Project Risk Coach

DECEMBER 11, 2022

You are a project manager and have to make decisions on the fly. And this can be particularly difficult when estimating the cost and the timeline of complex, volatile projects. In this article, I will share what you need to know about Monte Carlo risk analysis , how it works, and an overview of when it should be used.

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Estimate Risk Management Risk Budget 195

Epicflow Blog

MARCH 22, 2024

This article is inspired by the webinar featuring Epicflow co-founder Jan Willem Tromp and professor Mario Vanhoucke based on his latest book “The Illusion of Control: Project Data, Computer Algorithms and Human Intuition for Project Management and Control”.

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Teamweek

NOVEMBER 3, 2023

Top-down estimating is a form of estimation where existing knowledge of similar projects is used in the estimation process to produce a ballpark figure for the total cost. Like other methods to estimate a new project’s cost , top-down estimation has advantages and disadvantages. What is top-down estimating?

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Rebel’s Guide to PM

APRIL 8, 2022

We have forecast and actual dates, timesheets, budgets, databases of lessons learned , risks, issues and changes. For example, imagine reviewing estimates from the project team. As you enter their estimated effort for tasks, the software prompts you: Claire’s estimates were 20% under on her last five projects.

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ProjectManager.com

AUGUST 29, 2023

Everything you need to know about project management terms is here in one list! Check back often, as this list of project management terminology is ever-evolving, just like project management itself! Check back often, as this list of project management terminology is ever-evolving, just like project management itself!

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ProjectManager.com

MARCH 20, 2024

To help you once you break ground on your construction project, we’ll throw in some free construction project management templates on estimating, scheduling and budgeting. In a preconstruction meeting, project exceptions are defined, roles are clarified and risk mitigation strategies are discussed.

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Project Pulse Journal

NOVEMBER 24, 2023

By: Dr. Michael Shick, MSPM, PMP, CSM Are you a project manager struggling to predict the risks in your projects accurately during planning? This is where Monte Carlo Simulation transforms the art of project risk management into a more precise science, as part of quantitative risk analysis.

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ProjectManager.com

AUGUST 22, 2023

Knowing how to start a project is one of the most critical skills for any project manager. But even the most complex project can be broken down into simple steps to help make it more manageable. Once that is done, you’ll need project management software to start, execute and deliver the project. Here are some others.

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ProjectManager.com

FEBRUARY 3, 2022

If you’re new to project management , a project charter template can set you up to make sure you’re hitting all the major points. The charter also identifies the main stakeholders and defines the authority of the project manager. Follow our quick guide to writing and executing your project management charter below.

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Risk Management Budget Defining Software Review 510

ProjectManager.com

NOVEMBER 2, 2023

Whether you’re interested in a career in construction or looking to fill an open position in your construction management company, there are a lot of entry points. We explain what each is and offer a salary average to see how much you can expect to earn or pay for one of these construction management roles.

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MPUG

MAY 17, 2021

Imagine you are managing a large project, which is strategically important and complex. At the outset, you realize there will be a number of risks, which if not managed well, could paralyze the outcome and have negative impacts on the project objectives. Will a software tool for only project management meet your needs?

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nTask

FEBRUARY 18, 2021

After drafting an impeccable project plan, the next step is to present it to your clients. This is the turning point, as PMs have to deal with the age-old ‘ How to present a project plan efficaciously ?’ Presenting a project plan requires more than just PowerPoint slides. How to Present A Project Plan In an Agile Environment?

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ProjectManager.com

JANUARY 17, 2022

The triple constraint of project management has been given many names – the Project Management Triangle, Iron Triangle, and Project Triangle – which should give you an idea of how important the Triple Constraint is when managing a project. If you’re managing a project, then you’re working with the Triple Constraint.

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ProjectManager.com

JUNE 28, 2023

Projects are divided into phases to make them more manageable. Project monitoring and control is how a project manager ensures the plan they’re implementing with the project team goes off without a hitch. There are five phases in the project management process: initiation, planning, execution, monitoring and controlling and closing.

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ProjectManager.com

JUNE 4, 2021

The following are our top 8 Microsoft Excel construction templates for better construction project management. Using our construction proposal template ensures all the necessary information is included and presented in a way that makes the most sense. Construction Estimate Template. This process hinges on estimating expenses.

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Rebel’s Guide to PM

SEPTEMBER 3, 2021

You wouldn’t believe the number of project managers I speak to on mentoring calls who struggle to get their budget approved. This article will explain project contingency, how to calculate contingency and how to manage it within the scope of your projects. So risk is critical to understanding contingency: that’s the first step.

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Teamweek

AUGUST 1, 2022

Unfortunately, this scenario is all too common for project managers. . Project cost estimation can be challenging, especially when the project is complicated and has many moving parts. Let’s first clarify what we mean by a ‘project cost estimate’. What is a project cost estimate? So let’s jump straight into it.

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ProjectManager.com

OCTOBER 15, 2020

When managing a project, one is required to make a lot of key decisions. Because of the high stakes, good managers don’t just make decisions based on gut instinct. They prefer to minimize risk to the best of their ability and act only when there is more certainty than uncertainty. What Is Cost Benefit Analysis?

