PM Framework - Part 8

Your Guide to Project Management Best Practices

Category: PM Framework

Cost Projection Statement and Analysis

PM Framework

Cost Projection Statement and Analysis

Stating cost projection is an activity carried out during the project initiation phase to identify costs for development, implementation and maintenance of the project. The analysis of costs is a tool of project cost planning and management to identify, estimate and describe total cost of project management initiative. Cost projection statement and analysis are required activities that allow making the project estimated and well-grounded in financial terms. Among other tools, cost projection estimates and spreadsheets are used to develop the project charter. They are developed with help of project costing software.

project risk analysis

PM Framework

Risk Analysis in Project Management

Perhaps, everything within a project involves a risk of some kind: changes in working environment, an increase of project costs, procurement issues, postponed delivery dates, etc. Risk analysis within the project initiation phase allows assessing all possible risks and making a decision on what actions can be taken to minimize disruptions to the statements of the initiation phase.Project risk analysis is the efficient way to ensure that strategies used to control project risks are cost-effective

The Concept of Feasibility Study in Project Planning

PM Framework

The Concept of Feasibility Study in Project Planning

Feasibility study is one of the basic concepts of successful project planning. It is used to determine whether a given project is appropriate for further development and delivery. In other words, project feasibility studies enable you to assess whether or not the ideas and findings behind your product or service can be shaped to be relevant, cost-effective and sustainable.

Business Case in Project Management: A Complete Guide

PM Framework

Business Case in Project Management: A Complete Guide

Business Case is one of the primary documents that allow summarizing the need for launching a project and analysing possible alternatives. Throughout the lifecycle of the project this document is used to show the project justification and reasonability. In the Initiation Phase, Business Case is used as a way for making decisions on initiating the project, setting primary goals and defining the cost-benefit ratio.

Scrum PM method

PM Framework

Scrum – Defining the Agile Methodology and Its Benefits

In simple terms, Scrum is an Agile methodology to project management. In the literature on Agile project management and development, Scrum methodology is often called “Scrum approach” or “Scrum method“. Personally I prefer using the term “Scrum methodology” – meanwhile any of the terms is correct and can be equally used to describe Scrum requirements and the basic concept.

If being more precise, Scrum methodology for project management refers to a team-based collaborative approach to iterative and incremental development of projects (often IT projects) to create a product during small cycles called iterations and to increase functionality of the product during each iteration by adding new properties. The method lets build a project team that includes such roles as Product Owner, Scrum Master and Scrum Team. Each of the roles has different Scrum tasks and operations to perform.