4 Basic Steps of Project Cost Management

Project Resource Planning: the process of identifying the resources required to execute a project and take it to completion. Cost Estimation: the process of quantifying the costs associated with all the resources required to execute the project. Cost Budgeting: the process of allocating costs to a certain chunk of the project for a specific time […]

5 Types of Project Risks

– Financial Risks such as rising costs, inaccurate budget forecasts and increases in labor and materials. – Strategic Risks such as experiencing high employee turnover, or investing in technology that is difficult. – Performance Risks such as team members’ missed deadlines, delays and undefined goals. – External Risks such as changing laws and regulations, market […]

The 3 Constraints of Project Management

Scope: Refers to what must be done to deliver the project’s end result. Includes defining the specific deliverables and the tasks needed to meet the project goal. Time (Schedule): Refers to the time available to complete project tasks and the project itself. Includes the deadlines for project phases, all the major project milestones, and the […]