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Tracking Budget Variance in Project Management

ProjectManager.com

In project management, budget variance quantifies the difference between the budget and the actual cost of executing the project. Budget variance is one of the tracking tools project managers use to ensure that the project isn’t costing too much. Learn more What Is Budget Variance Analysis?

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Henry Gantt’s Biography & Role in Gantt Chart History

ProjectManager.com

The Gantt chart has become a staple of project management. Have you ever wondered why Gantt charts are capitalized or where the tool originated? He’s best remembered for the tool that bears his name and his works in the development of what’s called scientific management. It’s the name of Henry Gantt (1861-1919).

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

ProjectManager.com

Some refer to it as a should-cost analysis. Whatever it’s called, the process finds all the elements that make up the final deliverable and from that determines what it should cost. This process is part of a larger cost-reduction strategy and provides opportunities for businesses to remain viable and profitable.

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Stakeholder Mapping 101: A Quick Guide to Stakeholder Maps

ProjectManager.com

Map your stakeholders and keep them in the loop with ProjectManager.com’s project management features. A stakeholder map is a visual, four-quadrant influence-interest matrix used to identify stakeholders and categorize them in terms of their influence and interest in the project. Try it for yourself today!

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Kanban vs. Scrum: What’s the Difference?

ProjectManager.com

So for the sake of argument, let’s compare them head to head, and may the best project management methodology win! Kanban is from Japan, originating in the factories of the Toyota car company in the 60s as a lean manufacturing tool for workflow and inventory management. Both methodologies use boards as a visual tool to manage work.

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Importance of Scenario Planning and Analysis in Business

ProjectManager.com

It’s not perfect but is a useful tool to cope with unlikely or likely scenarios by being prepared for several different outcomes. Operationa l scenario planning reviews all potential outcomes of a certain decision and how they can influence the business or project. Scenario planning is different from forecasting.

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Organizational Process Assets: Definitions, Examples & Templates

ProjectManager.com

Officially defined by the Project Management Institute’s Project Management Body of Knowledge (PMI’s PMBOK) as “the plans, processes, policies, procedures and knowledge bases specific to and used by the performing organization,” operational process assets influence the management of a project.

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