What Is Burn Rate?

The burn rate is a project management metric assessing the performance of the project with respect to the budget. A burn rate bigger than 1 indicates that the project is burning money faster than it should, a burn rate less than 1 indicates that the project is burning money slower than it originally planned. Burn Rate = 1/CPI = AC/EV.

What Is the Difference Between Project-driven And Non-project-driven Organizations?

Project-driven organizations (where Project Management is largely adopted) make their income mainly through projects, clearly assign the responsibility of profitability and loss to the Project Manager, and have flexible career paths. Non-project-driven organizations (where Project Management is still immature) make most of their income through production, and have traditional career paths, where moving up the employment ladder is hard. Additionally, the responsibility of profitability and loss in these organizations is ambiguous. Project-driven organizations have either fully projectized of matrix organizational structures, non-project-driven organizations have (nearly always) a functional (traditional) organizational structure.

What Is the Difference Between Task and Activity in Project Management?

Many Project Managers believe that there’s no difference between task and activity and these two terms can be used interchangeably. Some say that a task is a work package that has one or more activities, others say that an activity is a work package that has one or more tasks. The best thing a Project Manager is to stick to the standards defined in this company concerning the Project Management terminology, and if there are no standards defined, then he should follow the masses and use the two terms as if they mean the same thing: a work package.

What Is the Difference Between Estimated Cost at Completion (EAC) and Actual Cost (AC)?

The difference between the Estimated Cost At Completion (sometimes mistakenly referred to as Estimated Cost) and the Actual Cost, is that the Estimated Cost At Completion is an estimate made by the Project Manager for accomplishing a task, an activity, or a project. The Actual Cost represents the costs incurred so far towards accomplishing that objective.

What Is the Demand for Project Coordinators?

The demand of Project Coordinators is proportional to that of the Project Managers, since Project Coordinators cannot exist without Project Managers. Currently that demand is about 10% of that of the Project Managers’, and it is growing, both in percentage (because more Project Managers are realizing the need for Project Coordinators to finish their jobs in a timely manner), and in number (because of the increased demand for Project Managers in general).

What Are the Advantages and Disadvantages of Microsoft Project?

Microsoft Project is one of the oldest Project Management tools that is still being used. It has several advantages including maturity, robustness, and support. One the other hand, MS Project has some serious disadvantages including the complete lack of an integrated collaboration feature, a steep learning curve, compatibility issues, and the fact that it’s a desktop application.

Is It Easy for a Project Manager to Manage a Project Overseas?

Technically, it is easy to manage a project overseas as Project Management is more or less a standard practice. However, there are a few factors that come into play when it comes to managing projects overseas, such as cultural differences, language difference, and procurement. The smart Project Manager understands that the key to successfully managing projects overseas is properly handling the project team and the stakeholders while making sure to address all the cultural and language differences. Additionally, the Project Manager should realize that efficient procurement overseas is done by importing the goods directly (or, in case of a small company, to contract a vendor to import the goods on the company’s behalf).

How to Negotiate a Project Management Package Overseas?

High salaried Project Management jobs are abundant overseas. In order to get these jobs, Project Managers must submit their CVs online, and if selected for an interview, they’ll be either interviewed on-site or close to their home. When a Project Manager is negotiating for a job overseas, then he should take into consideration 3 factors: the country he’s moving to, his nationality, as well as his future position and the industry he’ll be working in. Project Managers should make sure that some perks such as free housing and schooling are included in the contract, and are handled directly by the company.

Should I Add PMP As a Title in My Business Card?

The PMP certification is currently a prominent accreditation and is an excellent booster to the value of the Project Manager. So the answer is yes, it is worth it to add PMP as a title in your business card.

What Is Gold-Plating in Project Management?

Gold plating in Project Management is giving the customer more than what he bargained for (which may or may not be something the customer actually wants). Gold plating is often done by autonomous team members and in good intentions. There are many negative consequences to gold plating such as scope inflation, increasing the overall cost of the project, increasing risks, upping the customer’s expectations. Avoiding gold plating can easily be done by enforcing a strict policy of not implementing anything outside the original scope of the project without a change request.