Project Cost Management – The Essential Things to Know and Do

Online PM Courses

Project Cost Management often puts people off. But there’s little your project sponsor, your client, or their Finance Director care about more than your budget and how closely you can stick to it. Project cost over-runs are common. Instead, you must act with determination to understand project cost management and implement all the tools at your disposal to control costs and bring in your expenditure on budget. Project Cost Management.

Vendor Showcase Recap: Triskell Software for Enterprise Governance

MPUG

Please find below a transcription of the audio portion of Rich Murphy’s showcase session, Triskell Software for Enterprise Governance, being provided by MPUG for the convenience of our members. Rich has more than 35 years of experience in the project management field.

Insiders

Sign Up for our Newsletter

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

Vendor Showcase Recap: Triskell Software for Enterprise Governance

MPUG

Please find below a transcription of the audio portion of Rich Murphy’s showcase session, Triskell Software for Enterprise Governance, being provided by MPUG for the convenience of our members. Rich has more than 35 years of experience in the project management field.

Net Operating Value - A New Way to Look at Project Costs

PM That Works

Let’s take a step back and look at the historically most common path of projects. During the budgeting process usually the year before an idea for a project is suggested. Then this idea goes through some cycles and an estimated budget gets placed on the project list for the coming year. When the project is kicked off, the budget is set to the estimated budget. Most projects run into delays, issues, and missed assumptions that inevitably puts a strain on the budget.

How to Develop a Strong Governance Process with These 6 Tips ?

Project-Management.pm

Projects involved a lot of planning , implementation , and not to mention tracking or detecting issues and problems within the team or the project, and surpassing the following process. It also means successfully identified the stakeholders and risks and the project are already in the plan, ready for implementation. To stay within deadline means having a governance process that everyone will adhere to. est apparu en premier sur Project-Management.PM.

Efficient project governance should not be an oxymoron!

Kiron Bondale

Look up governance in Merriam-Webster’s dictionary and you’ll find this definition “ The way that a city, company, etc., is controlled by the people who run it “ This is certainly an appropriate meaning of the phrase when applied to corporate governance, but is not the most empowering vision for how projects need to be governed. Most staff would view governance as a necessary evil. So what should right-sized governance look like?

Compendium of Works to Increase Probability of Project Success

Herding Cats

Here's a collection of presentations, briefings, papers, essays, book content used to increase the Probability of Project Success (PoPS) I've written and applied over my career in the software-intensive system of systems and other domains. Business, Technical, Systems, Risk, and Project Management Briefings and Presentations. Project Performance Management (#PPM). Agile Project Management (#APM). Cost, Schedule, and Technical Performance Management (#CSTPM).

2015 37

Cost and Value Management for Software Development

Herding Cats

we focus on Value and don't need to worry about Cost. Here are the moving parts of any project that intends to make money from the cost invested to produce a product or service. Software Project Cost Estimation . There are numerous horror stories about software development cost and schedule overruns. But no matter the source there are two primary root causes of project cost problems: Erroneous cost estimates.

2018 49

Cost Management Basics

ProjectManager.com

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.

2019 311

Most Common Project Management Roadblocks to Avoid for Better Outcomes

Project Bliss

Project managers do a lot of firefighting. Every day, project managers are putting out fires, both internally within the team and externally with clients. When it comes to project management roadblocks, there are a few that come up time and again. Project Bidding Issues.

2021 156

Londoners, dig deep in your pockets for yet another troubled project

Ron Rosenhead

Today, the Mayor of London Sadiq Khan ordered an enquiry into the escalating costs of the former Olympic stadium site. However the escalating costs have raised more than a few eye brows. In 2015, former mayor Boris Johnson said the change from an Olympics arena to a football stadium would cost £272m, a figure which has now risen to £323m. additional costs for the seating problem. extra running costs – see Taxpayers to meet Olympic Stadium running costs.

2016 177

Estimates, Forecasts, Projections

Herding Cats

We can estimate the total cost, total duration, and the probability that all the Features will be delivered on the program we are working for the US Government. Or ANY software project for that matter. The estimated completion cost for this program is $357,000,000 with an accuracy of $200,000 and a precision of $300,000. Another way to speak about the estimated cost is This program will cost $357,000,000 or less with 80% confidence.

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. 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.

DDSTOP The Saga Continues

Herding Cats

There's been a rash of conjectures about all kinds of bad business, project, and software development (agile and traditional) management ideas of late. We were one of the first users of eXtreme Programming, long before Scrum was around and presented that early work in 2003, " Making Agile Development Work in a Government Contracting Environment, Measuring velocity with Earned Value." . This means defined the Most Likely value for the range of duration or cost for the item.

