Estimating is one of the most controversial subjects in project management. Project estimation can even make the best project management experts pull their hair out. We all know that cost and time overruns can lead to project failure. The challenge with estimating is that it always involves some uncertainty. Some of the factors that contribute most to this uncertainty are:
Experience with similar projects: The less experience we have with similar projects, the greater the uncertainty. If we’ve managed similar projects, we will be able to better estimate the costs.
Project duration: The longer the project, the greater the uncertainty. If our project is of a short duration we are more likely to account for most of the costs. Also, we will be able to better estimate costs for the time periods that are closer to the present.
People: The … Read More »
“So, how is your project going?” This is a question project managers are frequently asked by the project sponsor, customer and other stakeholders. One technique used by project managers to explain progress is to plot the plan spend curve and the actual cost expenditure curve as shown in the diagram below. The curve looks good, but what can we tell about the health of this project based on this graph? Is our project team accomplishing the planned work and doing it for less money? Or is the team behind schedule? The point is this curve does not provide sufficient information to properly communicate how the project is going.
To provide the essential information about project progress we need to apply Earned Value Management (EVM). Current performance is the best indicator of future performance, and, therefore a useful … Read More »
With effect December 2019 the PMP exam is to be structured around three domains, including the first domain: Leadership and Teambuilding that will represent 42% of the marks. This topic is not addressed in the PMBOK, hence this blog article.
However, a much more thorough explanation of project management soft skills is the subject of my soon to be published book “Princess – A Soft Skills Companion for Prince2” that explores the human factor that every project manager, regardless of the project management methodology applied, should master whether or not we are contemplating the PMP credential. “Princess” will address the following topics:
Chapter One: Introductory Stuff
Chapter Two: Leadership and Project Teams
Chapter Three: Communication
Chapter Four: Stakeholder Engagement
Chapter Five: Delegation
Chapter Six: Motivation
Chapter Seven: Personal Time Management
Chapter Eight: Issues, Problems and Decisions
Chapter Nine: Negotiation and Conflict … Read More »