Cost management

Reducing project costs and budget management is an ongoing process for which a project manager is always looking for innovative ways. An improper allocation of resources can adversely affect the project’s profitability, cause the project to go over budget compared to the project baseline, and, in some cases, lead to project failure. CONTENT Allocate competent … Continue reading "How to reduce project costs"

How do direct and indirect costs impact projects? This is the good question a fellow reader asked us and we would like to answer it in this article. Cost classification is an important concept in budgeting, accounting and project management (you may find this article about project management tools). CONTENT What are direct costs? Definition … Continue reading "Direct and indirect costs impact in projects"

Planning a project budget is a crucial component, it is the very essence of a project. The concept is straightforward: if you do not have funds, you cannot successfully complete a project. CONTENT What is a project budget? How to create a project budget? 1. Make use of history and data from previous projects 2. … Continue reading "Project budget: 7 main tips to prepare them"

Analog and parametric estimation is what we will discuss today, partly to continue the discussion started in the last article about how to estimate the resources of a project. Project estimation is a key aspect of project management and analogical and parametric estimation techniques are the most commonly used methods. CONTENTS Analog Estimation Parametric Estimation … Continue reading "Analog and parametric estimation: differences in calculation for time and cost of a project"

Estimating the effort and costs of a project is, for some project managers, one of the most difficult aspects of project management. CONTENTS Estimation methods for project effort and costs Estimate dangers Planning Game: an estimation method The Planning Game to overcome the risks of estimating the effort: conclusions To prepare an accurate and complete … Continue reading "The Planning Game to overcome the risks of estimation of the effort and costs of a project"

The term “sustainability” is gaining increasingly significant popularity in business development in recent decades. Without mincing words, it is a factor that guarantees the success of a project and of an organization in general. CONTENTS Key conditions for financial sustainability How can the financial sustainability of a project be planned? 1. Decide who will develop … Continue reading "The financial sustainability of a project"

Calculating the true value of any project has always been a challenge. This is mainly due to the ambiguity of the change from a paper project to an economic value. Let us show you some examples, just to be clearer. It is evident, for example, that the training of employees will improve the experience and … Continue reading "How to calculate the ROI of a project"

Is the project you are realizing profitable or not? How is it possible to measure the profitability of a project? Every organization should estimate whether its project is profitable or not. However, determining profit is not an easy task. CONTENT INDEX 7 key points for the profitability of a project Hidden business management Structured installation … Continue reading "Profitability of a project: how to evaluate it concretely"

Project cost management is an evergreen feature in all projects: big or small, from IT to construction. In fact, all projects require the purchase of any type of material or service. Regardless of the scope or the program, projects need funds to complete the work. Technically, even projects that use only manpower needfunds. Someone in … Continue reading "Project cost management: what is it and how to implement it"

The Earned Schedule (ES) is a rather recent methodology. It was first introduced in 2003 and it is a method of analysis that extends and completes the benefits of the Earned Value Management. Currently, the Earned Schedule method is used globally in projects of any type and size. This method is taught in academics, is … Continue reading "Earned Schedule"

Estimate projects correctly is a difficult task that every project manager has to face. It doesn’t matter if you estimate in order to evaluate resource work load (time/effort estimation) or just to create customers’ offer (cost estimation), the problem is just the same. How can I predict exceptions, delay, bottle necks and create an estimate … Continue reading "The Most Effective Strategy to Estimate Projects"

Things are a little bit messy right now at Twproject because we are developing a brand new mobile app and we are totally over excited with all the new great features we are developing. Waiting for this new amazing release, we are still improving our beautiful application, even the mobile one, today in fact I introduce you the … Continue reading "Twproject 6.0.60017: Mobile Receipt Upload"

Perhaps it can be easy to manage the costs as a whole, but sometimes it is not as easy as it looks to enquire about specific aspects or the ramification of costs. Twproject allows to manage the costs of a project, particularly also the costs related to the work performed (for example, travel costs).

I’ve recently received yet another request of a cost-benefit analysis given by the adoption of Teamwork, in general, of project and groupware management software. Not always in those exact terms, but we do periodically receive such requests. One may rephrase the question as “what is the exact economical gain given by adopting Teamwork”? Very superficially, … Continue reading "Simplistic cost/benefit evaluations of organizational tools adoption"