Distinguishing between data returned by Net Present Value (NPV) and Internal Rate of Return (IRR) (two project selection methods), when analyzing a project, is important because these methods can yield contradictory results. The resulting difference could be due to a difference in cash flow between the two projects. Net Present Value (NPV) and Internal Rate … Continue reading “Net Present Value (NPV) and Internal Rate of Return (IRR): Project selection methods”

Decision making and its impact in problem solving is simply undeniable and is an intrinsic part of effective project management. CONTENT The importance of decision making in problem solving The 6 stages of the decision-making process The Decision Making Process: Defining and Identifying the Problem Clearly The Decision Making Process: Collecting Information The Decision Making … Continue reading “Decision making and its impact on problem solving”

Top-down and bottom-up stand for different approaches to different problems in project management. CONTENT Top-down project management Pros and cons of the top-down approach Bottom-up project management Pros and cons of the bottom-up approach Il New York Times: an actual example Deciding between top-down and bottom-up approaches: the hybrid method Using technology as a tool … Continue reading “Top-down and bottom-up – Different approaches for different problems in project management”

Theory of Constraints in Project Management is an approach that helps you to pinpoint the crucial limiting factor, usually referred to as a constraint or bottleneck, that gets in the way of achieving a goal. CONTENT Theory of Constraints Goal The five implementation steps Theory of Constraints in Project Management – Critical Chain Project Management … Continue reading “Theory of Constraints in Project Management”

As a project manager, possessing analytical skills for successful projects is the absolute core of required skills. Analytical thinking can help you explore complex problems, make decisions and find solutions. CONTENT What are analytical skills? The analytical thought process Why are analytical skills important? Analytical skills examples How to improve analytical skills So let’s take … Continue reading “Analytical skills for successful projects”

A timeline can be described as a chart that helps you understand the progress of a project in terms of activities on the Y axis and their duration on the X axis. We had already discussed Gantt in a different article, today we will try to explore other aspects of a timeline. CONTENT How can … Continue reading “Gantt timeline and its relevance to project management software”

Business Analysis Body of Knowledge (BABOK ® Guide) is the ultimate guide to the business analysis art. Few analysts can really work without relying on it. The guide is described as “a globally recognized standard for the practice of business analysis,” written with the aim of defining the skills and knowledge that a seasoned professional … Continue reading “Business Analysis Body of Knowledge® (BABOK® Guide)”

A bottleneck is basically a situation where work is delayed. It can be a one-off event due to unforeseen circumstances, such as a team member who gets sick, or it can be events that happen on a regular basis due to poor planning or a lack of resources. CONTENT What is a bottleneck and what … Continue reading “Bottlenecks and project delays”

Corrective and preventive actions are processes used to identify, record, and address defects, deficiencies, and nonconformities. CONTENT What is the CAPA? What does corrective action mean? Corrective Process Steps What is preventive action? Popular – yet wrong – ideas about CAPA These are also called “CAPA” (“Corrective Actions Preventive Actions”) and constitute an organization’s immune … Continue reading “Preventive and corrective actions in project quality”

Strategic thinking and its importance is what elevates a project manager to the next level. Project managers are definitely accountable for a project’s timely delivery, but it’s their skill in crafting a strategy that makes the difference. CONTENT Strategic thinking and how to strengthen it in the business scenario Shifting from tactical to strategic project … Continue reading “Strategic thinking and its relevance for a successful project manager”

Work packages, what are they and what relation do they have with wbs? That’s what we will discuss in this article. CONTENT What are project Work Packages Why are work packages important? Work package performance measurement Work package preparation guidelines A work package is a set of inter-related activities within a project. These activities are … Continue reading “Work packages: what are they and what relation do they have with wbs?”

Knowing how to deliver a project in the right way is key to the project manager’s success and ensures that they are credited for their professionalism. Furthermore, it is obvious that a good presentation significantly increases the chances of approval. CONTENT How to successfully present a project: 1. Establish your credibility How to successfully present … Continue reading “How to successfully showcase a project: 6 key tips”