In project management, a Work Breakdown Structure (WBS) is a valuable tool that helps organize and define the scope of a project. To ensure the effectiveness of a WBS, it is crucial to understand and adhere to the 100% Rule. This article will provide an in-depth explanation of the 100% Rule, its significance in project … Read more
In project management, a Work Breakdown Structure (WBS) is a valuable tool for organizing and planning project deliverables. However, to ensure effective project execution, it is crucial to create a WBS Dictionary, which provides detailed descriptions of key information for all Elements in the WBS. This article will explain what a WBS Dictionary is, provide … Read more
A Work Breakdown Structure (WBS) is a hierarchical decomposition of the project scope into smaller, more manageable components. It provides a visual representation of the project’s deliverables, tasks, and subtasks, enabling effective project planning, resource allocation, and progress tracking. Understanding the Work Breakdown Structure (WBS) A Work Breakdown Structure (WBS) is a foundational project management … Read more
What is Build Operate Transfer or BOT? Build Operate Transfer or BOT model is a project financing and delivery method used in Public-Private Partnership or PPP agreement. Under the BOT model, the public entity or the government assigns a private entity that finances, builds, and operates a publicly-owned facility for a set period of time, … Read more
In the realm of the construction industry, the essence of a successful project lies in the robust and well-defined construction contract that governs the entire process. A construction contract serves as the bedrock on which the project’s scope, obligations, and responsibilities are established, ensuring a clear roadmap for all parties involved. Let’s delve into the … Read more
The term “financial leverage” is a recurring term in the business sector, which means the use of debt to finance business operations or investment. In this article, we will know what is the leverage, how it works and what are its advantages and its risks. What is leverage? Financial leverage is the use of debt … Read more
The letter of credit (LC) also called “commercial credit” or “documentary credit”, is one of the most reliable means of payment in international trade. In this article, we will try to understand what is the letter of credit, how does it work, what types there are and some more curiosities of this instrument, that is … Read more