Completing the projects within budget is a subject of very high interest for project managers. Unfortunately. cost over runs continue to be very common. As per recent Economic times report; 360 infra projects show cost overruns of Rs 3.88 lakh crores The average time overrun in 550 delayed projects is 39.24 months. “Total original cost…
The planning, organizing and delivery of large projects are extremely complex. The success or failure of such projects are determined by the project strategy. Large projects also involve many different stakeholders entering and exiting the project life cycle at different stages with different roles and responsibilities. Some of them can have conflicting interests. The complexity…
By harnessing the power of electronic data management and earned value management systems, engineering progress monitoring and control can be improved considerably resulting in improved project velocity.
Divide and rule is the philosophy behind developing the Work Breakdown Structure (WBS). Creation of WBS happens after scope definition and before the development of the project schedule. Once the requirements are collected, and the scope is defined, then it is time to decompose the scope into a Work Breakdown Structure (WBS). The WBS is a deliverable oriented grouping of work. It decomposes the complete scope of the project into smaller manageable components known as Work Packages. WBS provide the break up of work that needs to be performed to construct and deliver the deliverables of the project. Read more
How do you choose the right project strategy?
In this post, we discuss how an overall project strategy is formed from various sub-strategies, and how these sub-strategies guide decision-making and action.
Recent paradigm shift in scope definition Traditionally, the project management metrics of time, cost, scope and quality have been the most important factors in defining the success of a project. More recently, practitioners and scholars have determined that project success should also be measured with consideration toward achievement of the project objectives1. That means, as…
Should we go for PMI’s PMBOK or AACE’s TCM?
When is Earned Value Management (EVM) applicable?. In this blog we examine the building blocks of Earned Value Management System
“Work Breakdown Structure (WBS) is a deliverable-oriented grouping of work.” Project Management Body of Knowledge (PMBOK), Version 6.
Why stakeholder mapping is a critical for your project success?