Found 506 Articles for Project Management

Financial risk is the probability of losing money on an investment or business endeavor. Operational risk, credit risk, and liquidity risk are just a few examples of the various types of financial hazards. Financial risk is the possible loss of capital to an interested party. What are the Risks? Risk is the possibility of an unanticipated or negative consequence. Risk can be defined as any action or behavior that raises the possibility of a loss of any kind. There are various risks that a business could face and need to handle. Business risk, non-business risk, and financial risk are the ... Read More

Every project manager aims for a project that runs smoothly from start to finish, without delays or going over budget. Even though the objective is achievable, several efforts take place backstage. Some things can potentially affect the scope of the project during its execution, even if you discuss and plan out all the details with the project stakeholders in advance. Wellingtone's 2021 Annual Report says: only 34% of organizations complete their project on time. With a top-notch project management strategy, you can complete the project's goal and prevent problems like scope creep by getting your strategy right and ... Read More

The process of managing the life cycle of a project is crucial, and a formal process can help you maintain efficiency even in times when disaster strikes. PRINCE2, an approach created in 1989 by the UK Government, can help you manage project lifecycles with greater accuracy and efficiency. Your business is unique, bringing challenges and opportunities. PRINCE2 helps you keep these things in your control, even when dealing with the unknown. It helps you buckle down on projects from start to finish so that the only unknown variables are what you imagine ahead of time. PRINCE2 Methodology PRINCE2 is considered ... Read More

Earned Value Analysis is a way of quantifying project performance against the plan. It's a way to measure deviations from the baseline costs and schedule. Results from an Earned Value analysis indicate whether the project is on track. What Do You Understand by Earned Value Analysis? Earned Value Analysis (EVA) is a method of measuring the amount of work done on a project. It allows you to measure progress and forecast the project’s total cost and completion date based on trend analysis or application of the project’s “burn rate.” Earned value is defined as the “budgeted cost of work performed” ... Read More

Let's look at how risk management actually works along with understanding properly what it is. We'll also explore how to identify, assess and respond to project risks. What is Risk Management? The Risk Management Process is a process for understanding what risks and opportunities your project or organization faces and how best to address them. Steps to Minimize Risk Identifying risk Assessing risks Treating risks Monitoring and reporting risks Identifying Risks Ensuring that a project’s objectives are met is the ultimate goal. To do this, it is important to identify all of the events that can affect ... Read More

The WBS is the most basic subdivision of a project. It focuses on dividing large projects into smaller and simpler chunks of work and provides information about it. A good WBS will help you manage scope, schedule, and budget. You need to give it the importance it deserves to make sure you get all the crucial aspects of Project Scope Management. Your project charter should include a list of activities that need to be completed. This is usually called a work breakdown structure, which is made of smaller lists you can complete individually. This article will look at the advantages ... Read More

Project management is a structural way of scheduling, executing, and controlling the various phases of a project with the end goal being to complete the project on time. Two project management techniques that every manager should know about are PERT and CPM. These techniques help provide an overview of the project's progress and all the tasks involved in completing it. What do you understand by PERT? PERT is a technique used to plan and track projects, manage risks, and allocate resources. PERT helps identify the minimum time needed to complete a project, as well as manage any potential delays that ... Read More

Managing a project is never easy. With multiple departments working together, different deliverables, and multiple moving parts, it’s often pretty challenging to finish your project successfully. That’s why businesses (no matter how small or large) hire a project manager to ensure smooth and flawless project execution. When starting a project, an initial meeting where you get a rough estimate of the budget and set a timeline won’t do. One of the essential parts of project completion is project design. In this post, we will walk you through everything you should know about project design, its uses, and how to create ... Read More

A project manager plays an important role in managing human resources and handling all aspects of a project efficiently. They are mainly associated with the construction and engineering industry, but with the increasing popularity of effective project management, the demand for a manager has been growing exponentially across various industries. A project manager is known for their ability to complete and deliver all types and complexities of projects in a timely manner. They provide leadership and direction to their teams, helping them navigate the tricky parts of projects efficiently. For the past three decades, the PMP exam has been considered ... Read More

Managing a team can be challenging. A manager has to manage all aspects of a project, including the resources, suppliers, billing, timeline, and, most importantly, human resources. A manager has to oversee each member to ensure everyone is working efficiently. Fortunately, there are certain techniques that can simplify team management. Before we discuss those, let’s take a look at the meaning of team management, why it’s important, and where it is needed. What is Team Management? Team management is the process of coordinating different resources and departments involved in the project to ensure seamless completion of the project. It’s all ... Read More