About Bernie Roseke, P.Eng., PMP
Bernie Roseke, P.Eng., PMP, is the president of Roseke Engineering. As a bridge engineer and project manager, he manages projects ranging from small, local bridges to multi-million dollar projects. He is also the technical brains behind ProjectEngineer, the online project management system for engineers. He is a licensed professional engineer, certified project manager, and six sigma black belt. He lives in Lethbridge, Alberta, Canada, with his wife and two kids.
View all posts by Bernie Roseke, P.Eng., PMP
Valuation Using Discounted Cash Flow
Discounted cash flow is an project investment valuation method whereby future cash flows are discounted by a rate that accounts for the time value of money. It is used to make decisions between various available projects, or to determine the economic feasibility of a project. For example, when a business....
What is the Internal Rate of Return?
The internal rate of return (IRR) of a project is the expected growth rate of a project investment. It can be compared to the rate of return obtained by investing the money in the stock market or in other projects. Organizations typically calculate IRR to make decisions between several investment....
How to Use the Payback Period
Payback period is the length of time required for an investment to recover its capital. It is the amount of time required until the investment is in a break even position. It is generally used for investments that involve a large up front capital outlay, such as the construction of....
PRINCE2’s Project Initiation Document
The Project Initiation Document (PID) is the most important document in the PRINCE2 project management method. It defines the project scope and identifies how the project will achieve its objectives. It puts the project on a solid foundation, a baseline that provides a place from which the project manager and....
The 6 Parts of a Statement of Work
A Statement of Work (SOW) is a project management document which describes the work that is required of an external contractor, vendor, or supplier. It can either be included within the contract documents or simply be a reference for the project management team. Also called Terms of Reference, the more....
The PRINCE2 Project Brief
The purpose of the project brief is to provide the foundation upon which the project rests. It establishes the parameters under which the project is initiated, as well as the stakeholder inputs into the initiation phase. It is prepared by the project manager, reviewed by the senior users and suppliers,....
The 4 Parts of a Strong Procurement Strategy
Many projects and organizations purchase external goods, services, consultants, contractors and suppliers in a process called procurement. Although it's a very efficient and capable way to deliver project work, it has its own limitations that must be recognized in order for the procurements to go smoothly. A procurement strategy establishes....
Contractor Selection Methods
Selecting a contractor is one of the most difficult aspects of project management. It's why most large organizations have an entire department devoted to project procurement. Contractors all want the work, but how do you know they aren't too busy and will get to your project later than you'd like....
Types of Contracts
The procurement side of project management can be daunting. Contractual issues are routinely some of the biggest and most expensive problems that require solving, and the parties are often very passionate about their case. Almost without fail, the common theme is that the issue could have been addressed at the....
The Procurement Process
Procurement can be one of the most challenging roads that the project manager must travel. The legal implications, documentation, and vendor and supplier management responsibilities can introduce speed bumps that can have a significant impact on project success. We know, because we've been there. In short, project procurement can make....
