Project Risk Management According to the PMBOK
In some industries, risk analysis as a subset of project management is virtually non-existent. Project management is usually focused on cost and schedule, and delivering projects "on time, on budget" sometimes feels like the only criteria. But as a project manager, there's nothing that makes you sleep at night better....
Defining Project Success
There is no universal definition of project success. Since the very definition of a project is temporary (Project Management Body of Knowledge, 6th Edition), virtually all projects must meet a deadline and budget. But some projects must satisfy certain stakeholders. Others must meet regulatory criteria. Still others must achieve a certain return....
What, Exactly, is a Project Stakeholder?
In 2005, when Airbus was in the development phase of the A380 Superjumbo, they announced a delay in the delivery of the first jet due to internal software issues. One year later, another delivery delay was announced. This time, however, several executives lost their jobs as the share price tumbled....
Creating a Risk Register
The largest projects in the world, from the summer olympics to big petrochemical projects, have one major thing in common at the project management level - a relentless focus on risk. What happens if there is a riot? Or a catastrophic explosion? What if protestors disrupt the project, or regulatory agencies reject....
50 SMART Goals
When I was a middle manager, I saw many goals that ended up as roadkill on the business superhighway. Whatever the flavor of the year was, that's what was reflected in the business goals. Things like: reducing dependence on one client, diversifying our service offerings, and others made the rounds....
Reporting Earned Value
Earned value results are very easy to report to senior management or other stakeholders. Generally the recipient needs some basic training regarding the meaning of the numbers, but this is not a major undertaking. We break down the typical reporting methods into three categories: Small projects Medium-size projects Large projects....
Bottom Up Estimating
Bottom up estimating is the project management technique of estimating individual tasks and then combining them into an overall project estimate. Often the individual project team members who will be performing the task provide the estimates, because they are in a better position to estimate a task that they will....
Variance at Completion (Earned Value Analysis)
The VAC is a forecast of what the variance, specifically the Cost Variance (CV), will be upon the completion of the project. It is the size of the expected cost overrun or underrun. In many situations the project manager must request additional funding as early as possible, or at least report....
Analogous Estimating
Analogous estimating uses the actual data from a previous project as the basis for estimating the current project. For example, the previous fence cost $75/foot therefore this one should cost about $100/foot. Many different variables can be compared, such as: scope cost budget duration Measures of scale: Size, weight, length, etc. Work....
5 Project Management Certifications (And How to Attain Them)
So you want to be certified as a project manager? Certification has many benefits, such as: Promotion Higher pay Recognition Whatever your reasons for pursuing certification, there are several different types of certification you could choose to achieve your goals. These fall into the following two basic categories: Project Manager.....
