Common Budget Challenges

Let's take a quick review of the common challenges that a project manager faces when figuring a project budget. By increasing awareness of these factors, you can work proactively to avoid these in your own situation. Based on weak foundation The budget is built upon the planning foundation created by the WBS, resource estimates, effort estimates, and the project schedule. An inadequacy in any of these elements is directly reflected in the budget. Missing cost categories The budget needs to...

Risk Source Category ExamplesFactors

Project management Improperly defined project deliverables Incomplete planning Improper procedures Not defining clear roles and responsibilities Lack of contingency plans Inadequate risk management Inadequate attention to the right details Inadequate resource staffing Project Definition Unrealistic objectives Inconsistent objectives Incomplete scope definition Inconsistent scope definition Improperly defined project deliverables WBS (and Project Schedule) Not reviewed and approved by...

Ten Key Principles

Now that we have a better sense for what a high-performing team looks like, let's review 10 key management principles that are paramount to our efforts to guide our team's performance. 1. Adapt management style While as a rule, a collaborative, servant-leadership management approach to leading project teams will be the most effective in most situations, you may need to adjust your style depending upon the project phase, the needs of your particular team, and the project environment. 2. Get the...

The Goals Objectives and Principles of Project Issue Management

Managing project issues is an example of proactive project management. Through solid planning, effective stakeholder management, and insightful risk management, you can reduce the number of issues your project will encounter, but you cannot eliminate them. The goal of project issue management is to detect issues as early as possible. The earlier an issue is identified, the greater the chance of resolving the issue before it can impact any of the project's critical success factors. For our...

Trends in Project Management

In addition to the focus on organizational process improvements, there are other trends in business and project management that a first-time project manager is likely to encounter (that they may not have just a decade or less ago). Managing Vendors With the increased outsourcing of non-core activities, more projects leverage one or more vendors (suppliers) to get work done. More on this in Chapter 21, Managing Vendors. Risk Management Coinciding with the focus on enterprisewide process...

Key Risk Management Principles

A proactive management philosophy underlies the key principles of project risk management. By effectively managing project risks using these principles, a project manager remains in control of the project at all times, enables better project decisions, and provides the project the best opportunity for success. The key principles to managing project risks include the following It's all risk management All of project management is risk management. The current approaches and rules of modern...

One Title Many Roles

You've likely heard many of the analogies before to describe the role of project managerthe captain of the ship, the conductor of the orchestra, the coach of the team, the catalyst of the engine, and so on. There's truth and insight in each of the analogies, but each can be incomplete as well. To gain better understanding of what a project manager does, let's briefly discuss each of the key roles played by the project manager Planner Ensures that the project is defined properly and completely...

More Than Managing

The process of leading a project is more than managing the project. The process of leading a project entails the approach utilized to guide the people involved (team, stakeholders, organization) toward the accomplishment of the project's objectives. This process involves your mindset and leverages key skills like dedication, interpersonal, adaptability, and customer-orientation. If we look back at Chapter 2, many of the roles performed by a project manager involve leadership, including Planner...

Common Mistakes of Project Managers

While we will review many of the common errors made in each of the fundamental areas of project management throughout this book (so you can avoid them), understanding the most common project management mistakes will help focus our efforts and help us to avoid the same mistakes on our projects. The following are some of the most common mistakes made by project managers 1. Not clearly understanding how or ensuring the project is aligned with organizational objectives. 2. Not properly managing...

Isnt WBS Just Another Name for the Project Schedule

Many industries and organizations routinely use the following terms in an interchangeable fashion WBS, project plan, project schedule, and work plan. As you know by now, these terms do represent different project management elements and should not be used interchangeably. However, as with all less than ideal practices, there are reasons. Understanding the reasons is always helpful, and in this case, can provide additional insights as to why projects can get into a troubled state. When you think...

Twelve Tips for Buyers

The following tips and techniques have been picked up from the front lines of project management and may be helpful to buyer organizations and project managers in their efforts to get the most from their outsourced project arrangements 1. Align seller's goals with yours This could be a principle of managing vendors. To get the most from your vendors, make sure their goals are aligned with your goals (which should be in sync with the project goals). The terms of the contract should be set up so...

