Project costing can be one of the activities that can easily run away from you if not managed and controlled well. It is one of those areas that can be tough as you are dealing with assumptions to ensure your project will stay in budget and it is something that can get complicated for large projects. For this article I will talk about five common fields you should track (for each Expense item) to ensure the costs do not overwhelm your project. The fields are Budgeted Amount, Actual Cost, Cost to Completion, Cost at Completion, and Variance to Budget.
Projects inherently involve a lot of communication from a lot of people with a lot of different backgrounds. This type of environment provides a breeding ground for fallacies which results in poor decisions that ultimately hurt the success of the project. Below is a list of ten common fallacies you will see in projects. The list is a subset of what I found in Wikipedia with my thoughts added at the end each definition. Continue reading
Most project managers have heard of the Project Triangle. It is the scope, cost, and time of a project. It is the three lines of the triangle that the project manager is always monitoring and controlling to make sure a successful project. Continue reading
The level of detail that a project manager should be involved in a project should not be static. As the project progresses the amount of oversight needed fluctuates and the project manager needs to adapt if they want to make best use of the resources available. For a project manager who does manage at one detail level you have two extremes. Continue reading
When people are unable to agree on a project deliverable, like requirements or a statement of work, there are a few tricks you can do to ensure these deliverables are completed on time. Continue reading
As a project manager your primary job is communication. Beyond the status meetings and project plan you will be giving and receiving information in a variety ways. Also, you are dealing with people who will be busy on multiple projects and support related problems. Here are some tips which take a small amount of effort for a lot of pay back. Continue reading
People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. Below is a simple diagram showing the relationships between each word.
PMO and Value Expectations
When someone says PMO most people think of a team of Project Managers with a long list of forms and procedures that everyone needs to follow. This might have been true in the past, but these days their is an greater expectations of the PMO to provide more value to the company. It is not enough to say you completed your project on time, schedule or budget if you can't prove those projects brought value to the company. This value expectation can vary greatly between companies and even within different departments of a company. Continue reading