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Tag Archives: Cost Management

How to Do Your Cost Management Right in Project

Often, we see that project timing and project resourcing are managed in Microsoft Project, while project finances are kept in Microsoft Excel. Using the financial governance capabilities in Project is often an unexploited area. If you think about it, this is a waste. Assuming you add rates to resources in Project, that gets you halfway;…

New Advances in Project Management Tools

Project Management Institute (PMI)® Professional Development Units (PDUs): This Webinar is eligible for 1 PMI® PDU in the Technical category of the Talent Triangle. Event Description: In this webinar, Kenneth describes how Project has grown since the beginning. Starting off as a PM’s task management and scheduling tool, to becoming an essential Project and Portfolio Management (PPM)…

Resource Planning with Microsoft Project

  Watch Updating Projects Progress with Microsoft Project Project Management Institute (PMI)® Professional Development Units (PDUs): This short video is NOT eligible for PMI® PDU credit. Event Description: In this video viewers will learn how to create Work, Cost and Material resources within Microsoft Project. They will learn various methods of assigning resources, the ‘Assignment Planning Variables’, what ‘Effort…

Project Opportunity Cost and Why You Need to Understand It

If you’re in the middle of preparing to take the Project Management Professional (PMP)® Exam you have undoubtedly read through A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition at least once (and possibly even more). The PMBOK should be your primary resource when studying for the exam as it is…

How to Estimate Your Project Effort

The practice of estimating in project management is one of the most challenging. Whether you’re trying to figure out project effort, duration or cost, given the inherent uncertainty of projects and their uniqueness, we often end up “guesstimating.” This article provides techniques to use in order to be as accurate as possible in doing your…

PMP Prep: Understanding Internal Rate of Return

Internal Rate of Return (IRR) is a project selection technique that takes a comparative approach for selection. When you’re taking the PMI® PMP® exam, you should expect questions on IRR. In your day-to-day life as well you can check with IRR to help make better decisions, such as whether to buy insurance. Hence, IRR is…

Cost vs Schedule Risk Analysis for Proposals

  Project Risk Analysis There are two important outcomes for most projects beyond the obvious scope and quality objectives: Cost and Schedule. The cost outcome directly affects the value of performing the project in terms of profit and loss.  The schedule outcome also affects cost and has other less tangible impacts such as loss of…

Calculating the Percent of Variance in Microsoft Project

  Have you ever wanted to know the impact of a given variance in your schedule percentage-wise? For example, let’s say you have a finish variance of five days in a task that was originally planned to be executed in 20 days. If we calculate the variance of the task (5 days) over what was…

PMP® Prep: Calculating EAC and ETC for Forecasting

In PMI®’s Project Management Professional (PMP)® exam, you’ll find a number of questions on earned value management (EVM). Along with EVM, the concept of “forecasting” is also important to understand. Forecasting has been used as one of the tools and techniques in the “control costs” process under the “project cost management” knowledge area. If you’re…

Breaking the Barrier: How to Set the Groundwork for Change

Change is about winning hearts and minds — and sustaining this win. In order to understand how to manage change, you need to understand resistance to change. Management guru Peter Drucker once said, “I am more interested in knowing about people than businesses.” He understood that it’s actually the people you need to think about…

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