Project change management minimizes the impact of design changes on meeting project deadlines. A predetermined plan handles changes systematically, evaluating their impact and implementing them if they add value and don’t require major modifications. Key stakeholders approve change orders, and unnecessary changes are resolved later. Project change management is a process that allows teams to […]
Business analysis provides the foundation for project management, and both are necessary for success in business. Business analysts identify trends and propose recommendations, while project managers assemble resources to implement the project. The two roles intersect, but the business analyst focuses on analytical activities to get a comprehensive idea of the project, while the project […]
Project finance involves providing equity and debt funding for long-term initiatives based on expected revenues. Project finance managers work with stakeholders to determine appropriate financing structures, such as equity partnerships and non-recourse loans, to secure funding with attractive terms. They coordinate with various parties, including building owners and consultants, to obtain a reasonable expectation of […]
A project engineer leads engineering design on a specific project, with different types of engineers relying on different skills. They usually have a bachelor’s degree and experience, but a Professional Engineer license is not always required. Their daily routine varies, from coordinating design issues to managing budgets and team members. In the construction industry, project […]
Project finance is riskier than corporate finance as it relies on future income to pay off debt. Regional preferences and economic development also affect which financing option is chosen. Corporate finance is used for restructuring and adding shareholder value, while project finance is used for large projects with repayment based on future cash flow. There […]
Project performance management is a process used to evaluate the efficiency and success of a project or workers. It involves analyzing data and practices to improve procedures and achieve goals. It can be conducted internally or externally and may involve interviews or questionnaires. It is important to show employees the benefits of performance management to […]
Construction project management involves planning, organizing, and implementing work on a construction site. Project managers estimate costs, identify the best location, and ensure worker safety. They work with engineers, supervisors, and landlords to refine strategies and create detailed plans. After construction, they review the quality of work and create plans for future projects. Construction project […]
Project finance models evaluate business projects, assess risk, create a financial mix, and raise funds. Models include risk-based, market, and capital budgets. Companies use different models depending on the project, and senior management often requires a project model to assess the effect of adding a new project to the business. Project finance models are specific […]
Project management accounting tracks project costs and financial objectives, using standard cost accounting methods. It is used in industries such as construction and manufacturing, but is susceptible to fraud. Companies must assign costs accurately to avoid misleading information. Project management accounting keeps track of project costs or specific commercial processes. This type of accounting is […]
