Project resource management is at the heart of a project manager’s role, consuming much of their daily focus. Resources like people, materials, tools, expertise, facilities, and infrastructure are the building blocks of any project. In an ideal world, these resources would be readily available, perform flawlessly, and stay within budget. However, reality presents constraints, requiring... [Read More]| ProjectEngineer
Knowledge Areas Project Cost Management Plan Cost Management Estimate Costs Determine Budget Control Costs The importance of accurate estimating cannot be overstated. Many examples abound of projects that experienced substantial cost escalation which can (at least partly) be attributed to poor estimating. Prior to the start of a project, the tendency is to underestimate costs,... [Read More]| ProjectEngineer
Knowledge Areas Project Cost Management Plan Cost Management Estimate Costs Determine Budget Control Costs Everybody has heard of a project whose cost spiralled out of control. Even big megaprojects where the difference measures in the billions of US dollars are not immune to cost pressures. What is the official project management methodology for controlling project... [Read More]| ProjectEngineer
Spiralling costs can be a project manager's worst nightmare. If there isn't adequate control over project costs they can start to take on a life of their own, where new cost items appear without any knowledge of how they got there or justification over why the project should pay for it. We've all heard about... [Read More]| ProjectEngineer
The project manager is the ultimate authority responsible for the successful completion of a project. They establish the critical success factors and take responsibility for achieving them. The buck stops here. Usually the project manager inherits requirements that the project must work with, such as budget, stakeholder concerns, and so forth. These are codified within... [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