In project management, getting an early indication of cost escalation is the silver bullet that allows the project manager to correct the problems before they start. Keeping a firm grip on costs is essential to delivering success, yet budgets often spiral, deadlines slip, and stakeholders grow restless, leaving managers scrambling for answers. Whether you’re managing a … [Read more...]
Every project has a backbone—a sequence of tasks that, if delayed, could throw the whole thing off course. That’s the critical path, the lifeline that determines your project’s shortest possible timeline. Mastering it isn’t just a neat trick; it’s how you spot bottlenecks, prioritize resources, and keep deadlines from slipping through your fingers. It’s a game-changer … [Read more...]
In project management, gut feelings and guesswork can only get you so far—eventually, you need cold, hard numbers to tell you if you’re winning or sinking. Earned Value is a method of calculating project status. It does this from two perspectives: Time (schedule) and Cost. After applying the earned value method the project manager will know whether the project … [Read more...]
Project management can feel like navigating a maze—tight budgets, shifting timelines, and endless variables vying for your attention. How do you know if you’re truly on track? Earned Value Analysis (EVA) is a powerful method that blends cost, schedule, and performance into a clear picture of project health. Whether you’re a seasoned PM or just dipping your toes into … [Read more...]
I'm continually amazed at how many project managers, even in large, important projects, do not know the true status of their project until near the end, when there is little that can be done to ensure they finish on time or budget. The proper time to rigorously track project status is at the beginning, not at the end. This is when project risk can be managed and … [Read more...]
Nothing derails a project faster than shaky cost management—a misstep that can turn even the best-laid plans into a financial quagmire. That’s why mastering project budgeting and cost control is a non-negotiable pillar of effective project management. Fortunately, the Project Management Body of Knowledge (PMBOK) provides a robust, time-tested framework to keep costs in … [Read more...]
In project management, accurate cost and time estimates can make or break a project’s success. Bottom-up estimating offers a granular approach to forecasting by breaking tasks into smaller components and building estimates from the ground up. In this blog post, we’ll explore how this method drives precision, fosters accountability, and empowers teams to deliver projects … [Read more...]
Earned Value is a method used by project managers to calculate the current project status and predict future project performance. In this post we will outline each earned value formula. Planned Value (PV) Earned Value (EV) Actual Cost (AC) Schedule Variance (SV) Schedule Performance Index (SPI) Cost Variance (CV) Cost Performance Index (CPI) … [Read more...]
Poor project cost management is one of the easiest ways to make a project go awry. Hence, good project management requires a firm grasp on the concepts and techniques in project budgeting and cost control. Thankfully, the Project Management Body of Knowledge (PMBOK) gives us a strong foundation in this area. Project Cost Management is the fourth of 10 project … [Read more...]
The real benefit of the earned value method is in the early warning signal it provides. In my previous life at a large engineering company, I saw many project managers get to a monthly billing cycle before they realized the project was behind, and even then they would rationalize it by deciding their project team was going to be more efficient in the next cycle. … [Read more...]
