Critical Thinking: Create a Parametric Estimate

by Joseph_Phillips on November 8, 2012

One of the concepts I discuss in Project Management for Small Business is how to create a parametric estimate. Think about this scenario: You are the project manager of a project to install 2,450 light fixtures through a college campus. Each light fixture will cost $175 to purchase. You and your project team installs 40 […]

PMBOK Chapter 8 Overview: Quality

by Joseph_Phillips on November 1, 2012

In this reading you will build on many of the concepts you have learned about in The Guide to the Project Management Body of Knowledge. You’ll explore the cost estimating approach in a typical organization and stresses the concept of having the correct people create the cost estimate. The concept of phased estimating is explored […]

How Do You Estimate Costs?

by Joseph_Phillips on October 25, 2012

Do you actually estimate costs for your projects or are you assigned a budget? Or is the budget a mystery that you’re not allowed to see? Questions! The most reliable cost estimate is the definitive estimate. The definitive estimate, sometimes called the bottom-up approach to cost estimating, requires the WBS. As the WBS depicts the […]

PMBOK Chapter Seven Overview: Costs

by Joseph_Phillips on October 18, 2012

This chapter in The Guide to the Project Management Body of Knowledge explores the entire concept of creating cost estimates, determining the project budget, and then controlling project costs. These are the only three processes that you will use in project cost management. These three processes, however, are balanced with scope management and schedule management […]

PMP Alert: Manage the Money and the Project

by Joseph_Phillips on October 11, 2012

Project management is rarely free or cheap. Projects costs money and it’s the project manager’s responsibility to manage the work to help control the project costs. One of the most important questions stakeholders will want to know from you, the project manager, is how much the project will cost. To give an exact price for […]

My Mind on My Money

by Joseph_Phillips on October 4, 2012

One of the first question you’ll be tasked with answering in project management is how much the project will cost the organization. Chapter 7 in my book addresses this concern directly. This chapter will help you build a strong foundation in cost management. Cost management is comprised of three project management processes: cost estimating, cost […]

When You Gonna Be Done?

by Joseph_Phillips on September 27, 2012

Crashing the project schedule allows a project manager to add more resources, in particular labor, to a project in order to complete the project faster than what was originally estimated. Crashing typically increases costs because the project must pay for the additional labor. The cost of the labor should be less than the reward for […]

PMP Alert: It’s About Time

by Joseph_Phillips on September 20, 2012

While The Guide to the Project Management Body of Knowledge defines all of the needed processes to create and control a project schedule, you should read Chapter 7 in my All-in-One CAPM/PMP Book for the practical application of the processes. In this chapter you will read about the planning overview and the steps to identify […]

PMBOK Guide, Chapter 6 Overview

by Joseph_Phillips on September 13, 2012

Chapter 6 in The Guide to the Project Management Body of Knowledge and my All-in-One CAPM/PMP Book focuses on how to create and control the project schedule. The first process you will read about is defining the project activities. In order to define the project activities you will need the work packages from the WBS. […]

Fundamentals of Project Scheduling

by Joseph_Phillips on September 6, 2012

The project schedule is one of the three constraints of project management, where costs and scope are the other two. The amount of time that a project has available to complete the project scope must be in balance with the size of the scope and the amount of funds available for the project. In other […]