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. Project Cost Management.

How to Keep Your Projects Financially Fit

Project Risk Coach

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. Make Your Cost Visible.

2017 265

Epistemic Uncertainty Creates Reducible Risk

Herding Cats

Yesterday's Post What Is Risk? Risk is not there to be mitigated, it's there to be eliminated. Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Aleatory uncertainty, from the naturally occurring variances in the process and Epistemic uncertainty from the probabilistic event-based processes that impact the project. Epistemic uncertainty and the risk it creates can be reduced with handling processes.

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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. These risks can be mitigated with a good risk management process.

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Microeconomics and Risk Management in Decision Making for Software Development

Herding Cats

The primary economic driver of the life-cycle structure is the significantly increasing cost of making a software change or fixing a software problem, as a function of the phase in which the change or fix is made. Now To Risk Management. Risk is the effect of uncertainty of objectives.

2007 42

10 Project Constraints That Endanger Your Project’s Success

ProjectManager.com

One of the biggest challenges of every project manager is project constraints. They limit a project, and they can quickly endanger your project’s success. Classic Project Management Constraints. Cost: How much money is available to achieve this outcome?

2018 280

How to Actually Develop a Project Management Plan

Project Risk Coach

If this is true, why is it that some project managers put so little time in developing a project management plan? One of the reasons is that project managers may not know what to include. Every project is different. Project Baselines.

Effective Leadership Skills. Are You Truly A Great Project Leader?

Fix my Project Chaos

Lately on the blog I’ve been exploring the ten skills that employers want from project managers. Effective leadership is one of the key skill that employers expect from project managers. While managing the project (costs, risks, issues, scope etc.)

How to recruit an outstanding project manager (Part I)

Susanne Madsen - Developing Project Leaders

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. How do I know that risks are being effectively identified and mitigated?

Have You Left Anything Out of Your Project Plan?

Project Risk Coach

The Project Plan Checklist Have you left anything out of your project plan? Check out this project plan checklist to help you identify the baselines and plans that will be most helpful to each of your projects. I like to keep my project plans as simple as possible.

Effective Leadership Skills. Are You Truly A Great Project Leader?

Fix my Project Chaos

Lately on the blog I’ve been exploring the ten skills that employers want from project managers. Effective leadership is one of the key skill that employers expect from project managers. While managing the project (costs, risks, issues, scope etc.)

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. But what are the right project controls and is there a single method to the implementation madness?

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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. When I took my first job as a project manager, my mother asked what I do. Managing risk.

2017 255

What did the Project Managers ever do for us?

The Lazy Project Manager

I sometimes hear of project management and project managers being challenged in much the same way … ‘what has project management done for us (the organisation)?’ One is to consider what would business life be like without project management in place.

2015 280

Best Practices for Project Outline Template with an Example

Techno-PM

Project Outline Template A Project Outline document is used to pitch an idea for a project, usually to its sponsors and main stakeholders. Project Cost: Explain what the project will need in order to successfully deliver on time, on budget and in high quality.

2018 52

Benchmarking in Project Management (1): In Search of Best Practice

Inloox

Our latest blog series will cover the topic of benchmarking in project management. This method is used in project management to improve the organization’s project management methods and processes, or to compare internal projects to each other to identify what the most successful projects have in common (keyword “ lessons learned ”). The first step is to identify the differences between the organizations and projects. Project schedule performance.

2017 120

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

In an increasingly competitive business environment, more organizations are turning to project portfolio management (PPM) to meet strategic goals and objectives. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios.

2017 156

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

In an increasingly competitive business environment, more organizations are turning to project portfolio management (PPM) to meet strategic goals and objectives. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios.

2017 156

Fallacy of the Day

Herding Cats

Before that delivery date - which will be late - it must be decided and communicated the customer or negotiated with the customer, an assessment of the aleatory and epistemic risks to that date must be done. Risk Management is how Adults Manage Projects. IT Risk Management.

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The Best 53 Project Management Blogs You Should Be Reading

Paymo App

People are gradually becoming more interested in project management as an independent topic and as a possible career. Project management blogs and resources can be a primary source of knowledge, especially if project management (PM) experts contribute to them. Project Bliss.

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. Building up a governance process may be a little intimidating, especially if you don’t organize your project outline properly.

The Beginner’s Guide to Using Project Planning Software

Paymo App

When was the last time you got lost in your project work because you didn’t plan ahead? Here’s where project planning comes in. The project management practice depicts a step-by-step process that helps you establish everything you need to do on a project. Estimate costs.

12 Project Management Related Tools to Check Out for 2017

Brad Egeland

As everyone is aware, the landscape of available project management and PM-related tools has changed greatly over the years. It is truly mind-boggling how many options are out there now for project managers across all industries. All projects are different.

