by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Stakeholder Management in a Project? In project management, a stakeholder management plan is a formal document outlining how stakeholders will be engaged in the project. There is a great deal of cross-over between a stakeholder management plan and a...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Project Management Framework?Project management framework (PM framework) is a structural demonstration that incorporates the various tasks, processes, resources, tools (such as technology). It is generally used as a tool to plan the various phases of the...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Resource Management? Resource management is the efficient and effective deployment of an organization’s resources (financial resources, inventory, human skills, production resources, or information technology) as needed. Resource management is a key element to...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What are Project Costs?Developing and controlling a project budget requires extensive estimation by the project team. There are different types of project estimate: Conceptual estimate (or “ballpark estimate”) – This is developed early on as part of the project...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
How to Choose a Project? Generally, upper management (such as the Steering Committee, Project Management Office (PMO), Project Selection Committee, etc.) chooses projects to be undertaken.While evaluating the project they will evaluate many areas, such as: Whether...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is the Project Planning Phase? The planning phase begins once the project is defined, accepted by stakeholders, and the project management team is in place. The planning phase entails the following: the project plans are documented, the project deliverables...
