WBS Work Packages are created as part of decomposition of the project requirements and deliverables. A work package is a group of activities in a…
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Frequently project managers need to reach outside their organization to acquire equipment, materials, or services to fulfill the needs of their projects. Engaging outside vendors…
What are the first five things you should do when you begin a new project? It’s a good question and every project manager should know…
There are many ways to price a contract, the most common being Firm Fixed Price (FFP) and Time and Materials (T&M). Selecting the right contract…
The risk response plan should be developed before the risk event occurs. If the event occurs, then execute the plan. The four risk response strategies…
A rule of thumb is a principle with broad application that is not intended to be strictly accurate or reliable for every situation -Wikipedia. They’re…
T&M, short for Time and Materials, is a common pricing methodology that is used when the project scope is not clearly defined or when the…
“I have two kinds of problems: the urgent and the important. The urgent are not important, and the important are never urgent.” —Dwight D. Eisenhower…
To assess the potential impacts of risk to a project, it is important to understand the 3 basic elements used in risk calculations: Impact, Probability…
Early in the initiation or planning phases of a project, the project manager should document all project assumptions. Frequently, the project assumptions are documented in…