Use Expected Monetary Value (EMV) to Create a Risk Contingency Budget Expected monetary value (EMV) is a risk management technique to help quantify and compare risks in many aspects of the project. One use of EMV is to make risk-based financial decisions. Another use is to help you create a risk contingency budget. EMV relies on two […]
Here are Six Ways to Communicate Project Status Most of us still create some variation of a paper status report (free template here) to communicate progress on our project. I remember when these reports were printed on paper. An old manager of mine once asked me to review a large binder of paper status reports […]
Use These Two Great Techniques to Help You Plan Your Projects Project Planning – Work on the Project Charter, Schedule and Budget Simultaneously There is not a sequential order between chartering a project, building the schedule and estimating the total cost. That is, you do not have to completely charter the work first and then […]
You Need to Collect Metrics. Here are Two Approaches. There are two approaches for organizations looking to start collecting metrics. One is a formal, structured approach and one is an unstructured “let’s just do it” approach. The Structured Approach One way to get a metrics program started is to get a set of key stakeholders together […]
Do You Take Risks? Then You Understand Positive Risk. Risks are future events or conditions that have a probability of occurring and an impact to your project. You usually always think of risks as being bad. That is classic risk management. However, is it true that all risks are bad? Let’s say your project was going […]
Use These Eight Elements Within Your Procurement Plan There are many documents used in the procurement process. The Procurement Plan is a part of the overall Project Management Plan. The document describes how items will be procured during the project and the approach you will use to manage vendors on the project. Specific areas of the Plan […]
Five Things You Need to Know About Action Items An action item is an ad-hoc work activity that requires follow-up execution. By their nature, action items normally cannot be planned for in advance. They arise on an as-needed basis during meetings or as a by-product of working on something else. There is no Knowledge Area […]
Six Reasons Companies Struggle Implementing Project Management There are many companies that do not have common project management processes, templates, approach and skills. One initial observation is that companies that don’t manage projects well are usually run by senior managers who never learned formal project management themselves. It is hard for them to lead culture change around […]
Portfolio 101 – Six “Validates” to Authorize Projects When projects get approved they should be placed on a pipeline until the organization has the capacity to staff the project. It might seem that once a project makes it through the approval process there is a commitment to start immediately. This is not the case. There […]
Who Are Green Stakeholders? Recap of GreenPM: GreenPM® integrates environmental thinking (“GreenThink”) into all of the project management processes. The point about GreenPM is not that you make every decision in favor of the one that is most environmentally friendly. The point is that you start to take the environment into account during the decision-making process. You might […]
