In project management, even the best-laid plans are vulnerable to change. From unexpected delays to unplanned expenses or resource shortages, projects often face disruptions that can derail timelines and budgets. That’s where a contingency reserve comes in. Acting as a…
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Resource management is all about getting the materials, supplies, equipment and people you need to execute a project. It involves how you plan, schedule, allocate and manage those resources to best serve the project. But what exactly is resource management…
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Creating a project baseline is critical in effective project management, as it sets the original plan against which progress and performance are measured. It includes key components like scope, schedule and cost, forming a fixed reference point that guides decision-making…
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Most have heard of the phrase “historic data” when planning a project. It’s a way to look back at similar projects for clues as to the needs of the current one. For those who prefer a more erudite term, there’s…
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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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