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Teamweek

JULY 29, 2022

“ I’ve done this a million times–let’s skip estimating just this once.”. You rush through the beginning estimates only to miss deadlines, blow budgets, and draw raised eyebrows from clients. In this guide we’ll cover: What are project estimation techniques? What are project estimation techniques? Cost estimations.

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Rebel’s Guide to PM

MARCH 18, 2021

In this article we’ll look at the types of artifacts in project management, typical documents for each type. In project management, artifacts relate to documents: the project documentation you produce that defines and supports the work you are doing. For example: a project management artifact is the project closure document.

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Logistics Artificial Inteligence PMI Performance Measurement 509

ProjectManager.com

JULY 5, 2023

That’s why construction cost management is so important. 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.

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Rebel’s Guide to PM

FEBRUARY 5, 2024

There are several ways of categorizing project cost for your project budget: Direct costs Indirect costs Capital costs (capex) Operating costs (opex) Project deliverable costs Project management costs And your organization may have other standard ways of thinking about cost categories. Let’s look at each of those in turn.

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ProjectManager.com

JULY 11, 2023

Finally, we’ll show you how to manage a business budget to keep your business viable. One of the main objectives of a business budget is to identify the business’ available funds and estimate how much will be spent over a period of time. What Is a Business Budget? There’s no setup required.

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Rebel’s Guide to PM

NOVEMBER 2, 2023

Managing resources in professional services firms is crucial for maintaining sustainability and achieving anticipated employee performance goals. But unfortunately, many resource managers have to rely on approximation and guesswork because they don’t have the right tools and techniques. Let us begin with the basics.

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ProjectManager.com

JANUARY 16, 2024

When you’re a project management office (PMO) or program or portfolio manager, you’re going to have to deal with multiple projects in various stages of the project pipeline. We’ll get to that in a moment as well as define project pipeline management. ProjectManager’s roadmaps help you manage your project pipeline.

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ProjectManager.com

NOVEMBER 23, 2023

The use of capital budgeting offers an objective view that helps managers figure out how to invest capital in order to increase business value but also helps the overall health of the company. Capital budgeting is part of the larger financial management of a business, focusing on cash flow implications when making an investment decision.

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ProjectManager.com

DECEMBER 6, 2023

Strategic project management understands this. If you haven’t heard the term before, we’ll begin with a definition of strategic project management and explain how strategic projects differ from operational projects. What Is Strategic Project Management? Allocate resources, track time and manage tasks all from one screen.

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ProjectManager.com

MARCH 2, 2020

Project managers are well aware of this and spend much of their time planning in order to avoid negative risk and its potential impact. There are many tools that can mitigate risk in a project, but it also takes skill in something called project controls. Cost estimates. Risk management. General oversight.

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ProjectManager.com

NOVEMBER 2, 2022

However, in project management, project assumptions are essential for planning a project. Let’s take a look at how project assumptions are defined in project management and why they’re so important. Then we’ll learn about a project assumption log and how assumptions differ from constraints and risk.

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Software Review Risk Management Technical Review Risk 316

ProjectManager.com

MAY 30, 2023

If you’re a general contractor working in construction project management, you’ll need to know about general conditions. We’ll go further, explaining how to estimate general condition costs and how general conditions compare to construction specifications and general requirements.

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ProjectManager.com

SEPTEMBER 29, 2022

There’s a lot riding on what project your organization moves forward with, especially if you’re managing a program or portfolio. It helps project managers determine the existing projects that require immediate attention and those that can wait for resources. The reward can be big, too, but it can just as easily end up as a loss.

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ProjectManager.com

SEPTEMBER 21, 2020

Monitor project progress with our free project management dashboard template. A dashboard is an essential project management software tool that provides you with an at-a-glance overview of your project. Download the Free Project Management Dashboard Template: Why You Need a Project Dashboard Template.

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Rebel’s Guide to PM

JULY 20, 2023

In this article we’ll look at the types of artifacts in project management, typical documents for each type. In project management, artifacts relate to documents, templates, outputs or a specific deliverable. For example: a project management artifact is the project closure document. What is an artifact?

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ProjectManager.com

NOVEMBER 22, 2022

An event budget is the estimated costs associated with putting on an event. Prices for things change and there’s an inherent risk in putting together an event that can impact your budget. Creating and managing a budget is one of the most important parts of delivering a successful event. Estimate Fixed & Variable Costs.

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ProjectManager.com

SEPTEMBER 16, 2020

A project budget contains the financial details of your project, including the estimates of all the money you need to layout to lead a successful project, from resources to materials. That means your estimates have to be accurate, or as much so as you can make them. Monitor project expenses with this Excel budget template.

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Rebel’s Guide to PM

OCTOBER 26, 2020

Weddings — in fact, event planners are excellent at managing fixed date projects because every event has a fixed date on which it will take place and the project to deliver the event has to be done on time. LeRoy Ward, PMP , PgMP, and PMI Eric Jenett Project Management Excellence Award winner, when I asked him for his view.

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Wrike

OCTOBER 4, 2023

Accurate construction cost estimates are crucial for successful project planning and execution. A well-developed budget lays a solid foundation for managing costs and ensures that projects are completed within financial constraints. Moreover, accurate cost estimates play a crucial role in financial planning and control.

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