Mike is a Project Scientist at RTConfidence, Inc., a co-founder, and is its Chief Product Officer. He was one of the first users and trainers of IMS and SRA tools and has always been a corporate asset for training numerous people on Risk Management and EVM. His mastery of these subjects and techniques enabled him to excel in his career. Leaving aerospace and defense and returning many years later, he was surprised by the lack of progress in the development of project/program management tools. The need for tools that are more user-friendly, faster, and more affordable (across many industries) is why he co-founded the company.
In some organizations, budget reserves and schedule buffers are taboo. I have heard countless arguments on both sides of this issue. I am an advocate of doing what makes most sense for the organization, its culture and its valuable human resources. Those which conduct a multitude of complex, highly scrutinized projects (e.g., risky contracts), and… Continue reading Budget Reserves and Schedule Buffers can be Palatable.
Some schedules represent credible tasks logically and can be used for tracking progress, and some are art projects that may be pleasing to the eye but are primarily worthless. Tired of dealing with vendors and programs trying to manage complex and expensive efforts using art projects, the US Defense Contract Management Agency (DCMA) developed and… Continue reading Requirements Control is a key to effective project risk management.
What do executives really think of the risk matrix data? The data can be extremely useful if generated properly, but what is its real purpose? Most believe that the executive management team can discern overall project risk confidence from it. But that is not what the tool provides. It provides information regarding individual risks, not… Continue reading Executives comprehend Percentage Confidence better than the Risk Matrix.
Signing up to a schedule based on the project’s IMS critical path, without any buffer, is usually a losing proposition, especially if the project is complex and team performance is highly scrutinized. This topic is treated in detail within my book, “Project Risk Management: A Practical Implementation Approach.” Several factors tend to skew our schedules… Continue reading The Integrated Master Schedule (IMS) Critical Path May be Misleading.
The risk matrix has become pretty much a staple within the project risk management family of tools and techniques, especially for the more complex and highly scrutinized projects. It portrays a relatively easy-to-comprehend visual of individual project risk status. One example of a risk matrix can be found on page 84 of my book, “Project… Continue reading No Risks should remain in the “Red Zone” of the Risk Matrix.
A fundamental risk management concept to always keep in mind is the relationship between the project risk profile over the course of the project timeline and the cost of change profile over that same timeline. Cost, in the context of this discussion could be any combination of Project Schedule, Cost or Product Quality/Technical Capability that… Continue reading Project Risk versus the Cost of Change.
There are many potential causes of unsuccessful project execution which can plague a project team. If you know what they are and implement preventive measures to avoid these pit-falls you will obviously improve your team’s chances of success. What are these concerns? It might be considered a bit too bold to say you have identified… Continue reading The significance of utilizing “Best Practices” relative to project risk management.
There are many potential causes of unsuccessful project execution which can plague a project team. If you know what they are and implement preventive measures to avoid these pit-falls you will obviously improve your team’s chances of success. What are these concerns? It might be considered a bit too bold to say you have identified… Continue reading Risk management can pro-actively improve project team performance.
Most company executives strive to “do more with less” to boost the organization’s bottom line — when you are successful at this the company is more competitive, and that typically leads to improved profitability. I like the way that Taylor Clarke (2015) articulates this notion: “Amid increasing competitive pressures, many organizations are looking to do… Continue reading “Doing more with less” by managing risks in a holistic way.
The objective of this series of posts is to provide insights into the breadth of Holistic Project Risk Management, especially as it relates to satisfying an organization’s objective to “Do More with Less” – which, if done well will improve the organization’s business success. The plan is to provide 2 posts per week over the… Continue reading Business Success via Project Risk Management: Introduction
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