The need for project prioritization appears when an organization has two or more either independent or dependent (portfolio) projects that are performed in parallel. How to identify the most preferable projects for implementation at the given point of time? Finally, how to be sure that the right projects are being performed? In this article we are going to answer all these critical questions.
Managing records on a project is an essential activity that makes it possible to handle and use project documentation in the way that ensure smooth capturing of documents and papers by seniors, team members, and other stakeholders. Being a part of overall project document management, records management allows a project manager to direct and control document flows throughout the project lifecycle while ensuring that every single document or record serves the operational needs and helps teams capture and retrieve necessary information. It creates a framework for running project activities and procedures and paves the way for analysis, lessons learned, historical reviews, etc.
Managing project procurements and acquisitions requires the project manager to efficiently collaborate with the purchasing department on the process of planning and managing procurements. Project procurement management is a section of the implementation plan to determine how “the ordered products necessary for producing deliverables can be delivered on time and within the allocated budget”. Note that the “Procurement Management” section of the implementation plan will be necessary only for projects that have to deal with substantial buy-in of expertise or capital items. For any other projects where there is no high level of procurement expenditure it is enough to include a procurement item list and a vendors list in the project implementation plan
Developing the project budget is a process for allocating administered and departmental funds necessary to build a financial foundation for producing stated project deliverables. When we talk about the project budget and financial resources we mean the solid framework that helps project managers to deal with the “on budget” part of the project implementation process. This framework involves cost planning and control. For successful delivery of the project product, the project manager should effectively estimate costs, track expenditure over time and adequately react to situations when the financial resources are over-spent or under-spent, or there are opportunities for savings in the project budget.
Project time management includes two high-level groups of processes for planning and scheduling project activities and tasks necessary for timely completion of the project. Project activities planning and scheduling is the first process group of project time management. Developing the project implementation schedule is the second group. In this article we will review the planning and scheduling process group. We will talk about the key actions the project manager must take to undertake project activities planning and scheduling in an efficient manner.
CPM Project Risk Analysis by Simulation
April 19, 2013
