Tag: costs

PM Tip, Week of 18 November

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PM Tip, Week of 29 April

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PM Tip, Week of 10 December

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Practical Budgeting for Project Managers – Conclusion

Budget Risk AssessmentOnce you have created your draft budget, it should be subjected to the same review process as estimates discussed within the course materials. A line by line review should look for all the risks. Depending on your company and/or client policy, having a 15-25% contingency to manage risks is normal. You may want […]

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PMP® Challenge Question – 4/15

Happy Tax Day! Just a little late with the post since I took the day off in celebration. On 4/1, I asked what does each abbreviation stand for: CR – Cost Reimburseable. This is a contract where the seller is reimbursed for their costs. There is usually a fee or some other payment representing the […]

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Practical Budgeting for Project Managers – Part II

As you start to plan your budget, you should review previous budgets for similar work if they are available. You will need to form the budget based on historical experience and performance, plus your current WBS and estimates. When the schedule is created, you will need to look at resource availability. The most difficult part […]

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Practical Budgeting for Project Managers – Part I

[In a recent update to an online course, Controlling Project Costs and Risks, I added a version of this material] What is a Project Budget?Let’s start with the PMBOK® Guide, Fourth Edition definition: [Budgeting] is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. Project […]

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“Yours, Mine, or Ours”: Is Outsourcing the Answer?

By: Susan Peterson, M.B.A., PMPCopyright 2008, Susan Peterson, All Rights Reserved Both private and public service sector organizations face an ongoing challenge to determine whether functions should be performed internally or externally. While much is written about how to make this decision from an organizational strategic perspective, there are few guidelines for the project manager […]

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Just Think of all the Money That We’ve Saved!

[This week I’m pleased to announce that Susan Peterson, a long time colleague and admired author will be joining The Project Notebook as a monthly contributor. Up to this point, The Project Notebook has focused on Project Management basics and topics related to project control. With Susan’s contributions, as well as a new direction for […]

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Look Before the Project – Part II

Last week we looked at the BCR — Benefit-Cost Ratio as a way of evaluating a project. This week I’d like to look at a related technique — Total Cost of Ownership (TCO). The purpose of many projects is to introduce a new product or service. Often this new product or service has a later […]

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