 Having a thorough budget the project manager can make better decisions regarding the constraints (time, cost and scope) to successfully complete the project while satisfying stakeholders’ needs and understanding the implications on the PM schedule and resource allocation. For example, the project budget helps determine what the scope items should be included in the PM plan and which items should be removed from this document. Alternatively, if one of the key constraints is to complete a project before a specified date, then the project budget will help you determine the degree of schedule crashing permitted so that you can deliver the project on-time.
Project budget management is a process of formally identifying, approving and paying the costs or expenses incurred
...
Read more »
|
 Work breakdown structure (or WBS) is a hierarchical tree structure that outlines your project and breaks it down into smaller, more manageable portions. The goal of a WBS is to make a large project more manageable. Breaking it down into smaller chunks means work can be done simultaneously by different team members, leading to better team productivity and easier project management overall1. Creating WBS enables to have accurate assignments of responsibilities to the project team, it indicates of project milestones and control points, allows to estimate the cost, time and risk, and also, illustrates the project scope.
Basically, WBS has a necessary role for attaining success in project management because as I mentioned above it serves many advantages whi
...
Read more »
|
 To begin with, scope management initially compasses establishing the scope plan which illustrates how the scope of the project will be defined and conducted throughout the project processes. This involves the project manager, the project sponsor, the project team members, the selected stakeholders, and also others who are accountable for any of the scope management processes. In order to create the scope plan, the processes basically include the collecting requirements, defining scope, and creating work breakdown structure (abbreviated WBS). The main input to this process is the project charter, and the two main outputs are the scope plan itself and the requirements management plan.1
Specifically, as a first step, collecting requirements is the procedure that we determine and doc
...
Read more »
|
 In project management, one of the essential decision is the designed form of organizational structure which will be utilized for the project. The organizational structure has the major impact on the project management because while the design of organizational structure is defined it considers its project characteristics and environment. So, when the well-chosen organizational structure is conducted, it will definitely facilitate the implementation and application of project activities. Furthermore, the organizational chart of project management sets up the formal relationships among the project manager and the project team members, also minimize the disruptions and conflicts while the interactions with one another.1
A project manager is the person who is responsible for conducting and completing the project from its inception to closure including pla
...
Read more »
|
 In project management, one of the essential decision is the designed form of organizational structure which will be utilized for the project. The organizational structure has the major impact on the project management because while the design of organizational structure is defined it considers its project characteristics and environment. So, when the well-chosen organizational structure is conducted, it will definitely facilitate the implementation and application of project activities. Furthermore, the organizational chart of project management sets up the formal relationships among the project manager and the project team members, also minimize the disruptions and conflicts while the interactions with one another.1
A project manager is the person who is responsible for conducting and completing the project from its inception to clos
...
Read more »
|
 According to Rachel Burger, senior manager of Capterra Construction the critical path is just a fancy way of saying, ‘How long does each task take before you can finish the project’. In theory, critical path method is used to estimate the minimum project duration, schedule flexibility and network path. In more simple way, “Some of the activities must happen in parallel. That is to say, if you tried to make a fried breakfast by doing one task at a time, and one after the other, things would go wrong. Certain tasks must be started before others, and certain tasks must be completed in order for others to begin. The plates need to be warming while other activities are going on
...
Read more »
|
 There are many people around us who failed on the halfway of their life just because of not being aware of exactly what work has to be done before they start to accomplish it. In general, those people concentrate more on final goal and the ways toward it which result in missing the big picture and the meaning of working on that aim. In business world, managers have a collection of team members, and they need to realize and explain exactly what they’re going to do before taking an action. Therefore, when the team start the any kind of project, members and manager should have a
...
Read more »
|
 Producing new software, construction of new hotel, creating innovative product, all these can be a type of projects. In fact, they may not. They may stay being ideas or intentions meaning that without right directions or management they could not be completed as projects. One of the key factors of turning ideas to successfully achieved projects is human factor, namely project manager that can be recognized as the person who keeps all the elements of a project together, or simply as a leader.
The effective project manager is someone who handles both the knowledge and management portions of the business by applying his/her certain skills such as knowledge, performance and interpersonal. In general,
...
