What Is Resource Management and Why Is It Important?
Resource management requires a thorough understanding of and transparency into your objectives and capacity. By establishing a good process for resource management planning, you’re maximizing efficiency and overseeing the utilization of those resources.
How to Write a Business Case (With Example & Template)
A business plan is a straightforward document. In it, you’ll include market research, your overall goals for the business, and your strategies for achieving those goals. But what is a business case and why do you need one if a business plan outlines everything else? A business case takes a closer look at a specific problem and
Everything You Need to Know About Rough Order of Magnitude (ROM) Estimates
A rough order of magnitude estimate, also known as ROM, is an estimation of a project’s level of effort and cost to complete. ROM estimates take place early in a project life cycle and guide strategy and planning choices. In this article, you’ll learn more about ROM estimates and how they are used in project
Risk vs Issue: Everything You Need to Know
Whether you realize it or not, we make risk vs. issue calculations all day long. Let’s consider one issue: You’re running late for work. Why not drive through that red light? Well, because of the risk: Getting pulled over by police, or worse, putting peoples’ lives in danger. So, you wait out the red light. That’s an
How to Conduct Pareto Analysis Using Pareto Charts
The 80/20 rule, also known as the Pareto Principle, states that 80% of the benefit can be achieved by 20% of the work. The Pareto analysis uses this concept to identify which parts of a project can be done efficiently and which can be avoided. It can be used to decide which problems should be
