Project Management Tools of the Trade
Carpenters have hammers, plumbers have wrenches, and programmers have computers. But does a project manager have any tools which help them perform their work better, quicker, or cheaper? Absolutely! In fact, if you don't use these tools you will be at a serious disadvantage to other project managers. And if....
The 5 Parts of Strong Resource Management
Resource management is the effective utilization of an organization's resources to accomplish a given task or project. In project management, resource management is one of the most important skills of a project manager. Because a project has a fixed (usually) schedule and budget, the utilization of the project's resources can....
12 Things to Include in a WBS Dictionary
A WBS Dictionary is a supporting document to the Work Breakdown Structure (WBS). It provides supporting data about project tasks in the WBS. This information can be any type and format, ranging from textual information to numerical data to milestone dates. In short, it is an information bank for meta....
Guide to Project Scope Management
Project scope issues are the number one reason for unhappy clients and customers. Human nature is such that unauthorized tasks will always tend to slip into a project unannounced, thus project scope management is just as important as the more visible aspects of project management like scheduling and budgeting. Hence,....
Budget at Completion (Earned Value Analysis)
The Budget at Completion (BAC) is a value used in earned value management, a division of project management. It represents the original project budget. For example, if a project has a budget of $10,000, BAC = $10,000 Therefore, there is no other formula or calculation for this metric. The BAC is....
Easy Earned Value Tutorial
Love it or hate it, the measuring stick for a project manager is often their ability to keep projects on time and under budget. Thankfully, project management theory provides us with a fantastic tool to keep us on target. But it has to be used correctly. Like a software tool,....
The 3 Main Capital Budgeting Methods
How do large corporations make the decision to proceed with a project? What data or metrics do they consider prior to investing billions into a new plant, a new high rise condo, or major I.T. project? Capital budgeting refers to the financial modelling that evaluates the feasibility and compares potential....
The Components of a Feasibility Study
A project feasibility study is a report that investigates the viability of a project. It seeks to provide its stakeholders with an analysis that results in a go/no-go decision. Feasibility studies are performed in a variety of industries. They are prominent in the oil & gas, mining, or renewable energy....
Guide to Earned Value Management
Staying within budget and schedule is one of the project manager's most important jobs. It is not an understatement to say that if you master this one thing, most other things will fall into place. The secret to doing this well is called earned value management. It is one of....
How to Perform a Cost Benefit Analysis
A cost benefit analysis is a project selection method in which a common metric is used to compare a project's costs and the benefits it provides. It is used in public projects (like road building) or projects where the end product is not purely monetary. The cost benefit analysis is....