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Projects are a social endeavor. Traditional project management approaches have shied away from the social advantages a more agile project environment brings. By nature, we are storytelling, pattern seeking and social people. We need colocation to shine truly in a project environment.
You are estimating the total project cost using three points for cost estimates with a 95 percent confidence level. What is the cost estimate range if the estimated project cost is $120,000 and the standard deviation is $2,500?
You are the project manager on a construction project where you are deliberating between renting, leasing or purchasing a large piece of equipment. Equipment pricing: Rent at a cost of $2,500 per day; Lease for a 60 day period at $2,500 per day, with a 10% discount; Purchase at a price of $100,000. By looking at your project schedule, you have estimated that you will use the equipment about 50 to 60 days. Based only on price, which decision would you recommend?
Your organization and a seller have just agreed to a contract with a total cost of $150,000, an estimated profit of $10,000, buyer/seller sharing of 70/30 and a ceiling price of $170,000. What is the PTA (point of total assumption)? A. $170,000 B. $160,000 C. $164,2...
If any of the following reminiscences ring true to you, have you moved beyond them? If not, it might be time to make some new discoveries.
As organizations look to do more with fewer resources and leverage scarce knowledge better across their entire organization, we see lots of companies moving to matrix structures. A matrix structure can be defined as “a mixed organizational form in which normal hierarchy is overlaid by some form of lateral authority or influence resulting in two chains of command — one along functional lines and the other along project lines.”
In this blog series, we'll get you up to speed on using the key tools listed in the PMBOK® Guide, including Decision Tree Diagrams.
Most project team members report to a functional manager who controls their assignments, performance appraisals, raises, bonuses, etc. Until recently, project managers (PMs) had little input into any of these processes. In this paper, learn how a PM working in a functional or matrix organizational structure can get team members to perform.
In this blog series, we'll get you up to speed on using the key tools listed in the PMBOK® Guide. First up, Work Breakdown Structure (WBS).
The tools described in this white paper are essential PM tools. Tools that will best be used, regardless of the project, are the WBS, communication model, and the precedence diagram. The other tools will be needed depending on the project.