Project Management

  In the fast-paced world of project management, AI (Artificial Intelligence) is emerging as a game-changer, revolutionizing how projects are planned, executed, and delivered. With the ability to process vast amounts of data and provide insights that humans can’t match, AI is transforming project management across industries, enabling greater accuracy, efficiency, and profitability. Let’s dive into how AI is reshaping project management and what it means for the future of this field. 1. Predictive Analytics for Risk Management 🔮 AI can analyze historical project data to predict potential risks, delays, or failures before they occur. By identifying patterns from past projects, AI tools offer project managers the ability to foresee challenges and proactively address them. This reduces the likelihood of unexpected setbacks, ensuring smoother project execution and minimizing costs. 2. Automated Task Management ⚙️ AI-powered tools are simplifying task management by automating routine t...

Unit of Work completed:- Unit of work completed can be measured with the actual proportion of completed work Incremental Milestones:- The entire work can be sub divided into milestones and the milestones can be used to indicate the percentage of work completed. Account Payable: - The account payable is intended to provide records of bills received from vendors , material suppliers, subcontractors and other outside parties. Account receivable journals: - Account receivable journals are those journals in which billing to clients are recorded as well as receipts. Job cost ledgers :- Job ledger summarizes the charges associated with particular projects. Inventory :- Inventory records are maintained to identify the amount of materials available at site at any particular point of time. Enroll now for live project based Primavera & MS-Project training Control of Project Cash Flow Cost: -  This is the summary of charges including expenditures & estimate...

The Project Budget For cost control of the project, the construction plan and associated cash flow estimates can provide the baseline reference for subsequent project monitoring and control. The detailed cost estimate provides baseline for the assessment of financial performance during the project. If the cost of project is within the detailed cost estimate then the project is under financial control. Overruns in cost category gives signal of problem. For control & monitoring purposes , the original detailed cost estimate is typically converted to a project budget. Expenses incurred during the course of a project are recorded in specific job cost accounts to be compared with the original cost estimates in each category. Individual job cost accounts generally represent the basic unit for cost control. Material & Labor Cost Material quantity & labor inputs within each job account is also typically retained in the project budget. With this  act...

Planned Value(PV)- Planned value refers to what the project should be worth at a particular point in the schedule. It is also referred as BCWS (Budgeted Cost of Work Scheduled). Earned Value(EV)- It is the physical work completed to date and the authorized budget for that. It is also referred as BCWP(Budgeted cost of work performed). Actual cost (AC)- It is the actual amount of money spent. It is also referred as ACWP( Actual cost of work performed). Estimate at completion (EAC) - It refers to the estimated total cost of the project at completion. CPI- It is cost performance Index . CPI= EV/AC If CPI is less than 1, this means the project is over budget. BAC refers to budget at completion. It is related to EAC EAC = BAC/CPI www.ebeescorp.com ETC refers to estimate to completion. ETC = EAC-AC CV - refers to cost variance CV= EV-AC SV refers to schedule variance   SV= Ev-PV Negative cost or schedule variance means the project is behind in co...