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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Managing a program or portfolio of projects involves many things, but utmost importance should be given to resource management, especially organizational resources. Resource planning, resource allocation and resource utilization are all under the umbrella term of organizational resources. What Are…
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Your team is your most valuable resource when executing a project. The ability to know who you need and when you need them for the project is what workload analysis is all about. As you can imagine, workload planning is…
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Construction sites are busy with subcontractors and other crews working on various smaller projects that will lead to the final build. One of the tasks of the general contractor is to track those work hours to manage labor costs and…
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Information technology (IT) runs most businesses. It’s hard to imagine a company without an IT department. But those devices don’t run for free. Managing information costs and managing information security for those costs are part of making an IT budget….
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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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Whether you call it project financial management or project accounting, managing a project’s finances is essential to delivering a successful project. It’s more than just keeping up with costs. There’s a lot of planning, managing and tracking involved. But what…
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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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Manufacturers can’t just produce as many widgets as they want. There are financial constraints, of course, but there is also demand to think about. Making more than the market will support is going to lead to extra costs in production…
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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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