article thumbnail

General Conditions in Construction: Definitions & Best Practices

ProjectManager.com

We’ll go further, explaining how to estimate general condition costs and how general conditions compare to construction specifications and general requirements. The project would have no governance and work would be slow and expensive if it was able to be done. The general conditions estimate the cost of the infrastructure.

article thumbnail

What Is a Stakeholder? Definitions, Types & Examples

ProjectManager.com

These people can be suppliers, customers, creditors, clients, intermediaries, competitors, society, government and more. Government: These stakeholders get taxes and gross domestic product from a project. For example, if there are environmental factors dictated by the government, then the government is a stakeholder.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Hard Costs vs Soft Costs in Construction: Definitions & Examples

ProjectManager.com

When it comes to budgeting, hard costs are easier to estimate. As you can imagine, these intangible costs will prove far more difficult for you to estimate as you build a budget for your project. It doesn’t mean these soft costs are impossible to estimate and track—but they are definitely moving targets.

article thumbnail

How to Build and Implement a Project Strategy

ProjectManager.com

They help with prioritizing projects, providing governance guidelines and ensure that projects are beneficial to the organization by aligning with larger strategic goals. The more precise and compelling your definition of the project’s purpose, the more likely it will be planned and delivered successfully.

Budget 373
article thumbnail

What Is Lean Portfolio Management? A Quick Guide

ProjectManager.com

Lean portfolio management is a process by which strategy is aligned with execution using a lean approach and agile portfolio operations and governance. Here you’ll plan from the top down your budget, estimating what funding you’ll need with cost-management planning. This requires accurate estimates of resources. Manage Demand.

Lean 329
article thumbnail

AI in Project Management: An Interview with Lloyd Skinner

Rebel’s Guide to PM

AI has turned up in the project management trends articles over the past few years and it’s now most definitely here to stay. When those tasks are automated, Lloyd believes the project manager can focus on human-based tasks like business change, “knocking heads together to get decisions”, governance, and stakeholder engagement.

article thumbnail

Time and Materials Contracts: The Definitive Guide [w/ Template]

Teamweek

Estimate a project timeframe: Create time estimates for each task. and add that to your cost estimate. You should let the client know that your estimates are, in fact, just estimates and not a fixed cost. Review task estimates and actuals regularly and communicate any significant deviations to the client.