Before you begin developing the schedule of a project, you need to know the expected durations of all activities of a project. Project management frameworks such as the PMI’s PMBOK contain different tools and techniques for estimating durations. The expected amount of time for the completion of an activity is the basis for developing the …
Estimating Activity Durations: Definition, Methods, Practical Uses Read More »
Estimating cost is an important process in project management as it is the basis for determining and controlling the project budget. Costs are estimated for the first time at the beginning of a project or even before a project has started. Subsequently, the (re-)estimation of the project cost is repeated on an ongoing basis to …
Estimating Cost of a Project: Techniques and Examples Read More »
Managing cost, performance and progress is one of the most important responsibilities of a project manager. In practice, this is usually one of the areas that receive a lot of attention by project sponsors, steering committees and other stakeholders, given that the budget is often one of the relevant constraints of a project. Despite its …
Earned Value Analysis & Management (EVA/EVM) – Definition & Formulae Read More »
When you prepare a project in line with PMI or other established project management methodologies, you will have to create a project business case. This business case is usually a study on the expected qualitative and financial benefits of a single project or different project options. An essential part of this process is the cost-benefit …
Cost-Benefit Analysis for Business Cases (Definition, Steps, Example) Read More »
Agile project management refers to the management of agile projects, being the counterpart to traditional project management in (relatively) predictive projects. What Is Agile Project Management? Agile project management – originally referred to as “Agile Software Development” – is a set of principles and values rather than a methodology. They have their roots in the …
What Is Agile Project Management? Definition & Agile Methodologies. Read More »
After you have defined the scope of a project and created the scope baseline, you will likely start developing the project schedule. The approved schedule will become the schedule baseline of the project which the basis for the cost baseline and performance measurement. In this article, we will guide you step-by-step through the process of …
How to Create a Project Schedule Baseline (6 Illustrated Steps) Read More »
Project managers typically use Gantt-charts, milestones and start/finish dates to measure and report the progress of a project. These are common examples of tools and techniques that help visualize the project schedule and allow for transparent schedule communication and controlling. The schedule baseline is the stakeholder-approved foundation of the schedule of a project. It is …
Project Schedule Baseline: Definition | Purpose | Example Read More »
One of the key tasks in project management is the tracking of the progress and performance of a project. As a prerequisite, the criteria for measuring performance need to be clearly defined and agreed by the project’s stakeholders. This is done by establishing a performance measurement baseline (PMB) thay serves as the yardstick for the …
Performance Measurement Baseline: Definition | Example | 6-Step Guide Read More »
‘Scope’ is probably one of the most common terms in project management. Often, the scope of a project is subject to different views and intensive discussions among stakeholders, project managers, and team members. A scope baseline is therefore a ‘must’ in every project: it defines and documents the scope of a project clearly and in …
Scope Baseline: Definition | Example | 4-Step Guide | Uses Read More »
Compiling a cost-benefit analysis for different project or investment alternatives can be a burdensome exercise. Collecting data from numerous sources, coming up with assumptions, calculating different approaches, and interpreting the results can be confusing even for experienced project managers. This checklist will help you to conduct a cost-benefit analysis in a structured and well-organized way. …
Cost-Benefit Analysis Checklist for Project Managers (Free Download) Read More »
Managing the involvement of stakeholders is one of the most challenging yet important tasks of a project manager. However, there tools and techniques such as the stakeholder engagement matrix that facilitate and improve a project’s stakeholder management significantly. The Stakeholder Engagement Assessment Matrix is a simple yet powerful project management technique to document desired and …
Stakeholder Engagement Assessment Matrix: Uses & Example Read More »
When you are working in an agile project or aim to use agile methods, agile release planning can be a critical technique for IT- and product-centric projects. Agile release planning is listed as a scheduling technique in the PMBOK (PMI’s Project Management Body of Knowledge). It is therefore also relevant for the Project Management Professional …
Agile Release Planning in Hybrid and Agile Projects Read More »
When the cost of projects (or parts of a project) is estimated, the accuracy of these estimates depends on various factors. These include but are not limited to the availability and quality of information and the estimation technique used. The available options and data to estimate costs typically vary among the phases of a project. …
Definitive Estimate vs. ROM/Rough Order of Magnitude (+ Calculator) Read More »
When you need to schedule the activities of a project you might want to consider using a project schedule network diagram. This is a proven technique for determining and documenting the sequence of activities taking interdependencies among them into account. It is also suggested by the Project Management Institute’s framework (PMBOK® Guide, 6th ed., ch. 6.3.3.1). …
Project Schedule Network Diagram: Definition | Uses | Example Read More »
When you determine the sequence of activities in a project you need to pay attention to dependencies between these activities. Some activities might require predecessor or successor activities to be completed or started before they can be started or completed themselves. According to the Guide to the Project Management Body of Knowledge (PMBOK®, 6th ed., ch. …
PDM – Precedence Diagramming Method [FS, FF, SS, SF] (+ Example) Read More »