Expert insights. Personalized for you.
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. MORE
Project Cost Management can seem both dull and difficult. The post How to Deliver Effective Project Cost Management | Video appeared first on OnlinePMCourses. Project Cost Management Step-by-step Guides video MORE
Think about it for a minute – what have you done in the last six months to improve your cost management? How many of your projects came in over budget? Let's look at some practical ways to actually improve your cost management. Cost management is rarely a straight line. MORE
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. MORE
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. MORE
Project Cost Management is hard. The post Project Cost Management: What You Need to Know and Do appeared first on OnlinePMCourses. But there's little your sponsor, client, or Finance Director care about more than your budget and how you control it. MORE
During my interaction with Project Management Professional (PMP)® Certification aspirants, often I see that they take the Point of Total Assumption as a confusing concept. It refers to the amount above which the seller bears all the losses of an additional cost overrun. Target Cost. MORE
Are you facing pressure to reduce your project budget? The post Pressure to Reduce Your Project Budget | Video appeared first on OnlinePMCourses. Project Budget Management Project Management Tips budget Project Cost Management video MORE
Cost estimation is critical for project managers. But, it’s hard to estimate project costs well & poor estimates cause project budget over-runs. The post How to Estimate Project Costs | Video appeared first on OnlinePMCourses. MORE
What are the pros & cons of a fixed price contract for your project? I answer this from the point of view of a contractor doing projects for their clients. The post A Fixed Price Contract for Your Project: Pros and Cons | Video appeared first on OnlinePMCourses. MORE
Project Management is a structured discipline. The post PM Formulas: Understanding the Math of Project Management appeared first on OnlinePMCourses. The basics are rigorous and logical. So, in this article, I round-up of all the PM formulas you need to know. MORE
You know how it goes—you’re a few months out from a deadline, and your team isn’t anywhere close to finishing the project. Well, you’re not alone at least, as this situation happens to more than 45 percent of all large-scale IT projects. The answer is a cost management plan. MORE
In order to understand cost control, you must first understand why it is used: monitoring expenses and identifying risks in order to increase profits. Not to be confused with cost management, cost control has its own set of objectives that can save businesses money. MORE
What is a baseline, how is it use while creating project management plan? What is a project charter? Is project manager involved in the creation of a project charter? What is a project, how is it different from a program, and a portfolio? How many knowledge Areas are there in Project Management. Do you use all in your projects? What are project management methodologies? Which one did you used in your projects? Project Manager Skills. MORE
After publishing my article entitled Evaluating Risks Using Qualitative Risk Analysis , I received questions on how to determine project budget reserves. Project Budget Reserves: Questions and Answers. The contingency reserves cover residual risks in the project and account for cost uncertainty such as rework. Imagine a project budget with no reserves. The project manager is basically saying there will be little to no problems. MORE
Every project has a project budget. After all, you're a Project Manager, not an accountant. The post 3 Ways to Produce Your Next Project Budget appeared first on OnlinePMCourses. But it sometimes feels like a dark art to produce it. MORE
It is an effort to equip project managers with today’s modern project environment. So, now the question is what modern project management is? Based on research by PMI, the following are some highlights to see how project management profession has progressed: 1. MORE
If you don’t have the funds, you’re not going to complete the project successfully. That’s why planning out your project budget is so important: it’s the lifeblood of the project. Follow these steps to secure the funds necessary to support the project through every phase. MORE
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. MORE
Business case and investment appraisal are essential to your project. Project Budget Management Project Cost Management Project Definition Project Management in Under 5 DCF Discounted Cash Flow videoAnd many organizations specify a DCF. So, What is a Discounted Cash Flow, or DCF? The post What is a Discounted Cash Flow – DCF? Video appeared first on OnlinePMCourses. MORE
How best to monitor and report on the performance of your projects and predict their future performance? PMBoK & PMP PMI Talent Triangle: Technical Project Management Project Cost Management Project Management Tools and Techniques Project Schedule Management cost management Earned ValueEarned Value Management (EVM). The post Earned Value Primer: The Basics of EVM appeared first on OnlinePMCourses. MORE
Effective project budget management is one of the most critical components of successful projects. As many as 27% of projects go over budget, which can negatively impact client relationships and profits. How can I measure project management efficiency? MORE
Regardless of the size or scope, starting a new project is an activity that symbolizes a new beginning in any business. Whether it’s designing a new product or improving upon an existing work process, nothing matters more than how much it will cost the company in the end. MORE
