PROJECT HERO BLOG

Project Management Best Practices & Weekly Tips

6 Essential Tools for Project Financial Control

Mar 29, 2020

Use these six important tools to keep your project on budget:

  1. Contracts: Contracts, whether formal or informal (e.g., MOU), can reveal what aspects of the project are most important. Incentive clauses in contracts can keep everyone on the same...
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Managing Risks of Fixed Costs

Sep 22, 2019
Last week we looked at a fixed schedule, so its only natural to want to look at fixed costs too. Or perhaps I should more precisely say "fixed price" since fixed costs have a connotation of overhead. And there's a further clarification to make as...
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5 Tips for Handling Difficult to Estimate Tasks

Aug 04, 2019

Getting good estimates is often challenging for projects.  Here are 5 tips for getting better estimates for difficult-to-estimate tasks:

  1. Decompose the work further to understand it more fully. Document all assumptions and constraints.
  2. Look...
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Look Before the Project - Part III

Jul 21, 2019

For the last two weeks, we looked at two different ways to evaluate project selections to determine which to work on. This type of activity is often carried out by senior management and not the project manager. The project manager is usually...

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Look Before the Project - Part II

Jul 14, 2019

Last week we looked at the BCR -- Benefit-Cost Ratio as a way of evaluating a project. This week I'd like to look at a related technique -- Total Cost of Ownership (TCO). The purpose of many projects is to introduce a new product or service. Often...

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Look Before the Project - Part I

Jul 07, 2019

For the next few weeks, I'd like to take a closer look at initiating projects, with special attention to costs. This is an area of weakness for many who jump in to do work before looking at the consequences or rewards. Rather than use a...

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Cheapest Isn't Always Least Expensive

Jun 16, 2019

When selecting any resource of any type for a project, always keep in mind the automatic selection of the "cheapest" won't always be the least expensive option. This is why we have competitive bidding for major contracts -- we get a peek at the...

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Keeping Your Projects on Track with Earned Value

Jun 02, 2019

A lot of folks in San Diego wonder how the construction of Petco Park, a managed project, could have possibly spent all the funding before it was half completed without anyone knowing. While I certainly don't have proof as to the actual cause,...

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Earn Your Value - Part III

May 19, 2019

To recap parts one and two of this post, we saw:

- how earned value is useful for monitoring both costs and schedule
- the basic formulas used to see if our projects are off track (and by how much)
- the recommendation that earned value be looked at...

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Earn Your Value - Part II

May 12, 2019

Last week we looked at the basic principles and formulas surrounding Earned Value Management. While the full practice of EVM may be very complex, it also provides a simple way to update clients on the status of smaller projects. But before we look...

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