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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Production capacity is an essential metric for manufacturers. It informs their production planning, helps them give their customers more accurate lead times and forecasts cash flow. To better understand production capacity, we’ll define the term and go into greater detail…
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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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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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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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