MilestoneTask
PMO • OKR • Change • Excellence Blog
Monitoring and Controlling is a critical phase in project management that involves tracking project performance, identifying variances, and implementing corrective actions. This category covers essential processes such as performance measurement, risk monitoring, quality control, and change management. Want to keep your project on track and ensure it meets its objectives? Explore the blog posts to learn best practices for effective monitoring and controlling, and enhance your project management skills!
Microsoft project allows users to group project activities into what is known as summary tasks. It is a useful tool that can be used to organize project activities. However, there are some do’s and don’ts associated with the use of summary tasks like duration and resources are not assigned to a summary task. Many people refer to MSP summary task as project work breakdown structure (WBS), which is incorrect. Read More
Project managers must face questions on future performance of project cost. The most commons questions are (a) What is the remaining work likely to cost? (b) What is the entire project likely to cost? (c) How much will be over or under budget at the end of the project? Earned Value Management technique has a set of highly effective and proven tools to forecast project cost performance. Read More
Earned Value Management Analysis methodology is an analytical tool that uses data generated during project execution. Analysis of the collected data reveals the present state of the project. Further, analysis of the trends in the data can forecasts the future project performance. The collected data when compared to a baseline indicates variances in project performance. This also helps in initiating corrective actions. Read More
Earned Value Management (EVM) is an analytical tool that systematically integrates measurement of cost, schedule, and scope accomplishments on a project. EVM was developed in 1960’s by Department of Defence (DOD) to keep track of defence projects. It is a technique used to track project progress and report project’s current status, it is also used to forecast future performance. Read More
During project execution most of us have dealt with the issue of wrong cost estimates. This issue becomes a serious concern especially when you are working on a fixed price contract, these contracts pose a great risk to project margin as the team must work with zero escalation of costs until the delivery of the project. Wrong cost estimates adversely affect project margin and surface only during later stages. Read More
Fundamentals of project planning and scheduling is a post highlighting the basic points that needs to be considered while developing a project schedule. Background One of my smooth progressing engineering project was suddenly jolted by numerous emails and phone calls from the project sponsor asking the management to expedite activities at site. The project was… Read More
Benefits of a Project Management Plan: A project management plan is the collection of outputs of the project planning processes. It defines how the project is executed, monitored and controlled and closed. This needs to be updated and revised throughout the Integrated Change Control Process and it consists of the following Project Scope Management Plan… Read More
