In project management, a Work Breakdown Structure (WBS) is a planning tool whereby the project scope is divided into logical sub-components. It is a graphical representation of the project scope and forms the basis for further planning, such as the cost and schedule. It is not a scheduling or costing tool. A good WBS should be created... [Read More]| ProjectEngineer
According to the Project Management Body of Knowledge (PMBOK), projects are divided into five phases. These phases are: Initiating. The project is authorized, funded and defined. This phase occurs on the organizational level (i.e. above the project). The organization defines a business need the project is meant to satisfy. Planning. The project manager develops a... [Read More]| ProjectEngineer
Estimating a project is one of the most important aspects of project management. Projects are by definition temporary endeavors with a defined beginning and end, hence stakeholders need to know how much expenditure they are committing to. Thus, project estimates tend to start before the project even begins and are usually updated throughout the project... [Read More]| ProjectEngineer
Once the project has been divided into tasks and resources assigned to those tasks, the next step is to determine the task durations. This may seem trivial, but its importance cannot be understated because these durations will be used to construct the project schedule. Just like the tiny O-rings that brought down the space shuttle... [Read More]| ProjectEngineer
Top Down estimating is a project estimating technique whereby the overall project is estimated first, and individual tasks are apportioned from it. You start from the top of the pyramid and work downwards. This type of project budgeting usually occurs when there is a fixed budget and/or the scope of the project must fit within... [Read More]| ProjectEngineer
In 1986, the NASA Space Shuttle Challenger exploded spectacularly upon take-off in front of one of the largest live TV audiences in history (to that time). The investigation concluded that several tiny O-rings that sealed the rocket booster to the fuel supply failed. These O-rings were about 1 foot in diameter. Just like the tiny... [Read More]| ProjectEngineer
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 be working on. Types of... [Read More]| ProjectEngineer
Three point estimating is a technique which utilizes an optimistic and pessimistic estimate to determine the ideal estimate value for a project task. It is a shoe-in for PMP exam questions, which is not likely to change anytime soon. It allows known risks to be quantified and built in to the project budget. Formula There... [Read More]| ProjectEngineer
Parametric estimating is a guaranteed inclusion on the PMP Exam. This article is assured to give you at least one point (but more likely four or five). Parametric estimating is a project estimation technique whereby a unit rate is used and multiplied by the number of units. For example: A house building project is estimated... [Read More]| ProjectEngineer