2017 249

Everything You Need to Know About the PMP Certification

Brad Egeland

An exception to that rule would be Project Management Institute’s (PMI) Project Management Professional (PMP) Certification. certified project managers can earn $112,000 per year. There are more than 750,000 certified project managers around the globe.

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. Such statistical behaviors – cost and schedule – are never symmetric.

2002 42

The Problems with Schedules

Herding Cats

The Core Problem with Project Success. Unrealistic Cost and Schedule estimates based on inadequate risk adjusted growth models. Inadequate accessment of risk and unmitigated exposure to these risks with proper handling plans. No risk management, no adult management.

2016 55

Planning before Scheduling

Herding Cats

For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Without some form of decomposition of what “done” looks like, it is difficult to connect the work of the project to the outcomes of the project.

Without a Root Cause Analysis, No Suggested Fix Can Be Effective

Herding Cats

Yes, projects have uncertainty. Projects are no exception. Using the chart from the post, showing the number of projects that went over their estimated effort, let's look closer at a process to sort out the conjectures made in the post about estimating. IT Risk Management.

2016 75

12 Project Management Related Tools to Consider for 2016?

Brad Egeland

I've been a project manager for a long time. I started out using ABT's Project Workbench. I eventually moved on to a DOS version of Microsoft Project and then on to the windows version of that which I have used off and on for many years. All projects are different.

2016 181

5 Stats You Need to Know from the 2017 State of Project Management in Manufacturing Report

LiquidPlanner

But following structured project management methods can help companies reduce delays, stay on budget, and deliver quality products. To learn more about the challenges facing manufacturers today, download the free 2017 State of Project Management in Manufacturing report here.

2017 39

Project Estimation: Master the Tools and Techniques

Online PM Courses

There are two reasons why Project Estimation is a big deal for project managers. And second, poor estimates are often a primary reason for a project cost or schedule over-run. What is Project Estimation? Why is Project Estimation so hard?

The Triple Constraints of Project Management and Why They Matter

Teamweek

When you’re managing a project, you’re glad that they exist. The triple constraints of project management define three interconnected elements that keep everything in perspective and on track. Costs. Any vendor bids submitted for the project. Risk estimates.

Project Management Checklist for the Modern Agency [download]

Function Point

Project Management Checklist for the Modern Agency [download]. But a lack of emphasis on project management can seriously derail your creative team’s best efforts. This is where a Project Management Checklist can help keep you on track. . Without a strong project management process, even the most talented creatives suffer from poor time management, lack of project clarity and confusion, leaving agency leaders to risk missed deadlines, scope creep and refusal to pay.

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

Top-Down vs. Bottom-Up Project Management Strategies

LiquidPlanner

” As project managers, we’re driven by dates. Customers, senior managers and stakeholders all want to know how long it will take to complete a project. To answer the “ how long ” question, we have to plan the project, define tasks and gather estimates from the team.

Embracing Uncertainty in Software Projects

LiquidPlanner

A seemingly simple question that can become a project management nightmare to manage. After all, you’re the project manager!) If you’re right and the project delivers on time, you’ll be heralded as a “someone who can deliver.” No two projects are ever the same.

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. What will it cost to get the value? IT Risk Management.

80+ Awesome Online Resources for Project Managers

Wrike

Where can you go to talk Gantt charts, work breakdown structures, and Agile workflows to your heart’s content with other project management aficionados? There’s a treasure trove of valuable information available online for anyone looking to sharpen their project management skills. .

2017 54

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. Projections/Prediction.

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. If you're working on a software project with NO deadlines, then you're a very lucky person. million euro Agile project.”.

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Project Management Checklist for the Modern Agency [download]

Function Point

Project Management Checklist for the Modern Agency [download]. But a lack of emphasis on project management can seriously derail your creative team’s best efforts. This is where a Project Management Checklist can help keep you on track. . Without a strong project management process, even the most talented creatives suffer from poor time management, lack of project clarity and confusion, leaving agency leaders to risk missed deadlines, scope creep and refusal to pay.

The Project Manager’s Ultimate Guide to Creating a Project Timeline

Teamweek

Ask any project manager, and they’ll tell you that the teams, tools, and resources they use will vary from one job to the next. It all depends on the project scope. The timeline serves as the blueprint of a project. Create a Project Scope Statement. Project Management

Yes, Your Team Needs a Project Manager. Here’s Why

LiquidPlanner

During the annual budget cycle, portfolio planning or even the adhoc “just-go-do-it” project, project management resource planning and funding can be marginalized and even entirely overlooked. Below are five reasons why projects need professional and experienced project managers.