Project

Title and Example of Stakeholder Engagement Assessment Matrix

Stakeholder Engagement Assessment Matrix: Uses & Example

Communications & Stakeholder Management / By

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 …

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How Project Management Software Improves Productivity

Tools & Templates / By

The success of a business project relies heavily on a number of factors: individual and collective expertise of the team members, budget, resources, communication, and productivity among other things. Productivity, however, is becoming a serious concern for many project-based firms. According to a recent productivity survey by VoucherCloud that interviewed nearly 2,000 employees, the average …

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Performance Prism Overview

Performance Prism for Performance & Stakeholder Management

Tools & Templates / By

Projects take place in organizations that are normally applying a form of performance management. Do you know the balanced scorecard, for instance? – “Of course!” You will say. It has been on everyone’s lips for many years and is used in many companies. The performance prism is a related concept that emphasizes the needs of …

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Title Balanced Scorecard Project Management

Balanced Scorecard in Project Management – Uses, Pros & Cons

Tools & Templates / By

The Balanced Scorecard, or Integral Scorecard, is a strategic management methodology used to define and monitor the strategy of an organization. Robert Kaplan and David Norton created this methodology in 1992 (original article). The Balanced Scorecard was originally developed as a tool to implement the corporate strategy and is a common method in companies of …

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Project members in a conference room

Number of Communication Channels (+ PMP® Formula & Calculator)

Communications & Stakeholder Management, Project Management, Tools & Templates / By

The PMI methodology, set out in the Project Management Body of Knowledge, introduces the number of potential communication channels as a part of the communication requirements analysis. This type of analysis is a tool and technique of the “Plan Communications Management” process (ch. 10.1.2 in the PMBOK®, 6th edition). The goal of this analysis is …

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Estimating the cost of a project

Estimating Cost of a Project: Techniques and Examples

Estimating Cost, Time & Schedule, Project Management / By

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 …

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Title schedule variance

What Is Schedule Variance (SV)? Definition, Formula, Example, Calculator

Earned Value Management, Tools & Templates / By

When you are in the process of controlling the schedule of your project, or when you are preparing for your PMP exam, you will likely make use of the Schedule Variance (SV) at some point. This is one of the key indicators of the variance analysis which is part of the earned value management of …

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Title COst Variance

What Is Cost Variance (CV)? Definition, Formula, Example, Calculator

Earned Value Management, Tools & Templates / By

You probably came across the cost variance (CV) when you had been reading about earned value management and variance analysis. Whether you are controlling the cost of your project or preparing for the PMP exam – being familiar with the CV is essential to master project cost management. This article introduces the concept of cost …

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What Is the Benefit Cost Ratio (BCR)? Definition, Formula, Example.

Cost-Benefit Analysis / By

The Benefit Cost Ratio (BCR), also referred to as Benefit-to-Cost Ratio is an indicator that is typically used within a cost benefit analysis. In project management, the benefit cost ratio can support the cost-benefit analysis of a business case. The PMI Project Management Body of Knowledge lists the BCR under project success measures, next to …

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Net Present Value Title Pic

What Is the Net Present Value (NPV) & How Is It Calculated?

Cost-Benefit Analysis, Tools & Templates / By

When you perform a cost-benefit analysis and need to compare different investment alternatives with each other, you might consider using the net present value (NPV) as one of the profitability indicators. In project management, the NPV is commonly used and also listed in PMI’s Project Management Body of Knowledge (source: PMBOK®, 6th edition, part 1, …

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