Two Parallel Processes of Project Success - Both Value and Delivery are Needed

Herding Cats

Software development is a Value Creaton activity, but Value cannot be determined unless we know the cost to produce that value and when that value will be available for use by those who of paid for that Value. It's not clear why those advocating the first approach don't understand this, but the principles of MicroEconomics of software development demand we know both cost and value produced. What will it cost to get the value?

2018 39

DDSTOP The Saga Continues

Herding Cats

There's been a rash of conjectures about all kinds of bad business, project, and software development (agile and traditional) management ideas of late. We were one of the first users of eXtreme Programming, long before Scrum was around and presented that early work in 2003, " Making Agile Development Work in a Government Contracting Environment, Measuring velocity with Earned Value." . For cost and schedule, there are databases containing 1,000's of past projects.

Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

Managing Cost, Schedule, & Technical Performance Risk Is The Basis Of Good Project Management. Risk management is essential to the success of any significant project. Certain information about key project cost, performance, and schedule attributes are often unknown until the project is underway. The emerging risks that can be identified early in the project that impact the project later are often termed “known unknowns.”

2017 37

Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

All project work has uncertainty. Uncertainty comes from the lack of precision and accuracy about the possible values of a measurement of a project attribute. If your project has no uncertainty, there is no need to estimate. Turns out in the real world there is no such project. Uncertainty is related to three aspects of the management of projects: The external world - the activities of the project itself.

DDSTOP The Saga Continues

Herding Cats

There's been a rash of conjectures about all kinds of bad business, project, and software development (agile and traditional) management ideas of late. We were on of the first users of eXtreme Programming, long before Scrum was around and presented that early work in 2003, " Making Agile Development Work in a Government Contracting Environment, Measuring velocity with Earned Value." . If you're working on a software project with NO deadlines, then you're a very lucky person.

2018 33

Black Swans

Herding Cats

All is good so far until he mentions these concepts are applicable to the management of projects. What struck me was how disconnected Taleb is from the profession of project management. The concepts of Taleb and its application to project management is shared by some in the project management community (and now in the No Estimates community). The critical success factor of managing projects in the presence of uncertainty is to determine which models are useful.

2002 32

The Problems with Schedules

Herding Cats

The Core Problem with Project Success. Unrealistic Cost and Schedule estimates based on inadequate risk adjusted growth models. Before diving into the details of these, let me address another issue that has come up around project success and estimates. There is a common chart used to show poor performance of projects that compares Ideal project performance with the Actual project performance. Don't know these, you've doomed the project on day one.

2016 42

Black Swans

Herding Cats

All is good so far until he mentions these concepts are applicable to the management of projects. What struck me was how disconnected Taleb is from the profession of project management. The concepts of Taleb and its application to project management is shared by some in the project management community (and now in the No Estimates community). The critical success factor of managing projects in the presence of uncertainty is to determine which models are useful.

2002 28

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. From internal initiatives to major customer endeavors, there’s a universal truth: all projects are susceptible to cost overruns and schedule slippage. But what are the right project controls and is there a single method to the implementation madness? What Are Project Controls?

Budget 246

Crisis Management: How to Lead During a Crisis

ProjectManager.com

Sometimes leading a team, project or organization goes well. Jennifer noted that whether you’re leading a team , project or organization, things are either going well or poorly. There are countless types of ways things can go wrong with a team, project or organization, but Jennifer focused on the types of crises that are common and how sound crisis management can help. That took the team member away from the project to deal with a family emergency.

2019 315

Scheduling and Cost Control in a Complex Environment

Strategy Execution | PMO Perspectives

The recent UK Government’s enquiry into the management of major projects was cut short by world events, but the interim report and oral evidence make for interesting reading. [1] Unsurprisingly the variables under discussion were cost, schedule and benefits.

Starting a PMO

MPUG

PMI describes the Project Management Office (PMO) as a strategic driver for organizational excellence. The PMO seeks to enhance the practices of execution management, organizational governance, and strategic change leadership. What new project proposals are coming down the pipeline?

PMO 91

5 Notorious Failed Projects & What We Can Learn from Them

ProjectManager.com

Failure is an unavoidable part of any project process: it’s the degree of failure that makes the difference. But a systemic collapse will derail the whole project. Sometimes a project reaches too far beyond its means and fails, which is unfortunate, but can also serve as a teaching moment. If project managers don’t learn from their mistakes, then they’re not growing professionally and will revisit the same problem in future projects. Stretch Project.

