Whether you call it project financial management or project accounting, managing a project’s finances is essential to delivering a successful project. It’s more than just keeping up with costs. There’s a lot of planning, managing and tracking involved. But what…
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Projects cost money. Everyone knows that. But what’s harder to discern is if the project is worth the investment. The last thing stakeholders want is to discover the project isn’t financially effective. That’s where the cost performance index comes in….
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Manufacturers can’t just produce as many widgets as they want. There are financial constraints, of course, but there is also demand to think about. Making more than the market will support is going to lead to extra costs in production…
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Businesses are always looking for ways to work more efficiently and this is also true in regards to information technology (IT). IT asset management is how businesses make sure those IT resources are being efficiently used. But what is an…
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Managing a project is basically making decisions. There are many tasks, but not all tasks are created equal. This means that a project manager must be able to make decisions about the priority of each and often use the Eisenhower…
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Production capacity is an essential metric for manufacturers. It informs their production planning, helps them give their customers more accurate lead times and forecasts cash flow. To better understand production capacity, we’ll define the term and go into greater detail…
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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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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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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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