Read more »
|
 Projects are one of crucial factors which contributes change and improvement of world. No matter whether goal is to split the atom, introduce new Windows software, constructing one more Trump Tower at another country, or organize next Formula games, good designed project and effective management of it can turn scary ideas to the great achievements. For instance, Apple’s development of IPod or IPad tablets was just an idea or intention at the beginning, however when realizing todays success of Apple, it becomes certain that due to effective planning, control and implementation, IPod and IPad are incredibly popular products and main contributors to the firm’s profit. For this r
...
Read more »
|
 Projects are one of crucial factors which contributes change and improvement of world. No matter whether goal is to split the atom, introduce new Windows software, constructing one more Trump Tower at another country, or organize next Formula games, good designed project and effective management of it can turn scary ideas to the great achievements. For instance, Apple’s development of IPod or IPad tablets was just an idea or intention at the beginning, however when realizing todays success of Apple, it becomes certain that due to effective planning, control and implementation, IPod and IPad are incredibly popular products and main contributors to the firm’s profit. For this reason, nowa
...
Read more »
|
 Imagine that you have a company and want to do your job the most efficiently. As we know each project has dozens of details and fields. Let’s compare two situations:
- You want to build a building and you arrange only one worker for this task. This worker has to work on all the fields and this is obvious that this is not efficient way of managing the project. Because of wasting time during this period, you will also lose money.
- In the other case, you arrange enough workers for all fields and save time and money. Before starting any project, project manager has to plan everything detail by detail and divide into different parts.
This is called WBS. A Work Breakdown Structure (WBS) is used for breaking down a project into easily manageable components, or bites. Here we'll break dow
...
Read more »
|
 Project management is like an art. If you want to attract people’s attention in the theatre play, your play must be specific, realistic, and time-bound because people are coming there to see something new, different things. Today’s global world demands to be punctual in both theatre play and project management, if you do not finish your play on time, everyone will leave the event and you wil not get the best result from this event. It is the same in the PM, too, if you do not finish the project on time, it means that you will loose your reputation and at the same time money.
Specific: The goal should target a specific area of improvement or answer a specific need (1). To be specific in project management helps people who have basic de
...
Read more »
|
 The network diagram consists of many paths, and the characteristics of ones are that they are starting from one point and finishes in another point. These paths are differentiated from each other because of their durations, and the one that lasts the longest period is named the critical path method. The critical path method is a step-by-step project management technique for process planning that defines critical and non-critical tasks with the goal of preventing time-frame problems and process bottlenecks. (1)
The application of the critical path method consists of several steps:
- Define the required tasks and put them down in an ordered list.
- Create a flowchart or other diagram showing each task in relation to the others.
- Identify the critical and non-critical relati
...
Read more »
|
 Project Scope can be explained as a naughty child in a family. Sometimes, families provide their child with everything he wishes, and as a next stage, a child does not know the boundaries of his family and dreams. Project Scope is also a similar version of this scenario. If you do not put boundaries of any project, project manager and supervisor may face some waste of assets during this period.
Scope Management techniques help project managers to allocate just the right amount of work necessary to complete a project successfully (1). In the project scope, there are some requirements that should be included as below:
- Interviews
- Focus groups
- Group creativity tec
...
Read more »
|
 One of the first tasks when managing a project is the cost estimate. A cost estimate
must be accurate, transparent and reliable. These factors are particularly important for a small business because its resources are limited. Using standard techniques give accurate results, and their reliability is high as long as the inputs used for the calculations are exact. When you calculate project costs using effective cost-estimating techniques, you will be able to assign corresponding resources and develop schedules to manage the project the project successfully. (1)
...
Read more »
|
 Before starting the paper, I would like to tell real story about the sponsorship. Once, I and my team had met to Kapital Bank’s the director of the marketing department in order to get sponsorship for our project, I could not forget her impression. She said: “Firstly, have you got an appointment in advance? Do you have a charter of your project? Guys, do you think that you have a chance to get any sponsorship from our bank?”
