Manufacturing isn’t free. There are various costs involved in the production of any product. Being able to make accurate estimates of your manufacturing costs is critical to a company’s profitability and competitive advantage. Before work hits the production line, one…
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Certain manufacturers use a recipe to combine materials to deliver products. This is called process manufacturing and is a production method that’s common when producing in bulk. To better understand process manufacturing, let’s first define the term and explore the…
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Conducting a project audit is an important aspect of managing projects, but often one that is neglected. Read on as we explain what a project management audit is and show you in a few simple steps how to do one…
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Projects are expensive. There are labor costs, material costs, overhead and operational costs. When a contractor bids on a project or a manufacturer takes on a job, they need to have an accurate forecast of the price for the project…
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Timesheet management is an essential part of human resources and business management. Time management is also critical to project management. Whatever type of work you do, if there are teams or employees, then you need a timesheet for time tracking…
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Lean manufacturing addresses one of the worst things that can happen to any enterprise: waste. To not take full advantage of all of your resources is to lose efficiencies and, in so doing, stunt production and fail to offer value…
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Organizations require resources to complete projects, manufacture products or deliver services. Most, if not all companies can’t produce all of their raw materials, equipment or machinery, so they must procure them from vendors. Vendors are defined as external suppliers who…
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Every business, even a not-for-profit business, needs a budget. A business budget can be looked at as the fuel that drives the business. To understand what that means, we first have to define what a business budget is, which we’ll…
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Construction costs are one of many metrics that a general contractor has to keep an eye on. There are others, of course, such as the schedule, quality, safety and much more. But if the construction cost goes over budget, that’s…
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Projects require many resources. Everything from the people you’re working with and the equipment they’re using, to the materials and other supplies you need to even the site where you’re working falls under the umbrella of project resource allocation. Let’s…
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Planning for construction projects isn’t enough. It’s essential to verify that the right products were included in the installation. These construction submittals primarily involve architects and engineers who oversee that process. Construction submittals are an integral part of construction project…
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Manufacturing a product or constructing a building is a complicated process, which in turn makes determining the price for that product equally difficult to discern. There are many factors that must be considered, and project managers use a cost breakdown…
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There’s one thing that all businesses have in common with project management: money. Without funding and the proper budgeting process, projects in any industry grind to a halt. Budgeting is how those funds are spent. But first, let’s define what…
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