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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).
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.
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.”
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...
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?
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?
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.
Are you prepping for the PMP exam? What should you know about the impending new edition of A Guide to the Project Management Body of Knowledge PMBOK® Guide before scheduling your examination?
The question of how a project manager working in a functional or matrix organizational structure gets team members to perform is asked in almost every project management class I have taught.
Modern quality management and project management are complementary. They both emphasize customer satisfaction and the underlying belief that quality leads to customer satisfaction. The main objective in quality management is making sure that the project meets the needs it was originally created to meet—nothing more, nothing less. In other words, to ensure quality, you must meet the needs of the stakeholder.