Projects are expensive. Project financing is how they acquire the funding to pay for the project. To understand this process, one must begin with the meaning of project financing and then work towards the various methods of getting it. We’ll…
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Goals are set easily enough, but reaching them takes work. Sometimes that work is falling short, and project teams need to figure out why and how to get back on pace to meet their goals. For that, they use something…
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If you don’t have the funds, you’re not going to complete the project successfully. That’s why a project budget is so important: it’s the lifeblood of the project. Follow these steps to secure the funds necessary to support the project…
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Construction project management is designed to deliver projects on time and on budget while maintaining or improving quality. Value engineering in construction is one method general contractors use to achieve those goals. What is value engineering in construction? We’ll answer…
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The triple constraint of project management has been given many names – the Project Management Triangle, Iron Triangle, and Project Triangle – which should give you an idea of how important the triple constraint is when managing a project. If…
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The scope of a project is the sum of all the work that needs to be executed. A project scope statement helps project managers define the boundaries of what will and what won’t be done. But scope statements aren’t just…
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Construction projects manage many different types of resources. General contractors have to accurately estimate the amount of those items to keep their profit margin. They do this through the process of a quantity takeoff. What is quantity takeoff and when…
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There’s never enough time when managing a project. That’s why we make schedules—to try and control time, just enough to get your deliverable by the deadline. Sometimes, however, things go awry. Changes in a project are common of course, but…
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Activity-based costing (ABC) is a method used to allocate overhead and indirect costs based on the activities that drive those costs. In project management, ABC allows for a more accurate understanding of project expenses by identifying and assigning costs to…
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Resources are what you need to execute your project plan—people, equipment and materials. Managing those resources, and their constraints, is part of how you deliver a successful project. Each task in your project plan will have project resources like people, time…
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What Is Logistics Management? Logistics management is the process of managing the activities that are required to transport goods from its source to the final customer. That process involves a series of logistics activities such as order processing, material handling,…
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Resources are limited, but your ability to manage them to fulfill the needs of your project isn’t. One of the many challenges that face project managers is how to guide their project to a successful end without enough resources. The…
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As building codes evolve to respond to conservation, a new way to build has gained popularity. Sustainable construction is a new paradigm changing an industry that has been around since antiquity. Construction project management is responding to climate change and…
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