Contingencies vs. Management Reserves
One of the most confusing aspects of Project Management is the concept of Contingencies and Management Reserves. When are they used? What are they used for? And how are they applied? In this article I will lift the veil. Contingencies Contingencies are amounts placed in the project estimate to account....
Project Initiation (PMBOK)
In this first out of five project management processes, the project is created and defined to the extent necessary to begin planning the project. This step involves the project setup, and ensures that the performing organization is clear about the purposes and priorities surrounding the project. There are usually certain....
Project Management in 5 Easy Steps
Like many things in life, project management is an art form as well as a science. But fortunately, a strong knowledge of the science helps you practice the art form with more skill. Although some people are naturally good at the art of project management, I believe that anyone can....
The PMBOK’s Project Scope Management Knowledge Area
Scope management, or rather the lack of it, is one of the biggest reasons for project failure. Correctly defining what is and is not included in the project is absolutely foundational to good project management. I've seen many projects go south even though they had the right expertise, schedule, high....
Types of Project Resources
A project manager that fails to allocate project resources is like a carpenter without a hammer. That's why estimating task resources is an integral step in project planning. It also happens to be one of the most fundamental aspects of project management, one of the steps that the project manager....
Project Risk Management Resources
A project manager is answerable for all the success of the project. He is the one who initiates, plans, designs and executes the project. Also, maintaining, monitoring, controlling and winding up the project after completions all are included in the responsibilities of project manager. Project Managers organize Tasks, Time and....
PMP Prep for Exam Online
Have you thought about taking the PMP exam? Want to get your project management certification? What’s holding you back? Is it time? Is it money? Don’t know where to start? PMP Exam Prep: PMI Registered Education Provider The PMP designation is awarded to qualified individuals by the PMI (Project Management....
How to Close a Project
Strong project closure is one of the easiest ways for a project manager to further their career. Although it is the phase of project management that is most often shortened (or skipped altogether) due to budget availability, it is also one of the most visible project phases to senior managers....
The Critical Chain Method Explained
The Critical Chain Method is a relatively new concept in project management. It was developed and popularized by Dr. Elihayu M. Goldratt in his book Critical Chain (1997), which is written as a novel but outlines the methods used to ensure that projects complete on time. Critical Chain vs. Critical....
Guide to Earned Value Formulas
Earned Value is a method used by project managers to calculate the current project status and predict future project performance. In this post we will outline each earned value formula. Planned Value (PV) Earned Value (EV) Actual Cost (AC) Schedule Variance (SV) Schedule Performance Index (SPI) Cost Variance (CV) Cost....
