By: Ray Myers, Jr., PMP Return on Investment (ROI) is a measure of the profitability of a project or business investment. Net Benefit Compares benefit to cost of initiative = Benefit – Cost Benefit Cost Ratio Ratio for benefit returned for each dollar invested = Benefits / Costs Return on Investment % Percent in net benefits for every... »
Net Present Value
By: Ray Myers, Jr., PMP Net Present Value (NPV) is a measure of the net benefit of a project in terms of today’s dollars. NPV is a financial analysis technique that considers: Timing of cash flows Time value of money Projects with positive NPV add value to a firm, while projects with negative... »
Project Stakeholders
By: Ray Myers, Jr., PMP The PMBOK defines project stakeholders as a, “Person or organization (e.g. customer, sponsor, performing organization, or the public) that is actively involved in the project, or whose interests may be positively or negatively affected by execution or completion of the project. A stakeholder may also... »
Berkeley Project Management Model
By: Ray Myers, Jr., PMP The University of California Berkeley promotes the 5-Level (PM)² as a reference model for organizations applying project management practices and processes. Here is Berkeley 5 step Process Model: Level 1 Ad-hoc Basic pm processes Level 2 Planned Individual project planning Level 3 Managed Systematic project planning and control Level 4 Integrated Integrated multi-project planning... »
Standard Project Management Methodology
By: Ray Myers, Jr., PMP A standardized project management methodology is generally split into 3 phases: Initiation Control Closure Project documents are often produced as part of each of the project control process Initiation Projects start with an idea for a product, service, new capability or other desired outcome Project sponsors are identified and approvals are given... »
TenStep Methodology
By: Ray Myers, Jr., PMP The Ten Step Method is a well known project management methodology promoted by TenStep, Inc. TenStep, Inc. specializes in: Methodology development Training Consulting Their primary focus is: Set up and running of Project Management Office Portfolio Management Project lifecycle Application support function The Ten Step Process Initiate Plan 1. Define the work 2. Build the schedule and budget Manage 3. ... »
Introduction to the PMBOK
By: Ray Myers, Jr., PMP The Project Management Book of Knowledge is commonly referred to as the PMBOK. It is a collection of processes and knowledge areas generally accepted as best practice within the project management discipline as defined by the Project Management Institute (PMI.) The PMBOK is an internationally... »
What Is a Project Management Methodology?
By: Ray Myers, Jr., PMP A project management methodology is a standardized and scalable set of tools and procedures that is used to manage a project. A project methodology is a repeatable process that addresses: Principles Practices Templates Checklists Procedures Benefits Improves probability of project success Reduced risk of project failure Increased efficiency / productivity Improved quality Improved communications About the Author:... »
