Project management essentials

Define the goal Collect requirements Define scope Develop product breakdown structure Develop work breakdown structure Develop project strategy Estimate the work packages Determine budget Decompose the work Packages into activities Develop activity sequences Estimate activity effort and durations Perform bottom up estimation Optimise budgets Develop schedule Allocate resources Execute Change management Monitor and control Close …

Total Cost Management Framework (TCM) by AACE and the Project Management Body of Knowledge (PMBOK) by PMI, a comparison #1

Past one month I was busy researching the Total Cost Management (TCM) framework by AACE. What differentiates TCM from PMBOK are the depth of the recommended practices (RPs) of TCM. These are the real project management practitioner's voice.  The recommended practices addresses the real life project management challenges from a practitioner's perspective, helping them to …

Estimation of cost using Work breakdown structure (WBS), Delphi and 3 point

Project estimation are of two types. Cost / Effort estimation and project duration estimation. As discussed earlier, work breakdown structures provides us with the breakup of work and at the same time do not provide us with the sequence in which the work has to be performed. Hence work breakdown structures are good enough to …