Whether you’re just getting started in the field of project management or need a refresher course, here’s a list of common project management terms, with handy links to related articles both in this blog and on other sites. Milestone Milestones are significant points in time during a project. They are often defined by specific achievements […]
10 Project Management Terms You Should Know Read More »
What is the CHIPS and Science Act? The Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (CHIPS Act, or CHIPS and Science Act) was signed into law on August 9, 2022. This bipartisan act includes substantial investments to ensure that the US maintains its place in world leadership through domestic technology enhancement
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The PMBOK Guide – the cornerstone of the Project Management Professional (PMP) certification offered by the Project Management Institute (PMI) – defines the project life cycle in terms of phases. While the phases are usually executed sequentially, there can also be some overlap of activities from phase to phase: Initiation: Develop the project charter and
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What do we mean by “Work Transfer?” Aviation, Space & Defense companies continuously change the source of supply or manufacturing of a component, a component package, or assembly across a company or its external supply chain. That’s an inevitable fact of doing business, no matter what sort of manufactuyring environment you’re in. Simply put, Work
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Businesses must constantly adapt and evolve to meet anticipated and unexpected challenges. These challenges may come from technological changes, competition, laws and regulations, or economic trends. For changes to be successful, organizations must prepare for change, coordinate and equip their teams to handle that change, and then support the individuals moving through change. Change management
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What is Resource Management? Resource Management is a crucial aspect of Project Management. During any project, resources must be managed, including staff (human resources), equipment, office space, and raw materials – in short, anything that has a cost associated with it and is required to complete the project. Project managers typically monitor and track these
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Supply Chain Risk Management (SCRM) is the process of identifying risks, assessing them, and mitigating their effects on an organization’s supply chain. Companies implementing a comprehensive SCRM strategy can operate more efficiently, better control costs, and enhance customer service. A complete SCRM plan covers every aspect of the process, including production, packaging, handling, storage, and
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As wireless communication becomes more entrenched in our day-to-day lives, the demand for connectivity increases exponentially. The power of wireless technology continues to push improvements in all aspects of our lives, from self-driving cars to robotics to medical monitoring devices. Perhaps you’ve heard the terms 4G, 5G – and even 6G – bantered about, referring
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Overview The Schedule Performance Index, or SPI, provides insight into the accuracy of the predicted project schedule and is a measure of schedule efficiency. It’s one of many key metrics used in Project Management. The SPI formula is defined in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) as follows: “The
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Rising costs, delays in manufacturing and supply chain issues are far too common in this post-pandemic world. Is it possible to save money as inflation rises in the economy of 2022 and beyond? The Principal Managing Director of Thurman Co, Angela Thurman was asked multiple questions about reducing costs and fighting off inflation in a