2018 320

Do NOT Resolve Project Risks for Good Career Growth

MPUG

Having been a project manager for all of my working life and now a teacher of project management skills for more than a decade, I always tell my students to follow sound project management principles and to manage risks proactively. Proactive project risk management is integral part of project management. In fact, I think good risk management is half of project management. What is Proactive Project Risk Management? Project Risk Management Scenario.

Project Manager Roles and Responsibilities: What does a PM Really Do?

Project Bliss

The job title of “project manager” is pretty common these days. But project manager roles and responsibilities can be pretty vague if you’re not already familiar with them. I know this firsthand, just by watching reactions when I tell someone I’m a project manager. When I took my first job as a project manager, my mother asked what I do. The title of Project Manager was unfamiliar to my mother. What a Project Manager Really Does.

2017 196

The Complete Glossary of 614 Project Management Terms

Workamajig

Project management terminology can be complicated. It doesn’t matter whether you’re working towards your PMP certification or simply managing projects casually in your organization, knowing core project management terms always helps. All Project Management Terms.

2021 78

How to Create a Project Assumptions List: Examples and Template Included

Project Bliss

Though it’s often true, that saying doesn’t apply to your project. When you plan your project, you’re operating on a set of assumptions. But maybe the idea of dealing with assumptions in project management is a bit confusing. What are project assumptions, anyway? And in this post I’ll go over the following items: The benefit of identifying and creating a list of project assumptions. How to identify and manage project assumptions.

2018 178

How to recruit an outstanding project manager (Part I)

Susanne Madsen

Although it isn’t possible to provide one single definition of what a good project manager looks like, certain traits, skills and attributes seem to be advantageous for a person who is to lead a project. Essentially, the job of a project manager is to take on a customer’s big picture vision and to turn that vision into reality within certain time, budget and quality constraints. She knows that she cannot manage a project from behind her desk.

2018 81

Holiday PPM Checklist

Keyedin

If you find yourself exploring Project Portfolio Management software and would rather cozy up by the fire, here is a handy checklist to simplify the process. Project Managers: When it comes to project managers, often simple is best. Manage Multi-Currency Projects and Portfolios.

2020 78

5 Major Benefits of Adopting an Effective Project Portfolio Management and PMO Initiative

Keyedin

In this post we explore the five major types of benefits to be gained by adopting an effective Project Portfolio Management/PMO strategy. Minimizing the risks to individual projects in terms of business impact. Making sure that success not only happens today, but is more likely with future project initiatives. When you have a good handle on past project metrics, it makes it much easier to predict future factors like resource utilization.

5 Major Benefits of Adopting an Effective Project Portfolio Management and PMO Initiative

Keyedin

In this post we explore the five major types of benefits to be gained by adopting an effective Project Portfolio Management/PMO strategy. Minimizing the risks to individual projects in terms of business impact. Making sure that success not only happens today, but is more likely with future project initiatives. When you have a good handle on past project metrics, it makes it much easier to predict future factors like resource utilization.

Unique Challenges for Large-Scale Solar Development Projects

Leankor

Unique Challenges for Large – Scale Solar Development Projects and the Digital Transformation Solution that Deliver s . The number of 100 MW-plus solar projects is rapidly increasing in the U.S. and with that expansion com es the complex development of those projects.

100+ Project Management Statistics & Facts To Remember in 2019

ProProfs Project Management

Project management is an essential part of every organization. Whether you are overseeing a team or leading major projects and their execution process, it is essential to keep everything in line to ensure project success. In the long run, it is the project management techniques adopted by managers that either make or break the organization. . Why do projects fail even if your PM technique is usually full-proof? Reasons for Project Failure” Statistics.

2019 85

What’s in your backlog?

Leading Answers

All the things they need to complete before the product or project is done. Working as a developer at Data Sciences Ltd in the UK I wrote a program to manage our work tasks on a government project. My project manager saw it one day and two interesting things happened. He did not chastise me for working on a side project of developing a visual work tracker rather than working on the client project. Let’s explore what you do and do not put in a backlog.

2018 65

What Is a Project Baseline And Why Is It Important?

Teamweek

In project management, we call it operating without a baseline. Try doing that in project management and you’ll soon realize that you’re in the wrong profession. All projects are governed by hard rules like scope, deadlines, and budget. These are all part of a project baseline and without them, you don’t have a project: you have a potentially endless odyssey that no one will enjoy- least of all you. What is a project baseline? Project Management

2019 40

34 Top Project Management Software Tools For Every Need (2020)

Teamweek

With so many options, choosing the right project management software can be overwhleming. That’s why we’ve compiled this (updated) list of top tools that help you plan, track, and execute projects. Toggl Plan is a beautifully simple project management software.

2020 67