For Beginners, it is important to understand essential elements of Project Management. One has to understand associated attributes like team leadership aspect, Team formation with primary emphasis on the competencies and skills required for a successful project. What is a Project? A project is a temporary, one time undertaking that has a definable goal and creates a Unique Product or Service. Temporary – A Project should have an end Date. Project Team. MORE
How does Microsoft Project calculate project costs? Most people assume that the calculation of project cost is the result of the formula, Standard Rate x Work. This simple formula is only a small part of a much more robust method of calculation available in MS Project. In fact, Project offers a powerful model for calculating and managing project costs by looking at task costs, resource costs, assignment costs, and more. MORE
Project Financial Management may not seem appealing. How do you manage project finances and cost control? The post Project Financial Management – 5 Tips for Good Cost Control | Video appeared first on OnlinePMCourses. Project Budget Management Project Cost Management Project Management Tips Cost Control cost management financial management videoBut it's a vital discipline. MORE
Every new project comes as a delight to client-centric companies, as they get a golden opportunity to uplift their business growth. However, the factor that decides whether they will thrive or fail at the end is their project management efforts. What are Project Management Costs. MORE
A rough order of magnitude estimate is used to give you a very high level view of potential project costs. But in reality, we rarely have the time or luxury of being able to provide that level of estimate at the earliest stage of project. Break the project work into chunks. MORE
The more accurate your estimates, the more likely you’ll keep to your budget and deliver a project on time. Having a tool to identify and collect costs for your labor, materials and more is the first step to running a successful project. Download the Project Estimate Template. MORE
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. MORE
Which project costs did you miss? It’s been a while since you’ve gotten a progress report from the team – are there any unexpected costs that are going to sneak up on you? . If it seems like you’re always dealing with unexpected project costs, we’ve got four tips to help you forecast your project costs more accurately upfront, and keep them in check as your project moves along. . Map Costs to your Work Breakdown Structure MORE
Do you ever feel like the Lone Ranger when working on cost estimates? Let's explore how to engage your team members and subject matter experts to improve your cost estimates. Jane asked the five participants to come prepared to brainstorm the project expenses. MORE
It is an effort to equip project managers with today’s modern project environment. So, now the question is what modern project management is? Based on research by PMI®, the following are some highlights to see how project management profession has progressed: 1. Project Manager as a Coach. Project Practitioner keeps observing the importance of empathy and care. A coach makes the team capable enough to deliver a successful project. MORE
A business case & investment appraisal are vital at the start of your project. Project Cost Management Project Management in Under 5 Project Management Tools and Techniques Discounted Cash Flow videoThis video answers the question: 'What is a Discounted Cash Flow, or DCF?'. The post What is a Discounted Cash Flow – DCF? Video appeared first on OnlinePMCourses. MORE
Who approves your project change requests? On one project, the sponsor tells the project manager to make the decisions. On other projects, the sponsor makes the decisions. So, who should approve project change requests? Project Manager. MORE
Keep Your Projects Financially Fit. How do projects fall below budget?” Let’s look for ways to monitor and control our cost more intentionally. 4 Ways to Control Cost and Keep Your Projects Financially Fit. According to the Project Management Body of Knowledge (PMBOK), the Control Cost process “is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.” MORE
Learn about the difference between direct costs and indirect costs in project management with detailed examples and explanation. PMP Study Notes Project Cost Estimates MORE
Your project idea is a good one. So, you need to write an effective Project Proposal or Business Case. The post Project Business Case: Write an Effective Project Proposal | Video appeared first on OnlinePMCourses. Project Benefits Management Project Budget Management Project Business Case Project Cost Management business case project proposal videoNow you need to get it funded. MORE
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. MORE
The Lazy Project Manager. I n the 2020’s can there be any remaining justification for using worksheets to build and store project cost calculations? And let’s not just think ‘internal’ projects here. Peter Taylor. MORE
Have you ever run out of money for a project? Let's explore management reserves for projects, who controls them, and how to estimate the reserves. The project manager adds the contingency reserve to the project budget, resulting in the cost baseline. MORE
Project Cost Related Topics Online PM Courses
APRIL 15, 2020
Cost estimation is critical for project managers. But, it’s hard to estimate project costs well & poor estimates cause project budget over-runs. The post How to Estimate Project Costs | Video appeared first on OnlinePMCourses.
Online PM Courses
SEPTEMBER 27, 2020
Project Cost Management is hard. The post Project Cost Management: What You Need to Know and Do appeared first on OnlinePMCourses. But there's little your sponsor, client, or Finance Director care about more than your budget and how you control it.
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Online PM Courses
SEPTEMBER 3, 2018
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.
