Description  Bottom-up estimating is a technique used to estimate the cost and effort of a project by starting with the individual tasks and working up to the total project cost (or effort). This technique is often used in conjunction with top-down estimating, which starts with the overall project cost and breaks it down into individual tasks. The most…
Description  Bidder conferences are an essential part of the project management process, providing an opportunity for potential contractors to learn about the project requirements and ask questions of the project team. The PMBOK® Guide provides guidance on how to run a successful bidder conference, from developing the agenda to conducting the meeting itself. Bidder conferences can be a…
Description  Benchmarking is the process of comparing one’s own practices against those of others to identify areas in which improvements can be made. In other words, benchmarking is a way to improve your project management practices by learning from others. There are many different ways to approach benchmarking. One common method is to compare your organization’s project management…
Description Autocratic Decision Making Project management is the process of leading the work of a team to achieve specific goals within a set timeframe. One important aspect of effective project management is making decisions in a timely and efficient manner. There are different approaches that can be taken when making decisions on a project. Autocratic decision-making is…
Description Audits Audits are a critical part of any organization’s quality management system. They help ensure that products and services meet the highest standards of quality and compliance. The audits also help organizations identify areas where they can improve their processes and procedures. The Project Management Body of Knowledge (PMBOK) defines an audit as “an independent examination…
Description Assumption and constraint analysis is a process of identifying the underlying assumptions and constraints that may impact the success of a project. This process is typically performed during the early stages of project planning in order to ensure that all stakeholders have a shared understanding of the potential risks and challenges involved. The PMBOK guide describes…
Description Assessment of Other Risk Parameters  Some of the characteristics of the risks are- It is used to find the other characteristics in addition to the probability and impact of the risks. These are used to prioritize and organize them for further analysis Urgency. Risk response period. A short period implies high urgency. Proximity. How quickly the risk…
Description  Analogous Estimating Analogous estimating is a great way to quickly get an estimate for a project. This technique uses similar projects that have been completed in the past to estimate the current project. This is a common technique used in project management and is often used in conjunction with other estimation techniques. This technique can be…
