Project Risk
Risk is inherent in all projects because projects, by definition, represent a one time improvement to an operational process. There is usually some sort of primary risk factor under which the project was defined, such as market risk for the development of a new product, or technical risk for an....
Initiating the Project
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....
Effective Project Planning with a Mind Map (including Case Study)
A mind map is a graphical and pictorial illustration of the interrelated ideas for a common goal or objective. It truly makes its mark for empowering imaginations to produce new themes of ideas. Mind mapping drives people, with a multi-dimensional approach, to generate a consolidated and concentric solution to the....
The Risk Management Process
Could your projects use additional risk management? Experts agree that it is one of the most underutilized areas of project management. As project managers we like to think we know the primary risks to the project and know that we have them under control. But a small amount of risk....
How to Perform a Critical Path Analysis
In its most basic form a project schedule is a list of tasks with assigned start and finish dates. It can also be a graphical bar chart produced with project management software or in a spreadsheet. In professional schedule development, a critical path analysis using a network diagram produces the....
How to Become a Project Manager
Project Management is a field that spans all other fields. Although it is true that the project management field contains its own body of knowledge (technical subject matter), you cannot simply pluck a project manager from, say, a construction site, and drop them into a biotechnology research project and expect....
39 Project Success Factors
The way project managers define success is not always the same as the way the project sponsor does. In fact, it is a surprisingly common scenario that project managers think the project is going great because the variables they are concerned with are on track while being oblivious to an....
How to Calculate Present Value
If you were the head of your state's department of transportation, how would you choose between the following expenditures? Repaving a road: A large, one time expenditure which eliminates smaller expenditures for a long time. Filling potholes: A small, one time expenditure which eliminates the need for re-paving today, but....
The Project Sponsor
The project sponsor is an integral part of the project management organizational chart. In fact, every project has a sponsor in one form or another. It is a central cog in the wheel in the existence of a project. The project sponsor is NOT a personal financial contributor to the....
Project Management for Small Projects
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....
