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Nailing Down the Project Budget business cost management technical Dec 04, 2022

A completed project budget can help you determine if a project is financially viable. With it, you may spend what was expected and get the return on investment you want. But it takes many steps to get the best budget and nail it down before starting a project. Let's dive into what goes into...

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The Importance of Documenting and Tracking Project Costs cost management technical Nov 06, 2022

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...

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Giving Your Project Team The Right Resources cost management people resource management Aug 14, 2022

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....

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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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