Project management

A product backlog is a list of work priorities for the development team that is derived from the roadmap and requirements. Included within this document are new features, changes to existing ones, bug fixes, infrastructure changes, or other activities to achieve a specific outcome. The product backlog is the only authoritative source for the things … Continue reading "Product backlog"

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"

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"

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"

Organizational transformation within a company is typically undertaken because it is believed that the transition will enable a firm to work at a higher level. The aim is to become more efficient, productive, in short, to transform the company into innovative and more profitable. CONTENT What is organizational change? Why does a company change? Tips … Continue reading "Company organizational change: change management process and project manager’s role"

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"

Lead time and cycle time are widely used terms in the Kanban world. CONTENT What is Cycle Time? What is Lead Time? Lead Time and Cycle Time Example How can you reduce the gap between lead time and cycle time? However, quite often, people get confused when trying to understand the difference between them and … Continue reading "Cycle Time to Lead Time Ratio"

Configuration Management is a technical management discipline that is used to track changes in complex systems development, and was originally introduced during the 1950s by the U.S. Department of Defense. CONTENT What is the goal of project configuration management? How to run project configuration management How to run configuration management: Be ready from the get-go … Continue reading "Configuration Management"

Gap Analysis is one of the most powerful tools available to Project Managers and more. If used correctly, in fact, it can really help a company correct its course and avoid catastrophic mistakes. CONTENT What is a gap analysis? Benefits of performing a gap analysis Benefits of Gap Analysis: Product Portfolio Opportunities Benefits of Gap … Continue reading "Gap Analysis: what it is and how to perform it correctly"

In this article we will examine the project activities, their role and characteristics. CONTENT What defines a project? 1. Clarify project goals and scope 2. Develop a work breakdown structure 3. Deliver a realistic schedule 4. Create a project risk plan 5. Manage change requests Project activities: planning and development 1. Setting up project activities … Continue reading "Project activities: role and characteristics"

A product’s life cycle (which should not be mistaken with a project’s life cycle) bears a strategic relevance for the company that produces it. CONTENT What is product life cycle management? The four phases of a product’s life cycle and related business strategies 1. Introduction 2. Growth 3. Maturity 4. Decline Product life cycle: bottom … Continue reading "Product life cycle and its relevance in business strategies"