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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Projects are planned and scheduled, but that’s just the preamble to the real work. Executing projects to meet deadlines without overspending the budget requires a project manager to understand resource availability. It’s part of the larger process of resource management….
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Task prioritization is a powerful tool when executing a project. There are so many different tasks it can look at if your work-life balance is tilting towards never having any time off. But project managers understand that applying task management…
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Resource optimization is key to delivering a successful project. Resources, of course, are anything used to execute the project, including human resources and non-human resources. Resource management techniques keep a project on schedule. To have the right resources at the…
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Construction companies have to do some heavy lifting, and that’s not just the steel and concrete they use to erect buildings, bridges and other structures. Many different types of materials and labor go into their work which requires their contracts…
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Whether you’re running a company or a project, you’re going to have to deal with a budget. A budget is the spending plan that you forecast using estimates of income and expenses. To ensure you’re keeping to that ever-important operating…
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Good cost estimation is essential for project management success. Many costs can appear over the project management life cycle, and an accurate project cost estimation method can be the difference between a successful plan and a failed one. Project cost…
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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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The best things in life are free, but manufacturing goods cost money. The cost of production of those products isn’t as straightforward as it might seem. The sum total investment that it takes for a business to create a good…
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If you’re working on a design project, wait. Before you start you need to have a design brief. It’s similar to a project brief, only focused on design. After all, you wouldn’t start driving if you didn’t first know your…
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You’ve heard it countless times; teams are projects’ most valuable resource. They do the work. But a project manager has to connect each team member to that work. Resource loading is a process to keep team members fully engaged throughout…
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All businesses have assets, and if you want to stay in business, you need to know what those assets are. To start, you have to do an equipment inventory and make an equipment inventory list. That’s not as easy as…
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Before you engage with a new project, there are certain things you have to know. Is the cost worth the return? Can you get it done properly by the deadline? Do you have the resources? Resource forecasting is how you…
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