20 Major Concepts of Project Risk Management with Examples Risk Management It is the process of Identifying Risks, evaluating them, Planning & Implementing Responses to Risks, and Monitoring all these processes Project Risk An uncertain incident that may occur or has already occurred during any stage of project work is known as a risk. Also …
Cost Reimbursable Contracts Also known as Cost Plus (CP) contracts. In Cost Reimbursable Contracts, the Seller is reimbursed for completed work plus a fee representing his profit The Seller produces the original invoices to ascertain actual costs incurred Scope Creep is an inherent drawback of this contract, especially when the requirements are unclear Cost Reimbursable …
What is a Contract? A contract is a mutually binding agreement that obligates the Seller to provide the specified products, services, or results; and obligates the Buyer to pay the Seller for the said products, services, or results. It represents a legal relationship that is subject to remedy in the courts. Contract Types Contract Types …
Reasons for Project Procurement Scarcity/Unavailability of in-house Competence Cost constraints Less Requirement (Cost Effectiveness) Time constraints Brand preference Project Procurement Concepts & Outsourcing Reasons Important Procurement Concepts Bidding It is the entire process from the time the Buyer/Seller advertises his intention to buy/sell goods or services to the signing of Agreement between the Buyer and …
Conflict Resolution Conflicts on a Project are inevitable and need to be resolved in a timely manner and constructive way to achieve a high-performing team Influencing It is being persuasive and being able to acquire the required resources for the Project; achieved through clear articulation of points, active listening, data collection, awareness of all points …
In this article we will be discussing both traditional and modern Tuckman’s model along with relevant real world examples, cases and solutions. The Digital Evolution of Tuckman’s Model: Enhancing Team Collaboration in the Virtual Era Modern Insights into Tuckman’s Model Tuckman’s model has evolved in the digital era, where virtual teams, remote work, and cross-functional …
When to perform earned value analysis? Any time At Actual completion of Activities, Work Packages or at Actual Milestones (best) Key Terms in earned value analysis: Current Schedule & Cost Performance Budget at Completion (BAC) Planned Value (PV) Earned Value (EV) Earned Schedule (ES) Actual Cost (AC) Actual Time Schedule Variance & Performance Index wrt …
Precedence Diagram A Diagram in which Activities are represented as Nodes, linked by Arrows which represent sequence in which activities stop or start is called precedence diagram. PDM includes four Dependencies (Precedencies) or Logical Relationships between Activities Finish-to-Start Start-to-Start Finish-to-Finish Start-to-Finish Predecessor Activity is the one that logically (chronologically) comes before the Successor Activity A …
Tools for Project Resources Estimation with Examples Tools for Project Resources Estimation Rough Order of Magnitude (ROM) Estimation Analogous Estimation of resources Parametric Estimation of project resources Three-Point Estimation: Triangular Estimation (Simple Average) Beta Estimation (Weighted Average) Points to Note: Each method has strengths and weaknesses Estimation should be based on several methods, which should …
Project Scope Project scope is the combination of both product and non-product scope. Product Scope + Non-Product Scope = Project Scope ‘Non-Product Scope’ (‘HOW’ of the Product) How to achieve the Product: Planning, Execution, Management, Logistics etc.) Product Scope (‘WHAT’ & ‘WHAT NOT’ of the Product) Note: Scope ‘Exclusions’ must be in context & realistic …
What is a Stakeholder? Anyone who affects or get affected in any way by an organization like organizational decisions, its products/services or its deliverables is considered as a stakeholder. It can be an internal stakeholder or outside the organization. Define Stakeholder, its types and engagement strategies Internal vs External Stakeholders Sponsor (External/Internal) Project Team (Internal) …
Schedule compression techniques are used to bring project back on Planned Schedule (Schedule Baseline) by Fast Tracking or Crashing the Schedule for the Remaining Work Crashing If schedule compression is required, then critical path activities are adjusted by adding or removing some activities from it without changing the actual project scope. Trades Time for Money; …
Project Life Cycle The sequence of stages a project undergoes from its start till completion is considered as project life cycle: Concept Development → Feasibility Study → Design → Prototype → Build →Test → Handover (Close) However, most literature depicts the Life Cycle in terms of the 5 overlapping Process Groups which represent activities performed …
Thorough Definition of a Project with Examples A Project is a one-time venture undertaken to create a distinctive Product, Service or deliverable → Product, Service or Result as known as Deliverable Detailed Elaboration of Project definition Temporary (one-time endeavor means) One-Time, with definitive Beginning & End A Project ends when the project’s objectives have been …
List of 40 Activities for Network Diagram Project Here is the list of 40 activities to make a network diagram and network table for your stats, operation research or project management assignments or final projects. Topic Name; A Trip to Neelam valley and Azad Kashmir The Trip has been arranged by Muhammad Taha. He is …
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