In the Fifth Edition of PMI’s PMBOK (Project Management Body of Knowledge) Guide (© 2013 PMI®, Inc.) there is a good comparison (see Figure 11-13 on page 336 and Figure 11-17 on page 340) of the differences between using “Expert Judgment” and “Monte Carlo Simulations” to arrive at the range of overall Project Costs for… Continue reading Comparison of Overall Project Risk Assessments Using Expert Judgment Versus Monte Carlo Simulations
Do you realize that there is only one (yes, just ONE) Valid Way to effectively manage Project Schedule Risk? This should not be a surprise to anyone up the management ranks in organizations that conduct complex/risky product development projects/programs and profess to practice sound Project Management practices. Every certified PMP (Project Management Professional)… Continue reading If You Develop Products and/or Services and You Cannot Afford to Miss Project Delivery Commitments You Must Do This!
You worked with your team to identify the tasks, carefully worked through dependencies, got thoughtful estimates from your most experienced people, built a well-formed schedule, and confidently presented the results to the executives. They don’t ask about your process, they don’t question your assumptions, they don’t ask what they can do to trim scope or… Continue reading “…But we HAVE to be done by the end of June!” – Ten Strategies for Compressing a Schedule
Here are the quick answers: When? Ideally, before and after kicking off projects with schedule commitments that are highly scrutinized (i.e., for most important time-sensitive projects with deterministic requirements). Why? To manage project schedule risk in the most effective way (i.e., SRAs are proven to be the best tools and techniques to employ… Continue reading When Why and How do We Use Project SRA Output Data?
Ask yourself “Do I really know the likelihood (or percent confidence) of meeting my project schedule commitment(s)?” If your project is relatively complex, with an aggressive completion date (i.e., is risky), and the schedule is based on single-point task duration estimates, your likelihood of meeting that date may be close to nil – or,… Continue reading Key Chrono Take-Aways!
A client reviewing the history of a troubled technology project portfolio asked, “Why are schedules always wrong? What challenges emerge between planning and implementation?” While there are infinite project-specific answers to that question, there are also general patterns helpful to understand. The word “plan” was adopted from French, it means “prepare” or “map”. In… Continue reading Why Are Schedules Always Wrong?
Humans are constantly estimating. We predict the future more than any other species. We estimate where our foot will land with our next step. We estimate how long it will take to commute to work. We estimate whether we have time to complete the home improvement project before guests show up for dinner. A vocal… Continue reading #YesEstimates
I recently received the following question about Chrono™, the new Project/Program/Portfolio Management tool released by my company, RTConfidence: “What are the benefits of this tool and why is it different from its competitors?” Here was my reply: “Most significantly, this tool solves some major problems in the Project/Program/Portfolio Management space. Today, the best tools… Continue reading Why Chrono?
If you, your employees, or your suppliers are using Microsoft Project and use another program or application to run SRA (Schedule Risk Analysis) Monte Carlo simulations, you should down-load and try the Chrono™ add-in – a revolutionary offering from RTConfidence.com. You will not regret it – it is not only easier to use than any… Continue reading Level-up Microsoft Project!
Going back about thirty years when I was a relatively new Program Manager, I was given an interesting proposition by my manager – “We want you to take on a new project that the executive team knows will be impossible to execute successfully, but it is strategically important, and we would like you to run… Continue reading “Solving the Impossible” – Find out how!