4 Basic Steps of Project Cost Management

Project Resource Planning: the process of identifying the resources required to execute a project and take it to completion. Cost Estimation: the process of quantifying the costs associated with all the resources required to execute the project. Cost Budgeting: the process of allocating costs to a certain chunk of the project for a specific time […]

5 Types of Project Risks

– Financial Risks such as rising costs, inaccurate budget forecasts and increases in labor and materials. – Strategic Risks such as experiencing high employee turnover, or investing in technology that is difficult. – Performance Risks such as team members’ missed deadlines, delays and undefined goals. – External Risks such as changing laws and regulations, market […]

The 3 Constraints of Project Management

Scope: Refers to what must be done to deliver the project’s end result. Includes defining the specific deliverables and the tasks needed to meet the project goal. Time (Schedule): Refers to the time available to complete project tasks and the project itself. Includes the deadlines for project phases, all the major project milestones, and the […]

6 Essential Project Management Skills

Communication: the ability to convey messages to clients and team members. Leadership: the ability to oversee and coordinate tasks as well as motivate the team. Organization: the ability to multitask, prioritize tasks, compartmentalize projects and document everything for easy access. Negotiation: the efficiency at negotiating terms with suppliers, clients and other stakeholders. Team management: the […]

What Is A RACI Chart?

A RACI chart is a type of Responsibility Assignment Matrix (RAM) in project management that lists all stakeholders on a project and their level of involvement in each task.R, A, C, I stand for:ResponsibleThe person who designates the task as assigned directly to someone.AccountableThe person who delegates and reviews the work of the project.ConsultedThe person […]

5 Key Components of a Feasibility Study

1. Economic feasibility: a cost-benefit analysis of inputs, contracts and impacts. 2. Market feasibility: focuses on the market potential of the project, customers and competitors. 3. Technical feasibility: analyzes the reliability of the technology and logistics to be used. 4. Financial feasibility: identifies the elements needed to achieve a project’s financial sustainability and meet all […]