ProjectEngineer.NET is aims to build better project managers each day. That's why we're launching this video series to teach current and future PMP students about the ten knowledge areas of the Project Management Body of Knowledge (PMBOK). … [Read more...]
How to Use the Payback Period
In the high-stakes world of business, where every decision can mean the difference between thriving and collapsing, the payback period offers a vital tool to assess investment risks. This metric calculates how quickly an investment recoups its initial cost, providing clarity on which projects can fuel growth before competitors seize the advantage. By prioritizing rapid … [Read more...]
PMI Project Knowledge Areas, Video 1: Project Integration
Project Integration is the “mother” to all other project knowledge areas and brings the knowledge and processes together where there is overlap, synergies and flow between other knowledge areas. It has the most processes of any knowledge area at 7 and spans the entire set of process groups. Looking at the Integration knowledge area in more depth, it can be broken down … [Read more...]
10 Famous Project Managers: Leaders Who Shaped Success
Project management is a critical discipline in the modern business world, ensuring that complex projects are completed on time, within budget, and to the required quality standards. Over the years, several project managers have stood out for their exceptional skills, innovative approaches, and significant contributions to their fields. Although some debate will exist … [Read more...]
What is the Internal Rate of Return?
In business, choosing between investment options can be critical to survival, as even promising growth prospects compete against rivals poised to be the first to launch innovative products if you don't make the right decisions, quickly. That's where the Internal Rate of Return (IRR) comes in. It measures the expected annual growth rate of an investment, reflecting its … [Read more...]
The 4 Parts of a Strong Procurement Strategy
Procurement is a critical process for many projects and organizations, enabling the acquisition of external goods, services, consultants, contractors, and suppliers to drive success. While this approach is highly effective for delivering project work, it comes with inherent challenges that must be addressed to ensure seamless execution. A well-defined procurement … [Read more...]
The 3 Main Capital Budgeting Methods
Large corporations often face high-stakes decisions when considering investments in projects like new plants, high-rise condos, or major I.T. initiatives. How do they determine which projects are worth investing in? Capital budgeting provides the financial framework to evaluate feasibility and compare potential investments. When organizations generate profits, they … [Read more...]
The Components of a Procurement Management Plan
Effective procurement is vital for project success, ensuring the timely and cost-efficient acquisition of goods and services. A procurement management plan, as outlined in the Project Management Body of Knowledge (PMBOK Guide), is a key component of the overall Project Management Plan. It provides a structured approach to managing external purchasing, distinct from the … [Read more...]
10 Qualities of a Project Leader
There is nothing more powerful than a project manager who utilizes one of the three main project management methodologies but focuses most of their effort on being a strong leader. That's because the common denominator in all projects is people. Project management involves alot of charts, numbers, and methodologies—but at its heart is leading people. A truly … [Read more...]
When Scope Creep Becomes Scope Gallop
You've probably been there. A project manager gets a weekly report that shows the project's time and expenses, and it's a little too high. The project hasn't advanced as far as its expenses have. Someone, somewhere has introduced inefficiencies that now need to be addressed. This is scope creep, the unauthorized inclusion of unplanned work into a project. Scope … [Read more...]