Before meeting with sponsors, the projects must have their project charter because of preventing them from big financial issues. The basic purpose of a project charter is to authorize the project manager to start the approved project and allow him to use organizational resources to accomplish the obj
...
Read more »
|
 At previous papers we have seen what project and project management are and what is project management life cycle and its phases. In this paper I would like to focus more on human factor in project management and clarify one of its stake holders.
Stakeholders have varying levels of responsibility and authority when participating on a project. This level can change over the course of the project’s life cycle. Their involvement may range from occasional contributions in surveys and focus groups to full project sponsorship which includes providing financial, political, or other support. Some stakeholders may also detract from the success of the project, either passively or actively. Stakeholder identification is a continuous process throughout the entire project life cycle. Identifying stakeholders, understanding their relativ
...
Read more »
|
 Too often, when we say ‘project sponsor’ we think of a person who is responsible who is securing project funds and has a benefit in a case of success of the project. However, in reality the engaged executive sponsor can mean the difference between success and failure. Before discussing the topic in more details, let me tell you a story of one project which demonstrated how crucial the role of the sponsorship is.
The sponsor, let’s call him Mike, was a division manager with 30 years dedicated to the same company. He himself proposed a very good project to outsource half of his division and create a new organization which will hold all assets. For the organization that would be a perfect project because it aligns with the organizational strategy. Moreover, if the project succeeded it would result in cost reduction, improved service levels
...
Read more »
|
 According to Dr. Martin Barners “At its most fundamental, project management is about people getting things done.” It is simply about what you want to achieve, how you are going to achieve it, and how long it will take. Project management contains 5 phases for attaining the success when it is completed which are initiating, planning, execution, monitoring and controlling process, closure. Initially, the goals are defined, objectives are developed to achieve the aims as an initiating part of project management. Furthermore, the project is planned by the determining the scope of project which is necessary enough for estimating the cost and the time required for completing the project. Also, the quality of the materializing the processes is considered within the planning of the project. Thirdly, the execut
...
Read more »
|
 When today’s business environment is analysed, it becomes certain that due to intense competition and globalisation, corporations are looking for the ways to increase productivity with a limited budgets, resources and make correct decision in order to continue their operations successfully. Therefore, increasing effective and efficient usage of resources and gaining competitive advantage requires great ability of management of certain tasks or projects in a timely manner which overcomes challenges, makes a company flexible to adjust to change and achieve higher performance. For this reason, project management becomes essential to most corporations since it contributes to the overall success of firms.
Before realising the meaning and role of project management in business world, it is useful to analyse what the project its
...
Read more »
|
There are some certain skills that are obligation for a proejct manager to be most successful, as project manager is a “must” for every project. It is thought that the project finishes when all the stages below are done:
* Project Integration Management
* Project Scope Management
* Project Time Management
* Project Cost Management
* Project Quality Management
* Project Human Resource Management
* Project Communications Management
* Project Risk Management
* Project Procurement Management
* Project Stakeholder Management
In order to be named as a professional project manager, you must pass some tests completely and get certificate in this field. Studies show that 40 percent of participants have failed from the first exam. Despite the fact that this percentage seems a
...
Read more »
|
 Project management is the process of organizing the way that changes are implemented efficiently within an organization. Many businesses achieve their goals by completing projects that contribute to their objectives. Often, projects have a fınite length, involve a number of activities and people, and have deadlines and fixed budgets. Project managers plan and monitor these, and take corrective action when appropriate.
Project management involves planning and organization of a company's resources to move a specific task, event or duty toward completion. It typically involves a one-time project rather than an ongoing activity, and resources managed include human Capital and fınancial Capital. A project manager helps to define the goals and objectives of the project and determines when the various project components are to be completed and by whom; he also creates quality control checks
...
Read more »
|
 Project management is the art of taking uncertainty and transforming it into (near) certainty. For a given project, constraints are defıned, and the project manager is expected to deliver within those constraints.People mainly think about the “triple-constraints” model of scope, cost, and time, but there are actually six constraints to consider:
• Quality (“Good”)
• Time (“Fast”)
• Cost (“Cheap”)
• Scope
• Risk
•&n
...
Read more »
|
|
