Feb 23, 2011
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The PMBOK’s Secret Message to Marketing Groups
Found these golden nuggets in the PMBOK Guide (4th Edition).
“Monitoring the expenditure of funds without regard to the value of the work being accomplished for such expenditures has little value [my emphasis] to the project other than to allow the project team to stay within the authorized budget.”
“Units of cost are applied per unit of time for the duration of the activity.”
These obtuse phrases are whispering “keep track of costs” and “tie them directly to deliverables.”
A schedule is a path for creating value within a specified period of time. (It is not simply a long task list with deadlines.) You can measure the value of each point in time on that schedule by attaching a dollar figure to the value being produced. Comparing the dollar value produced against the dollars being spent gives you a great way to measure the worth of your project.
It also helps you decide where to put additional resources when you projects are competing for the same people or dollars. Choose the one that will give you the most bang for the buck, as it were. Where will that dollar spent deliver the most value for the project.
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[...] Found these golden nuggets in the PMBOK Guide (4th Edition). “Monitoring the expenditure of funds without regard to the value of the work being accomplished for such expenditures has little value [my emphasis] to the project other than to allow the project team to stay within the authorized budget.” “Units of cost are applied per unit of [...] Vertabase Blog [...]