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…
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One of the biggest problems facing project managers is the lack of on-time project progress data. By the time progress information reaches them on a weekly or monthly basis, a lot of precious time has already been wasted, and project management decisions were not made optimally. This post explores a solution to the problem, using…
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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…
DetailsBy 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.
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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
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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.
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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…
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Infrastructure projects generate a lot of information, shared amongst multiple users and stakeholders through the project lifecycle. The question is: how is this information managed? How is it stored, shared, disseminated, accessed, updated? The short answer is: inefficiently. Project data management in Indian Infrastructure projects In a typical Indian Infrastructure project, the method of managing…
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Introduction Key benefits of Integrated Agile Project delivery from a 1.6 billion Oil and Gas project; Project completion ahead of 36 months schedule 90% on time delivery of deliverables 80% deliverables completed within budget 100% quality assurance across all team’s output 80% reduction in errors and rework Key enablers Integrated planning Multiple levels of planning…
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From tough customer to business partner: China Petroleum Engineering (CPE) By Varghese Daniel, CEO, Wrench When we started working with China Petroleum Engineering, Beijing, I had no idea they’d one day help us engineer a partnership with a local technology reseller to deliver Wrench SmartProject (WrenchSP) in China. I did expect positive feedback like “reduced delays” and “lowered costs”,…
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