40 Project Success Factors
Most projects have a million things that can go wrong. Because a project is by definition temporary, it is inevitable that the budget and schedule factor prominently in project success. But it is a surprisingly common scenario that project managers think the project is going great because the variables they....
Guide to Net Present Value
Net Present Value (NPV) is the current worth of an income stream in today's currency. It is used to make a decision to proceed with an expenditure, for example: The construction of a new building Proceeding with a new business line Purchase of equipment Net Present value takes into account....
What is a Project Sponsor?
The project sponsor is a very important part of the project management organizational chart. In fact, every project has a sponsor. The project sponsor is one, and only one, level above the project manager. They do not manage the day to day operations of the project but they ensure the....
Small Project Management
Studies show that over 85% of projects have a value below $100,000. These are projects where the bulk of the work happens within only a few weeks to a month. Because of their short duration, these types of projects have their own unique set of circumstances that warrant a slight....
How to Prevent Scope Creep
Like termites that build their invisible kingdoms secretly and slowly, projects have a similar parasite that grows under the surface until it suddenly exposes itself with disastrous consequences. It's called scope creep, and it has eaten many projects alive. Scope creep is the unauthorized addition of tasks into a project. ....
5 Ways to Control Project Scope
Generally speaking, the scope of a project should not change. However, in the real world scope change is difficult to eliminate altogether. Inevitably the presence of many interrelated moving parts means that the initial project estimate and the final project cost (or deadline) are rarely the same. Scope change can....
Estimating the Project
In 1986, the NASA Space Shuttle Challenger exploded spectacularly upon take-off in front of one of the largest live TV audiences in history (to that time). The investigation concluded that several tiny O-rings that sealed the rocket booster to the fuel supply failed. These O-rings were about 1 foot in....
30 Example Project Resources
I once experienced a project horror story whereby a pile driver was snowed in at a previous project, delaying the project by several weeks until a transport vehicle could get to the stranded machine. Since there are relatively few of these around, the project either had to wait or additional costs....
Planning a Project Schedule
If there's one part of project management that's bigger than all the rest, it's project scheduling. Since a project is defined as a temporary endeavor with a distinct beginning and end, defining when that end takes place and making sure it finishes on time are extremely important to any project,....
Cost Performance Index – Earned Value Management
In the operating room, Doctors monitor the vital signs of their patients using a device called an electrocardiogram. This device is familiar to most people - It's the monitor that displays the electrical pulses of the heart. In project management, project health is measured by the Cost Performance Index, usually abbreviated....