Organization

ProjectManager.com

JANUARY 23, 2024

When you’re a PMP, program manager or portfolio manager, you need to deliver all those multiple projects on time and within budget. This requires an organization with a well-developed project management process. It’s essential to keep projects successful for any organization to thrive.

Underperforming Technical Team

Underperforming Technical Team Risk Management Software Review Budget

What is project scope? (Plus 7 steps to help you define project scope)

Resource Guru

JANUARY 17, 2023

We might think that “oh, I don’t need a project scope, I’ve done thousands of projects like this!”. As project managers, defining and planning projects is what we do. That means everything starts with creating a project scope. Project scope definition What is a project scope statement?

Defining

Defining Technical Review Software Review Project Life Cycle

Kanban vs. Scrum: What’s the Difference?

ProjectManager.com

APRIL 19, 2024

The name kanban means billboard in Japanese, and you can see why, as the process involves placing tasks represented by cards on physical or digital kanban boards. Scrum is a project management framework with well-defined roles, guidelines and procedures that ensure this methodology is implemented consistently.

SCRUM

SCRUM Manufacturing 2001 Agile

Project Financial Management: Managing Project Financials

ProjectManager.com

NOVEMBER 21, 2023

But what exactly is financial project management? We’ll get to that and define the various project financials before getting into the process of managing a project’s finances. What Is Project Financial Management? Dashboards have easy-to-read graphs and charts that track five other project metrics, too.

Finance

Finance Estimate Budget Risk Management

Kanban History: Origin & Expansion Across Industries

ProjectManager.com

APRIL 25, 2024

The kanban board is broken down into columns that represent the different stages of a process, and the kanban cards are individual tasks that move from one column to the next as they move through the process. This created less waste and increased the efficiency of processes. When one bin is empty, the next bin refills it.

Manufacturing

Manufacturing 2004 Software Review 2009

12 Ways to Manage Project Quality Without Drama

Rebel’s Guide to PM

JANUARY 31, 2024

But in practice, to me that looks like a lot of project documentation, and not a lot of actual doing, so let’s talk about 12 simple ways that you can manage project quality , without it being loads of work or a drama to get right. You’ll also need to know how you are going to assure project quality.

Software Review

Software Review Technical Review Budget Defining

Have You Left Anything Out of Your Project Management Plan?

Project Risk Coach

APRIL 5, 2021

Have you left anything out of your project management plan? Check out this checklist to help you identify the baselines and plans that will be most helpful to each of your projects. As I define a project management plan, I strive for clarity, brevity, and simplicity. Define your project plan accordingly.

Planning

Planning Project Life Cycle Defining Controlling

Rough Order of Magnitude (ROM): Understanding ROM Estimates

ProjectManager.com

OCTOBER 19, 2022

No one needs to tell you that projects cost money. But how much they’ll cost is an open question. The closer you can come to an accurate forecast of project costs, the more likely you’ll deliver a successful project. Rough order of magnitude (ROM) can help you better estimate project costs.

Estimate

Estimate Software Review Budget Project Cost

Project Budget Template for Google Sheets

ProjectManager.com

DECEMBER 5, 2023

However, Excel isn’t the best tool for project budgeting as it doesn’t allow project team members to collaborate online, sharing files among team members it’s a time-consuming process, among other productivity drawbacks. Labor Costs Labor costs are one of the key project costs that should go into a project budget.

Budget

Budget Software Review Estimate Project Cost

Project Monitoring and Control: Tools & Steps

ProjectManager.com

JUNE 28, 2023

There are project monitoring tools, of course, but like everything in project management, there’s a process that we’ll explain. What Is Project Monitoring and Control? Before we get to the steps to monitor your project, let’s put the concept into context. That’s called a project schedule baseline.

Monitoring

Monitoring Controlling Software Review Risk Management

Resource Requirements in Project Management: A Quick Guide

ProjectManager.com

MARCH 12, 2024

Once one understands what resource requirements are in project management, next there is estimating what those resources will be and managing them. To help with this process, we’ll define resource requirements and link to a free resource plan template. What Are Resource Requirements in Project Management?

Software Review

Software Review Estimate Defining Budget

What Is Job Costing? When to Use a Costing Sheet (Example Included)

ProjectManager.com

AUGUST 15, 2023

Job costing is a type of accounting method that helps identify project costs and track them to keep to your budget. It tracks all costs and revenue associated with a particular project and is commonly used in construction projects, but it can also be found in manufacturing, engineering, retail, logistics, healthcare and more.

Manufacturing

Manufacturing Construction Estimate Project Cost

Best Cost Control Techniques

ProjectManager.com

OCTOBER 5, 2023

The lower your costs, the higher your profits. This is why in project management and business in general cost control is so important. To understand cost control, let’s first define it and then we’ll show the steps you can take to implement cost control. Cost control as a process begins with budgeting.