Qualities of Successful Project Managers

Given the many roles played by a project manager, the broad range of skills needed, and the inherit challenges in successfully delivering a project, we need to find ways to accelerate the learning process. Two key ways to accelerate our learning understanding the qualities of successful project managers and understanding the common mistakes made by project managers. Successful project managers do not share personality types, appearances, or sizes, but they do share three important features. 1....

Portfolio Project Management

Portfolio project management is a management practice that brings rigor and diligence to the project definition process. It is a management practice that allows executives to make better decisions regarding which projects to fund, gives them visibility to all targeted enterprise projects throughout the project lifecycle, and applies a consistent set of performance metrics and criteria to better compare project performance. It as a management practice that attempts to bring an end to projects...

What Is Project Management Exactly

If you are like most people, you are pretty sure you know what projects are, and you think you know what project management is (and what a project manager does), but there's always a varying amount of uncertainty in those perceptions. So, let's start off by clarifying some key concepts. Project management is simply the process of managing projects (and you thought this was going to be difficult). While this definition is not particularly helpful, it does illustrate three key points Project...

Twelve Key Project Management Skills for Better Vendor Management

To better help you prepare for responsibilities of vendor and procurement management, let's review the type of skills and knowledge a project manager should possess to be effective in these areas. The key project management skills needed for procurement and vendor management include the following 2. Effective verbal and written communications 3. Managing virtual and cross-cultural teams 6. Vendor selection and evaluation 8. The ability to identify risks and develop appropriate responses...

Definition Of Realistic Expection

SYMBOL A B C D E F G H I J K L M N O P Q R S I U V W project planning rational unified processing quality managment RBS (Resource Breakdown Structure) realistic expectation project schedules realistic expectations expectation management project schedules resource allocation 2nd 3rd 4th 5th realistic expections pro ject success tips realistic goals perception and, expectation management 2nd recognition project management as personal value points team performance principles 2nd recommended...

Ten Proven Principles of Vendor Management

The following ten fundamental principles will guide our efforts in managing vendor relationships. 1. Solid project management goes along way Outsourced projects place more importance on the project management fundamentals we have reviewed throughout this book. While you may be able to get by with less on internal projects, outsourced projects bring a visibility and accountability (both financially and legally) that make solid project management and leadership a requirement to make the...

Index

SYMBOL A B C D E F G H I J K L M N O P Q R H I U V W change agents pro ject manager roles project control scenario development development quality managment schedule completion date deliverable tracker recommendations schedule performance EVM (Earned Value Management) Schedule Peroformance Index (SPI) EVM (Earned Value Management) Schedule Variance (SV) EVM (Earned Value Management) schedules acceptance goals 2nd budget impacts 2nd change control principles communication, difference management...

Process Control Index In Project Management

SYMBOL A B C D E F G H I J K L M N O P Q R S I U V W scheduling software benefits calendar alignment realistic project schedules 2nd calm natured approach leadership styles calm natured techniques variance responses, project control cancellations expenses versus budget development career goals marketability experiences team performance principles career paths project management as personal value points 2nd 3rd 4th 5th cash flow budget development importance category data points logging systems...

What Is the Value of Project Management

As operating environment for most organizations continues to become more global, more competitive, and more demanding, organizations must adapt. They must become more efficient, more productivethey must do more with less. They must continually innovate. They must respond rapidly to a fast-changing environment. How can they do this How can they do this in a strategic manner How can they do this and still have the proper management controls They can do this with effective project management. The...

Develop Initial Budget

Once we have our resource requirements and work duration estimates, we can start to develop the budget. Like the estimates for work, it is best to estimate your costs at the work package level. By taking a bottom-up approach, you are in the best position to identify all of your resource needs and develop a more realistic budget. In addition, many industries and organizations have cost estimate models that can be leveraged, too. These models are best used during initial planning activities and...

Key Skills of Project Managers

While there is a broad range of skills needed to effectively manage the people, process, and technical aspects of any project, it becomes clear there is a set of key skills that each project manager should have. While these skill categories are not necessarily exclusive of each other, let's group them into five (5) categories to streamline our review and discussion 1. Project Management Fundamentals The science part of project management, covered in this book, including office productivity...

Managing Project Deliverables Means What Exactly

By managing project deliverables, we mean the process by which the project work products are controlled. The work products can include anything resulting from project activities, including any deliverable, document, or project management item. And by control, we mean managing the changes to the actual work products themselves. The most common term for this process is configuration management. As discussed in Chapter 10, Controlling a Project, this process is related to the project change...