An operating budget is a tool that helps business owners and project managers alike to look at the long-term financial needs of their organization or project. It’s instrumental in forecasting the budget needed to run your business or project. That…
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A vision statement almost sounds mystical. But it’s not supernatural, far from it. Rather, a vision statement is a foundational business document. There’s a lot of paperwork that clutters the office of any organization, but the vision statement is unique…
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People often think of productivity on an individual scale: how can I be more productive? But most of us work for organizations, and if the organization isn’t productive, then you can’t be productive either. Can there really be a magic…
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Every company needs a plan to determine how it will operate and position itself in the market. This is known as a business plan, which is one of the most important business management documents. What Is a Business Plan? A…
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As a business grows, it needs to look at new processes or ways to improve the processes it has in place. Maybe the company wants to scale and sustain its growth or increase productivity and efficiency. Whatever the objectives, process…
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Strategic planning is key for success in business. By planning strategically for the future, a business can achieve its goals. It’s easier said than done, but the more you know about strategic planning, the better chance you have at succeeding….
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Let’s face it, you want to execute your project well but you don’t want to spend a lot of money doing it. That, in a nutshell, is value engineering. It’s a way to look at your project, whether it’s project…
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Businesses go through a lot. Managers must always be aware of the internal and external factors that can impact their business growth such as economic fluctuations, new competitors, new market trends and more. One of the most common threats to…
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To stick to your project budget, you have to track costs. Project accounting, as with general accounting, is a method by which project managers can manage project finances. Project accounting is not the same as balancing your checkbook or even…
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Most people think integrity means being honest. While this is true, the word has another meaning that’s important to project management: the state of being whole and undivided. In a sense, you could call organization design the approach to creating…
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Well-run organizations don’t fly by the seat of their pants; they’re constantly working on business forecasting and business planning. Every decision and every process is based on data obtained from business forecasting, business intelligence tools, market research and scenario planning….
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Today’s hyper-competitive world can be a tough place for many businesses. Large companies are always looking to produce better products while reducing costs, customers’ needs evolve and the world economy fluctuates at large. In a sentence, your business will face…
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You’ve likely heard that nearly half of all new businesses fail. According to the Small Business Association (SBA), 50 percent of businesses fail during the first five years. Over a 10-year span, the percentage increases to 66. But what can…
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