Gain Confidence with the Right Portfolio Management Methodology
The business world is fraught with uncertainty—about cash flows, tightening regulations, labor costs and availability, and fluctuating interest rates, not to mention market pressures as
The business world is fraught with uncertainty—about cash flows, tightening regulations, labor costs and availability, and fluctuating interest rates, not to mention market pressures as
Companies don’t always have the necessary tools or the level of project management proficiency in-house to create and maintain accurate project plans. The situation creates
Technology is a driving force behind most business operations today. With so many back-end processes dependent on tech, technology projects to install, expand, and improve
Projects that have clear and ongoing project communication issues eventually become plagued with problems. You’ve probably seen it before: The people responsible for managing schedules
When time is tight and there’s pressure to get a project underway as quickly as possible, it might be tempting to ignore concerns that might
Now and then an organization may encounter sensitive projects. It might be confidential internally, such as initiatives that will result in the relocation of a
Have you encountered a project that didn’t turn out the way stakeholders thought it would? Or maybe you discovered that different groups—project team members, leadership staff, sponsors, and end users—each expected different things. Why does this happen? And what can you and your team do to avoid it?
A strong project management methodology needs to encompass more than developing a timeline and scheduling individual tasks. The effort must also include a risk management function with an eye toward where and how potential issues might impact the project.
Scope creep is a problem that plagues projects across the spectrum. Small or large, simple or complex, a project’s success can be threatened by stakeholders eager to add just one more activity to the list. If the team doesn’t know how to keep those parameters in check—or if they don’t have the tools to know when the approved scope is in jeopardy—they’ll have difficulty resisting requests to take on more than the project’s budget and target timeline can support. Failure often follows, as the Project Team’s resources are expended early and the schedule falls apart.
Fortunately, there are some strategies organizations can implement to help maintain order and eliminate ballooning project boundaries. These approaches will also aid in avoiding the related schedule delays and cost overruns, not to mention the strain on team members’ workloads.
The need to develop new processes should be an expected part of any facility startup project. Depending on the type of site that’s being launched, the organization may not have established protocols that address any number of functions—inventory management or materials receiving, for example. Or it’s possible that formal processes do exist within the company, but that they aren’t comprehensive enough to encompass all the activities that will occur in the new facility.
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