Controlling

Controlling Manufacturing Construction Underperforming Technical Team

Project Management Basics: Definitions, Methods and Tools

ProjectManager.com

MARCH 31, 2023

They’re anything that’s produced or provided because of the project. Deliverables can be both the result of the project itself, but also the results of the process of the project, such as the project plan , reports or other documents. Projects are made up of deadlines. What Is Project Management?

Project Life Cycle

Project Life Cycle Software Review Monitoring Budget

Construction Cost Management: Managing Construction Costs

ProjectManager.com

JULY 5, 2023

Knowing exactly what construction cost management means and what a construction cost is can be the difference between project success or failure. We’ll go over those definitions and explain the construction cost management process so you can manage projects better. What Is Construction Cost Management?

Construction

Construction Estimate Monitoring Budget

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

ProjectManager.com

JUNE 7, 2023

Manufacturing a product or constructing a building is a complicated process, which in turn makes determining the price for that product equally difficult to discern. There are many factors that must be considered, and project managers use a cost breakdown structure to help them determine the cost of that product.

Manufacturing

Manufacturing Estimate Project Cost Influencer

Cost Estimation for Projects: How to Estimate Accurately

ProjectManager.com

AUGUST 21, 2019

Projects bring risks, and risks bring unexpected costs. 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. An Overview of Cost Estimation. 12-Step Process for Cost Estimation.

Estimate

Estimate Technical Review Project Cost Governance

Capital Budgeting: Definitions, Steps & Techniques

ProjectManager.com

NOVEMBER 23, 2023

First, we need to define capital budgeting, what a capital budget is and why it’s important. Then we can go through the capital budgeting techniques and the steps to a capital budgeting process. Capital budgeting is a process by which investments in large-scale projects are analyzed, evaluated and prioritized.

Budget

Budget Technical Review Software Review Executing

A Quick Guide to Project Charters: Definition, Steps & Key Elements

ProjectManager.com

FEBRUARY 3, 2022

A project charter is the statement of scope , objectives and people who are participating in a project. It begins the process of defining the roles and responsibilities of those participants and outlines the objectives and goals of the project. Key Elements of a Project Charter. Why does this project exist?

Risk Management

Risk Management Budget Defining Software Review

How to Create a Project Initiation Document (Template Included)

ProjectManager.com

JULY 26, 2023

Before you can start a project — even before you can plan it — you first need to define the project in detail. This allows the project manager to get buy-in from the project’s key stakeholders and ensure all the research has been done to move into the planning phase without any hiccups.

Initiating

Initiating Software Review Prince2 Risk Management

Process Optimization in Project Management (3): Lean Project Management

Inloox

FEBRUARY 26, 2019

In the last blog post on process optimization in project management we introduced you to the 5-S framework, which is also very popular in Lean Management. Therefore, we will now deepen the topic Lean Project Management. In a nutshell, these are the goals of Lean Project Management: Increase quality and customer benefit.

Lean

Lean Process Controlling Defining

Cost Management Basics

ProjectManager.com

DECEMBER 4, 2019

Cost management is the process by which one plans and manages the budget of a business or project. In the case of a project, it helps the project manager estimate what the project will cost and set in place controls by which they can reduce the chance of the project going over budget.

Project Cost

Project Cost Estimate Budget Governance

General Conditions in Construction: Definitions & Best Practices

ProjectManager.com

MAY 30, 2023

If you’re a general contractor working in construction project management, you’ll need to know about general conditions. To understand what general conditions are, we’ll define the term as it relates to construction and why the term is important. The general conditions in this place are specific to the project.

Construction

Construction Infrastructure Estimate Defining

Lean Construction Principles & Best Practices

ProjectManager.com

APRIL 19, 2023

Let’s explore lean construction, defining what it is and its key principles. Along the way, we’ll explain why lean construction can benefit your project and how the right project management software can help you take advantage of lean construction. From the world of manufacturing comes an approach called lean construction.

Construction

Construction Lean Manufacturing Engineering

Exploring the differences: Projects vs operations examples

Rebel’s Guide to PM

APRIL 24, 2023

Projects vs operations The short answer to the question: “What’s the difference between projects and operations?” Projects change the business. Ops managers want (and seek) stability so they can manage process performance. The status quo is good but project managers keep changing things! More on that later.

Retail

Retail Governance Government Healthcare

Free Timesheet Template for Google Sheets: Track Labor Costs Online

ProjectManager.com

JANUARY 17, 2024

This might cause you to go over your project budget or affect the profitability of your business, especially in labor-intensive industries such as construction or manufacturing. Using this free timesheet template for Google Sheets allows you to track the labor costs of your organization and streamline your payroll process.

Retail

Retail Manufacturing Construction Software Review

Project Intake Process: Prioritizing Project Requests & Proposals

ProjectManager.com

JANUARY 10, 2024

However, problems occur when requests are submitted without a standardized process. To avoid that, you need an intake process. A project intake process is beneficial for an organization. We’ll explain why as well as what to look out for when evaluating those project requests. What Is the Project Intake Process?

