Project Hero Blog - Weekly Best Practices and Tips

It's no secret that projects can be expensive. Even working with a small team, labor and materials costs can add up quickly. It's essential to budget, track expenses, and know how much money flows in and out of your project—and when. The best way to do this is by monitoring your project costs and documenting everything, so nothing gets lost or forgotten. Let's look at why it is essential to record...

One of the most critical tasks in project management is getting the right resources for the right project at the right time. This requires careful planning and communication, especially when tight budgets or other limitations exist. Resource management is a critical element of project management. Resource management is the process of planning, organizing, and controlling the allocation of resource...

Despite many internet articles to the contrary, PERT (Program Evaluation Review Technique) and FPA (Function Point Analysis) estimates can be valuable for many projects outside of software-related industries and not just for scheduling.

PERT estimates are a part of a more extensive system and was designed to focus on schedules.  Its benefit is that it mathematically provides everything an estimat...

[Project managers take note!  Starting a business from scratch and without capital is something you may do if you want to start a private practice.  Plus starting a project from scratch without capital is very similar.]

When you have little to no startup capital, founding a business can feel like climbing a mountain. Fortunately, the digital revolution has made starting up easier and more afforda...

[NOTE: Want to find out more about project cost management?  You're invited to the launch of PPC Group's new publication, Project Cost Management: Principles, Tools, Techniques, and Best Practices for Project Finance, by Ray Frohnhoefer and Inham Hassen, in June 2022. For more information and to register for the event, click here: https://www.accidentalpm.online/PCM_Virtual_Launch_Registration.]

To start reserve planning requires a completed risk analysis  (for details on how to complete a risk analysis, see our publication, Risk Assessment Framework: Successfully Navigating Uncertainty) . First, estimate the financial impact for each risk, then compute the estimated monetary value (EMV). The EMV is the product of the likelihood and the impact in dollars or your local currency.

While it ...

As you probably know from the Risk Assessment Framework, we firmly believe that having categories and prompt lists can help with brainstorming. While some budget estimates can be computed, a big part of the job is to ensure all costs are included. Therefore, it is critical to consider all the charges, including taxes, fees, and economic conditions. In addition, one or more of these categories may ...

Project managers need the most flexibility when dealing with project cost management.  Some may never have budget responsibilities, while others may have full responsibility.  Those with some duties will also need to navigate many organizational practices about preparing and presenting budgets.

Here are six best practices that will help and apply over a wide range of cost management practices.

C...

If you have started a business recently, operated one for some time, or run into some unexpected issues, you may be in debt. This is a somewhat normal part of having a business — there are good times, but you also have a fair share of difficulties. However, if your debt is starting to get out of control or it impacts your mental health and your business, this is where you need to make some changes...

How are projects paid for? Generally by financing the project.  The funds that pay for the project may come from operations (for example, from revenues) or from capital expenditure.  Capital expenditures are typically made from the company treasury or reserves.  As a third method, the organization wanting to perform a project can borrow, and then repay, money.  There are  a variety of ways to do t...