LiquidPlanner
NOVEMBER 14, 2019
Which project costs did you miss? It’s been a while since you’ve gotten a progress report from the team – are there any unexpected costs that are going to sneak up on you? . If it seems like you’re always dealing with unexpected project costs, we’ve got four tips to help you forecast your project costs more accurately upfront, and keep them in check as your project moves along. . Map Costs to your Work Breakdown Structure
EasyProjects
OCTOBER 19, 2020
Regardless of the size or scope, starting a new project is an activity that symbolizes a new beginning in any business. Whether it’s designing a new product or improving upon an existing work process, nothing matters more than how much it will cost the company in the end.
Project Risk Coach
MAY 3, 2021
Do you ever feel like the Lone Ranger when working on cost estimates? Let's explore how to engage your team members and subject matter experts to improve your cost estimates. Jane asked the five participants to come prepared to brainstorm the project expenses.
Project Risk Coach
MARCH 2, 2021
Have you ever run out of money for a project? Let's explore management reserves for projects, who controls them, and how to estimate the reserves. The project manager adds the contingency reserve to the project budget, resulting in the cost baseline.
Online PM Courses
FEBRUARY 19, 2020
Project Cost Management can seem both dull and difficult. The post How to Deliver Effective Project Cost Management | Video appeared first on OnlinePMCourses. Project Cost Management Step-by-step Guides video
MPUG
OCTOBER 31, 2019
How does Microsoft Project calculate project costs? Most people assume that the calculation of project cost is the result of the formula, Standard Rate x Work. This simple formula is only a small part of a much more robust method of calculation available in MS Project. In fact, Project offers a powerful model for calculating and managing project costs by looking at task costs, resource costs, assignment costs, and more.
Project Risk Coach
MAY 28, 2019
After publishing my article entitled Evaluating Risks Using Qualitative Risk Analysis , I received questions on how to determine project budget reserves. Project Budget Reserves: Questions and Answers. The contingency reserves cover residual risks in the project and account for cost uncertainty such as rework. Imagine a project budget with no reserves. The project manager is basically saying there will be little to no problems.
PM That Works
NOVEMBER 12, 2019
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.
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Online PM Courses
DECEMBER 1, 2019
Project Management is a structured discipline. The post PM Formulas: Understanding the Math of Project Management appeared first on OnlinePMCourses. The basics are rigorous and logical. So, in this article, I round-up of all the PM formulas you need to know.
Project Risk Coach
JANUARY 30, 2017
Keep Your Projects Financially Fit. How do projects fall below budget?” Let’s look for ways to monitor and control our cost more intentionally. 4 Ways to Control Cost and Keep Your Projects Financially Fit. According to the Project Management Body of Knowledge (PMBOK), the Control Cost process “is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.”
Online PM Courses
FEBRUARY 12, 2020
A business case & investment appraisal are vital at the start of your project. Project Cost Management Project Management in Under 5 Project Management Tools and Techniques Discounted Cash Flow videoThis video answers the question: 'What is a Discounted Cash Flow, or DCF?'. The post What is a Discounted Cash Flow – DCF? Video appeared first on OnlinePMCourses.
Online PM Courses
FEBRUARY 24, 2019
How best to monitor and report on the performance of your projects and predict their future performance? PMBoK & PMP PMI Talent Triangle: Technical Project Management Project Cost Management Project Management Tools and Techniques Project Schedule Management cost management Earned ValueEarned Value Management (EVM). The post Earned Value Primer: The Basics of EVM appeared first on OnlinePMCourses.
iZenBridge
DECEMBER 9, 2019
During my interaction with Project Management Professional (PMP)® Certification aspirants, often I see that they take the Point of Total Assumption as a confusing concept. It refers to the amount above which the seller bears all the losses of an additional cost overrun. Target Cost.
iZenBridge
SEPTEMBER 4, 2020
It is an effort to equip project managers with today’s modern project environment. So, now the question is what modern project management is? Based on research by PMI, the following are some highlights to see how project management profession has progressed: 1.
Online PM Courses
MAY 25, 2020
What are the pros & cons of a fixed price contract for your project? I answer this from the point of view of a contractor doing projects for their clients. The post A Fixed Price Contract for Your Project: Pros and Cons | Video appeared first on OnlinePMCourses.
Online PM Courses
APRIL 19, 2020
Every project has a project budget. After all, you're a Project Manager, not an accountant. The post 3 Ways to Produce Your Next Project Budget appeared first on OnlinePMCourses. But it sometimes feels like a dark art to produce it.
Wrike
MARCH 24, 2020
Effective project budget management is one of the most critical components of successful projects. As many as 27% of projects go over budget, which can negatively impact client relationships and profits. How can I measure project management efficiency?