Process

Process PMO Software Review Estimate

The Importance of Operational Project Management for Businesses

ProjectManager.com

APRIL 23, 2024

This is called operational project management. To better understand operational project management requires defining what an operational project is, how it differs from strategic projects and what operational project management is. Who Is Responsible for Managing Operational Projects?

Software Review

Software Review Monitoring Technical Review Budget

How to Make a Cost Management Plan

ProjectManager.com

FEBRUARY 24, 2020

Cost management is sometimes also known by its more specific sub-task names, like spend management, cost transparency and cost accounting. It is typically made up of four processes: resource planning, cost estimation, budgeting and cost control. Cost Estimation. Cost Control. Let’s define them.

Planning

Planning Estimate Budget Project Cost

Top 10 Project Management Qualifications

ProjectManager.com

AUGUST 22, 2023

Project budgets are estimated by project managers and then approved by the project client or stakeholders. Risk Management A project risk is an unexpected event, which can be positive or negative. The project should be driven by business analysis that directs the benefits of delivering its product or service.

Certification

Certification Leadership Risk Management Budget

Project Documentation: 10 Essential Project Documents

ProjectManager.com

APRIL 29, 2022

Project documents must be accurate and constantly updated to keep current with the project. Creating and managing project documentation throughout the project life cycle is critical for project success, but where to start? What Is Project Documentation? Project Schedule. Risk Register.

Project Life Cycle

Project Life Cycle Software Review Infrastructure Risk Management

Process Optimization in Project Management (3): Lean Project Management

Inloox

FEBRUARY 26, 2019

In the last blog post on process optimization in project management we introduced you to the 5-S framework, which is also very popular in Lean Management. Therefore, we will now deepen the topic Lean Project Management. In a nutshell, these are the goals of Lean Project Management: Increase quality and customer benefit.

Lean

Lean Process Controlling Defining

What Is a Program Manager? (Job Description Included)

ProjectManager.com

OCTOBER 21, 2022

In project management, a program is a set of related projects that are executed simultaneously by organizations to make the most out of their resources and maximize their return on investment (ROI). A program manager oversees this process. They define the program controls, or the processes, procedures, reporting, etc.,

Certification

Certification Risk Management PMI Leadership

What Is Positive Risk on Projects?

ProjectManager.com

AUGUST 23, 2023

A simple way to identify positive risk is the same way you would identify negative risk: by working with your team to come up with a list of opportunities that could impact the project. For example, if you want to make sure that the warehouse is ready to cope with all those orders, work on the order process with that team.

Risk

Risk Risk Management Monitoring Project Cost

How to Write a Creative Brief

ProjectManager.com

NOVEMBER 15, 2022

Just like a trip, most projects wouldn’t set off without first having an itinerary. In project management, the equivalent of an itinerary is a creative brief. But not all projects use a creative brief; they’re found only in specific disciplines. When we define the term, we’ll explore which projects use one.

Budget

Budget Executing Defining Planning

Organizational Process Assets: Definitions, Examples & Templates

The Construction Resource Management Process Explained

Trending Sources

Project Management Process Groups: A Quick Guide

How to Build and Implement a Project Strategy

Project Cost Estimation: Overview of the Process, Main Challenges, and Recommendations

10 Do’s & Don’ts of Project Cost Management

How to Make a Contractor Payment Schedule in Construction (Template Included)

12 Free Project Planning Templates for Excel and Word

RFI in Construction: A Quick Guide for Contractors

Measuring the Project Management Maturity of Your Organization

What is project scope? (Plus 7 steps to help you define project scope)

Kanban vs. Scrum: What’s the Difference?

Project Financial Management: Managing Project Financials

Kanban History: Origin & Expansion Across Industries

12 Ways to Manage Project Quality Without Drama

Have You Left Anything Out of Your Project Management Plan?

Rough Order of Magnitude (ROM): Understanding ROM Estimates

Project Budget Template for Google Sheets

Project Monitoring and Control: Tools & Steps

Resource Requirements in Project Management: A Quick Guide

What Is Job Costing? When to Use a Costing Sheet (Example Included)

Best Cost Control Techniques

Project Management Basics: Definitions, Methods and Tools

Construction Cost Management: Managing Construction Costs

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

Cost Estimation for Projects: How to Estimate Accurately

Capital Budgeting: Definitions, Steps & Techniques

A Quick Guide to Project Charters: Definition, Steps & Key Elements

How to Create a Project Initiation Document (Template Included)

Process Optimization in Project Management (3): Lean Project Management

Cost Management Basics

General Conditions in Construction: Definitions & Best Practices

Lean Construction Principles & Best Practices

Exploring the differences: Projects vs operations examples

Free Timesheet Template for Google Sheets: Track Labor Costs Online

Project Intake Process: Prioritizing Project Requests & Proposals

The Importance of Operational Project Management for Businesses

How to Make a Cost Management Plan

Top 10 Project Management Qualifications

Project Documentation: 10 Essential Project Documents

Process Optimization in Project Management (3): Lean Project Management

What Is a Program Manager? (Job Description Included)

What Is Positive Risk on Projects?

How to Write a Creative Brief

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