Like termites slowly gnawing through a sturdy foundation, scope creep is a menace that invisibly eats projects from the inside out, a stealthy parasite that burrows into projects, expanding their boundaries with unauthorized tasks until the damage surfaces in a cascade of delays, budget overruns, and frustration. Left unchecked, it doesn’t just nibble at the... [Read More]| ProjectEngineer
In earned value analysis, the Estimate to Complete (ETC) is your crystal ball for what’s left to spend. It’s not the total project cost—that’s the Estimate at Completion (EAC)—but rather the expected cost from this moment to the finish line, excluding what’s already been spent. For project managers, the ETC is a vital tool, offering... [Read More]| ProjectEngineer
In earned value analysis, the Estimate at Completion (EAC) is your forecast of the final project price tag, built on how the project has performed so far. More than just a number, it gives project managers a critical glimpse into what the total cost will likely be when the dust settles. The Bigger Picture The... [Read More]| ProjectEngineer
In project management, getting an early indication of problems can mean the difference between triumph and turmoil. The Schedule Performance Index (SPI) is a powerful little number that tells you, at a glance, whether you're on pace or off the rails, and by how much. But more than just a metric, it’s a reality check,... [Read More]| ProjectEngineer
"The Budget at Completion (BAC) is a fundamental metric in earned value management, a critical component of effective project management. It represents the total approved budget for a project at its outset. For instance, if a project is allocated $10,000, the BAC is simply $10,000, requiring no additional formulas or calculations. " The Budget at... [Read More]| ProjectEngineer
In project management, gut feelings and guesswork can only get you so far—eventually, you need cold, hard numbers to tell you if you’re winning or sinking. Earned Value is a method of calculating project status. It does this from two perspectives: Time (schedule) and Cost. After applying the earned value method the project manager will... [Read More]| ProjectEngineer
In project management, getting an early indication of cost escalation is the silver bullet that allows the project manager to correct the problems before they start. Keeping a firm grip on costs is essential to delivering success, yet budgets often spiral, deadlines slip, and stakeholders grow restless, leaving managers scrambling for answers. Whether you’re managing... [Read More]| ProjectEngineer
In project management, getting an early indication of problems is the silver bullet that allows the project manager to correct problems before they start. That’s where schedule variance comes in—a critical metric that acts like a radar, spotting deviations from your timeline before they snowball into chaos. But the Schedule Variance doesn’t just tell you... [Read More]| ProjectEngineer
If there's one most important skill for a project manager, it would be staying within budget and schedule. It is not an understatement to say that if you master this one thing, most other things will likely fall into place. And the magic ingredient to doing this well is called earned value management (EVM). EVM is... [Read More]| ProjectEngineer
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 Performance Index (CPI) Budget at... [Read More]| ProjectEngineer
The true power of the earned value method lies in its ability to sound the alarm before a project veers off track. In my days at a large engineering firm, I watched countless project managers stumble into a rude awakening at the end of the monthly billing cycle, only then realizing their project was lagging. ... [Read More]| ProjectEngineer
I was once part of a project which went behind schedule and over budget. In response the project manager asked the project team to come up with reasons why the project was late. Naturally the team produced several reasons, and a change in schedule and budget was approved. Everything sounded like it was back on... [Read More]| ProjectEngineer
In this day and age, project success is no longer a matter of luck. So long as the project schedule and budget are realistic and achievable, project management fundamentals provide more than enough tools for the project manager to implement project controls that provide sufficient early warning of variances that require action. Projects, by their... [Read More]| ProjectEngineer
Let’s face it: managing a project can sometimes feel like a frantic dash to put out fires. A missed deadline here, a budget overrun there—too often, project managers end up reacting to chaos instead of steering the ship. But here's the truth: Putting out fires is rarely a good project management strategy. It’s exhausting, inefficient,... [Read More]| ProjectEngineer
Putting out fires is practically part of the job description for some project managers. Every project has changes throughout its life span, sure, but how do you control them, or better yet, how do you stop them from popping up? Project controls are where the project manager earns their wages. Assigning work is relatively easy,... [Read More]| ProjectEngineer
Earned value analysis is used to calculate the project status on two fronts: Schedule. Is the project ahead of or behind schedule? Cost. Is the project over or under budget? Let's say you are the project manager for the renovation of 3 hotel rooms. The tasks are as follows: Preparation. Jan. 1 - Jan. 10,... [Read More]| ProjectEngineer
The project plan is like the flight plan filed by a pilot prior to embarking on a journey. It communicates how the project will attempt to reach its destination. The project plan is the strategy that will be used to produce the project's products, services, or results. It is written in sufficient detail to communicate... [Read More]| ProjectEngineer
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 on investment. For these reasons,... [Read More]| ProjectEngineer
It's amazing how many projects do not know their true status until near the end, when there is little that can be done to ensure they finish on time or budget. The proper time to rigorously track project status is at the beginning, not at the end. This is when project risk can be managed and... [Read More]| ProjectEngineer
Managing projects is like steering a ship. When the wind or sea conditions are rough, experienced helmsman use their keen sense of how the ship will react to keep it moving in the right direction. Because the ship doesn't react right away, the helmsman must anticipate the delay between turning the ship's wheel and the... [Read More]| ProjectEngineer