Online PM Courses
JUNE 1, 2020
Are you facing pressure to reduce your project budget? The post Pressure to Reduce Your Project Budget | Video appeared first on OnlinePMCourses. Project Budget Management Project Management Tips budget Project Cost Management video
iZenBridge
JUNE 25, 2019
For Beginners, it is important to understand essential elements of Project Management. One has to understand associated attributes like team leadership aspect, Team formation with primary emphasis on the competencies and skills required for a successful project. What is a Project? A project is a temporary, one time undertaking that has a definable goal and creates a Unique Product or Service. Temporary – A Project should have an end Date. Project Team.
iZenBridge
MAY 23, 2019
What is a baseline, how is it use while creating project management plan? What is a project charter? Is project manager involved in the creation of a project charter? What is a project, how is it different from a program, and a portfolio? How many knowledge Areas are there in Project Management. Do you use all in your projects? What are project management methodologies? Which one did you used in your projects? Project Manager Skills.
iZenBridge
JULY 24, 2019
It is an effort to equip project managers with today’s modern project environment. So, now the question is what modern project management is? Based on research by PMI®, the following are some highlights to see how project management profession has progressed: 1. Project Manager as a Coach. Project Practitioner keeps observing the importance of empathy and care. A coach makes the team capable enough to deliver a successful project.
Deep Fried Brain
AUGUST 18, 2017
Learn about the difference between direct costs and indirect costs in project management with detailed examples and explanation. PMP Study Notes Project Cost Estimates
Online PM Courses
AUGUST 28, 2019
Your project idea is a good one. So, you need to write an effective Project Proposal or Business Case. The post Project Business Case: Write an Effective Project Proposal | Video appeared first on OnlinePMCourses. Project Benefits Management Project Budget Management Project Business Case Project Cost Management business case project proposal videoNow you need to get it funded.
Online PM Courses
JANUARY 31, 2020
Business case and investment appraisal are essential to your project. Project Budget Management Project Cost Management Project Definition Project Management in Under 5 DCF Discounted Cash Flow videoAnd many organizations specify a DCF. So, What is a Discounted Cash Flow, or DCF? The post What is a Discounted Cash Flow – DCF? Video appeared first on OnlinePMCourses.
Online PM Courses
SEPTEMBER 25, 2019
Project Financial Management may not seem appealing. How do you manage project finances and cost control? The post Project Financial Management – 5 Tips for Good Cost Control | Video appeared first on OnlinePMCourses. Project Budget Management Project Cost Management Project Management Tips Cost Control cost management financial management videoBut it's a vital discipline.
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 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.
ProjectManager.com
AUGUST 21, 2019
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.
ProjectManager.com
FEBRUARY 24, 2020
You know how it goes—you’re a few months out from a deadline, and your team isn’t anywhere close to finishing the project. Well, you’re not alone at least, as this situation happens to more than 45 percent of all large-scale IT projects. The answer is a cost management plan.
Girl's Guide to PM
MARCH 14, 2021
A rough order of magnitude estimate is used to give you a very high level view of potential project costs. But in reality, we rarely have the time or luxury of being able to provide that level of estimate at the earliest stage of project. Break the project work into chunks.
The Lazy Project Manager
SEPTEMBER 16, 2020
The Lazy Project Manager. I n the 2020’s can there be any remaining justification for using worksheets to build and store project cost calculations? And let’s not just think ‘internal’ projects here. Peter Taylor.
ProjectManager.com
DECEMBER 3, 2019
If you don’t have the funds, you’re not going to complete the project successfully. That’s why planning out your project budget is so important: it’s the lifeblood of the project. Follow these steps to secure the funds necessary to support the project through every phase.
ProjectManager.com
APRIL 28, 2021
In order to understand cost control, you must first understand why it is used: monitoring expenses and identifying risks in order to increase profits. Not to be confused with cost management, cost control has its own set of objectives that can save businesses money.
Project Bliss
MARCH 20, 2021
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.
Project Risk Coach
MARCH 29, 2021
Who approves your project change requests? On one project, the sponsor tells the project manager to make the decisions. On other projects, the sponsor makes the decisions. So, who should approve project change requests? Project Manager.
ProProfs Project Management
DECEMBER 27, 2019
Every new project comes as a delight to client-centric companies, as they get a golden opportunity to uplift their business growth. However, the factor that decides whether they will thrive or fail at the end is their project management efforts. What are Project Management Costs.
ProjectManager.com
JANUARY 8, 2021
The more accurate your estimates, the more likely you’ll keep to your budget and deliver a project on time. Having a tool to identify and collect costs for your labor, materials and more is the first step to running a successful project. Download the Project Estimate Template.
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