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PERT and FPA Estimation - Not Just for Schedules or Software Development cost management schedule management technical Jun 19, 2022

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

PERT estimation was a part of a more extensive system and was designed...

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From Scratch: Starting a Business Without Capital business cost management Jun 12, 2022

[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...

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Project Cost Management Requires Flexibility cost management people May 29, 2022

[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...

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Planning Project Budget Reserves business cost management risk management technical Feb 27, 2022

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...

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6 Important Categories of Project Cost cost management technical Feb 06, 2022

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...

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6 Best Practices for Project Cost Management cost management technical Jan 02, 2022

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...

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4 Ways to Get Your Business Out of Debt business cost management May 23, 2021

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...

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How are Projects Funded? business cost management May 16, 2021

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,...

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An Introduction to Project Cash Flow business cost management Apr 25, 2021

Many introductory courses that include information about budgeting for project managers discuss the idea that a project budget may have to be time based.  That is, the expenditures are divided over weeks, months, or quarters to show how spending will occur over the course of the...

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An Introduction to Project Payments business cost management Apr 18, 2021

[Note: Beginning with last week's article and continuing forward, in addition to tagging articles with knowledge areas, we will be adding new tags for business, people, and technical (including process). We will update past articles over time. This will align content with the new PMP® exam...

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5 Tips for Effective Sprint Planning cost management schedule management scope management Nov 29, 2020

Effective sprint planning is essential for the success of any agile project.  The agile project manager should ensure every iteration delivers the highest possible value to customers to stay true to agile values.  Without effective planning, the team will not start the sprint with a...

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6 Essential Tools for Project Financial Control cost management 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 page.
  2. Reviews: Short interval reviews, such as...
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