Contracts are legally binding agreements between at least 2 different legal entities named a buyer and a seller. The buyer wishes to buy certain goods or services from a seller. The seller, in return for the goods or services provided, expects monetary or other values to be paid to them. When a buyer and seller agree to work together as...

I have discussed risks and risk-related terms, including secondary risks and residual risks. But I see many professionals having issues with understanding these two risks.They think residual and secondary risks are unknown risks and we use a fallback plan for them and use the management reserve if they occur. Please understand this: residual...

Who are the Stakeholders? A stakeholder is an individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. Stakeholders are either directly involved in the project or have interests that may be affected by the project’s outcome. It includes normally the...

Project Effort, Duration, and Elapsed Time There is a lot of confusion about different time management terms. I am always asked questions about project duration, effort and elapsed time during my training classes. Let’s take an example. What would you understand if I say, “Activity Alpha would need 3 days for completion”.This...

What Is Agile Methodology? Agile methodology is a practice that helps continuous iteration of development and testing in the SDLC process. Agile breaks the product into smaller builds.In this methodology, development and testing activities are concurrent, unlike other software development methodologies. It also encourages teamwork and...

Many times, the process of project closing is overlooked. To many, successful project delivery is defined by the completion of deliverables as per the objectives of time and cost. Many practitioners consider the process of Project Closing as overburden, a process that has minimal significance and scope and also believes it is only done to satisfy...

A project manager oversees every aspect of a project, from choosing materials to assigning employees to specific tasks. A project manager must be well-rounded, skilled in both the technical and human relations aspects of leading a team. Because the job duties are so far-reaching, and so diverse, project managers need expertise not only in their...

The differences between project management and general management are actually not very distinct. However, a few differences between the two set the two apart, giving them each a unique definition. [contact-form-7 id="76417" title="Subscriber Demo Form"] What is Project Management? Project management consists of organizing, planning,...

[contact-form-7 id="76417" title="Subscriber Demo Form"] Though the nature of a project is temporary, they are not performed in isolation. They work in a controlled environment and are affected by Enterprise Environmental Factors (EEF) and Organizational Process Assets (OPA). The Project Management Institute terms them as influences....

Contracts have been signed, hands have been shaken, and a new project is officially underway, with you at the helm. But when it comes to planning a new project, you may not know exactly where to begin. What is a project management plan? How do you accurately predict how long tasks will take? How do you translate stakeholder expectations into...