Information technology (IT) has found its way into almost every aspect of our lives, both professionally and personally. What we might take for granted actually involves a great deal of work and investment. IT financial management (ITFM) covers the costs…
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Capital is money. In finance, capital is money that a company has, such as earnings or credit, which it can spend or invest on assets. Figuring out what to spend its capital on, such as capital spending on long-term assets,…
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When governments or corporations make large investments, they don’t do so without serious planning. There’s a lot of money involved in these capital projects and that means getting the funding and allocating the finances wisely. Let’s take a look at…
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Resource management is all about getting the materials, supplies, equipment and people you need to execute a project. It involves how you plan, schedule, allocate and manage those resources to best serve the project. But what exactly is resource management…
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Projects cost money. Everyone knows that. But what’s harder to discern is if the project is worth the investment. The last thing stakeholders want is to discover the project isn’t financially effective. That’s where the cost performance index comes in….
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Businesses are always looking for ways to work more efficiently and this is also true in regards to information technology (IT). IT asset management is how businesses make sure those IT resources are being efficiently used. But what is an…
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Managing a project is basically making decisions. There are many tasks, but not all tasks are created equal. This means that a project manager must be able to make decisions about the priority of each and often use the Eisenhower…
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Whether you’re managing a project in construction or manufacturing, keeping costs down is paramount. The lower your costs, the higher your profits. It’s as simple as that. This is why in project management and business in general cost control is…
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Manufacturing isn’t free. There are various costs involved in the production of any product. Being able to make accurate estimates of your manufacturing costs is critical to a company’s profitability and competitive advantage. Before work hits the production line, one…
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Certain manufacturers use a recipe to combine materials to deliver products. This is called process manufacturing and is a production method that’s common when producing in bulk. To better understand process manufacturing, let’s first define the term and explore the…
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Conducting a project audit is an important aspect of managing projects, but often one that is neglected. Read on as we explain what a project management audit is and show you in a few simple steps how to do one…
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Projects are expensive. There are labor costs, material costs, overhead and operational costs. When a contractor bids on a project or a manufacturer takes on a job, they need to have an accurate forecast of the price for the project…
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Timesheet management is an essential part of human resources and business management. Time management is also critical to project management. Whatever type of work you do, if there are teams or employees, then you need a timesheet for time tracking…
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