Organizations require resources to complete projects, manufacture products or deliver services. Most, if not all companies can’t produce all of their raw materials, equipment or machinery, so they must procure them from vendors. Vendors are defined as external suppliers who…
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Every business, even a not-for-profit business, needs a budget. A business budget can be looked at as the fuel that drives the business. To understand what that means, we first have to define what a business budget is, which we’ll…
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Construction costs are one of many metrics that a general contractor has to keep an eye on. There are others, of course, such as the schedule, quality, safety and much more. But if the construction cost goes over budget, that’s…
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Planning for construction projects isn’t enough. It’s essential to verify that the right products were included in the installation. These construction submittals primarily involve architects and engineers who oversee that process. Construction submittals are an integral part of construction project…
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Manufacturing a product or constructing a building is a complicated process, which in turn makes determining the price for that product equally difficult to discern. There are many factors that must be considered, and project managers use a cost breakdown…
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There’s one thing that all businesses have in common with project management: money. Without funding and the proper budgeting process, projects in any industry grind to a halt. Budgeting is how those funds are spent. But first, let’s define what…
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An operating budget is a tool that helps business owners and project managers alike to look at the long-term financial needs of their organization or project. It’s instrumental in forecasting the budget needed to run your business or project. That…
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Projects are planned and scheduled, but that’s just the preamble to the real work. Executing projects to meet deadlines without overspending the budget requires a project manager to understand resource availability. It’s part of the larger process of resource management….
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Task prioritization is a powerful tool when executing a project. There are so many different tasks it can look at if your work-life balance is tilting towards never having any time off. But project managers understand that applying task management…
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Resource optimization is key to delivering a successful project. Resources, of course, are anything used to execute the project, including human resources and non-human resources. Resource management techniques keep a project on schedule. To have the right resources at the…
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Construction companies have to do some heavy lifting, and that’s not just the steel and concrete they use to erect buildings, bridges and other structures. Many different types of materials and labor go into their work which requires their contracts…
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Whether you’re running a company or a project, you’re going to have to deal with a budget. A budget is the spending plan that you forecast using estimates of income and expenses. To ensure you’re keeping to that ever-important operating…
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Good cost estimation is essential for project management success. Many costs can appear over the project management life cycle, and an accurate project cost estimation method can be the difference between a successful plan and a failed one. Project cost…
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