A Statement of Work (SOW) is a critical project management document that outlines the work required from external contractors, vendors, or suppliers. Whether embedded in a contract or issued as a standalone document, the Project Management Body of Knowledge (PMBOK) defines the SOW as the technical description of a project component’s work. It is generally interchangeable … [Read more...]
Top Down estimating is a project estimating technique whereby the overall project is estimated first, and individual tasks are apportioned from it. You start from the top of the pyramid and work downwards. This approach shines when budgets are fixed or scope must align with limited funding, a reality for most projects far from the lavish resources of King Tut’s … [Read more...]
Stakeholders are the lifeblood of any project. From project inception through to completion, stakeholders contribute vital resources, insights, and support. Their engagement ensures that the project remains aligned with its goals and responsive to changes. Yet, stakeholders are as unique as the human race. Whether investors funding the project, community members … [Read more...]
All projects have stakeholders. Like any area of life, no projects exist inside of a bubble. Although some more than others, every project must have a project sponsor (as a minimum) who created the project and expects some sort of deliverable. But most projects have so diverse an array of stakeholders that they must maintain a list in order to manage their … [Read more...]
Effective project cost management is the cornerstone of successful project delivery, as mismanaging costs can swiftly derail even the most promising initiatives. Project costs encompass a complex interplay of resources, time, and effort, yet stakeholders often focus solely on the bottom line, forming quick judgments based on financial outcomes. To navigate this … [Read more...]
Keeping project costs under control can feel like swimming against the current sometimes. To prevent you from going up the creek without a paddle, a Cost Management Plan is the guiding document which allows you to take fast, decisive action when issues arise and the sharks are circling. As a critical component of the overarching Project Management Plan, the Cost … [Read more...]
Stakeholders' influence on a project, whether through real or perceived effects, can range from minor to game-changing. It is without a doubt that they play a critical role in shaping a project’s success—or its challenges. A stakeholder is anyone impacted by the project. Some champion the project, while others may resist it, and their "stakes" vary in size and … [Read more...]
Gantt charts are a powerful way to visualize project timelines and tasks. In fact, they are one of (if not the) the most important tool in the project manager's toolbox. But that being said, they don’t have to be complicated! In this post, we’ll explore three simple Gantt chart examples that anyone can create, whether you’re managing a small project or planning a big … [Read more...]
Creating a Gantt chart in Microsoft Excel is easier than you might think! With just a basic understanding of Excel, you can build a clear and effective Gantt chart in about 10 minutes. In this guide, I’ll walk you through the simple steps to create one from scratch. Step 1: Enter the Task data The first step is to enter your tasks in table form in Excel. The following … [Read more...]
The Work Breakdown Structure (WBS) Dictionary is a vital companion to the Work Breakdown Structure (WBS), providing detailed metadata about project tasks. While the WBS outlines task names, such as 'Build Fence,' these names alone lack critical context. The WBS Dictionary enriches this framework by documenting essential details, ranging from task descriptions and … [Read more...]
