Producing things isn’t cheap. There are many costs that occur during production that it can be hard to track them all. These costs are what is called manufacturing overhead. Let’s define manufacturing overhead, look at the manufacturing overhead formula and…
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The better a business’ warehouse operations, the more successful the business is. Warehouse management ensures that stock matches customer demand. Warehouse operations take into account the supply chain and work towards being cost-effective and efficient. To understand effective warehouse operations,…
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Construction projects are often long and complicated endeavors. They’re also expensive. Payment is determined in the contract process, which includes the contractor payment schedule. What’s included in the contractor payment schedule and the different types are a critical part of…
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Resources, such as people, materials and equipment, are needed to deliver projects. Being able to plan, manage and track those resources to meet the needs of a business is called project ERP or enterprise resource planning (ERP) project management. There…
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When a project is planned, a set of steps are outlined to deliver a product or service. Resource requirements need to be identified and allocated for those steps to be executed. Think of resource requirements as the fuel that drives…
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Construction procurement can maximize a construction project’s efficiency. While construction project management includes all project plans and schedules, without the goods and services provided by procurement in construction, it’s an idea, not a structure. The importance of proper construction procurement…
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A budget is a document that’s mainly used to break down the costs of executing a project or running the operations of a business for some time and define a maximum spending limit for the procurement of resources. This free…
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Projects cost money. Those funds have a life cycle of their own and project managers must understand how those costs come in and out of the project and organization. That process is called project cash flow. We’ll look at project…
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You’ll need to create a work schedule if you’re managing a project or business. In its most basic sense, a schedule allows you to allocate work to your employees and let them know when they’re needed. But schedules can be…
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If human resources are your most valuable resource, you better give them the attention they need to get their work done. One way to make sure you’re supporting your team and project alike is with workforce planning. Workforce planning is…
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Managing resources effectively is one way to deliver your projects on time and within budget. But what do you do when you don’t have enough resources and the deadline is quickly beating down on you? Project managers use a technique…
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Managing the workforce in a construction project is a complicated endeavor. There are so many different subcontractors and all have to work together to deliver the project on time and within budget. Resources in construction are managed by construction resource…
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There are many ways to approach budgeting. Two of the more common approaches are bottom-up budgeting and top-down budgeting. Knowing which is right for you starts with understanding both of these budgeting approaches. Let’s start with defining both bottom-up budgeting…
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