Participants in this session will learn how to identify, assess, and manage individual (i.e., task-level) and overall project risks then determine overall project risks. We will review relevant Tools & Techniques and provide examples of exercises. The primary learning objectives are: Knowing how to properly Plan, Identity, Assess, Respond, and Control individual task… Continue reading Enable Success in Your Projects by Embracing Project Risk Management!
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!
Baseline SRA Output for a 70% Confidence in meeting final deliveries by 5/31/1996 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… Continue reading “Solving the Impossible” – Find out how!
What would I (or you) be able to do if the IMS (Integrated Master Schedule) SRA (Schedule Risk Analysis) Model was always set up properly and the Monte Carlo Simulation only took a few seconds to both compute results and provide all the graphic outputs (e.g., the Probability Distribution charts for every task and milestone,… Continue reading The things I could do if my SRA Monte Carlo Simulation was faster!
If someone asks you “How long will it take for you to drive home from the grocery store?” you could probably give a very accurate estimate, especially if you made that drive many times before. If they ask you “How long will it take you to fix the facet?”, (and you don’t even know what’s… Continue reading What does a 3-Point Estimate Give Me?
I’m a long-time advocate of effective risk management. I’ve done it, taught it, and written about it. That said, formal risk management as described in PMI’s PMBOK® Guide has something that annoys me – conflation of risks (potential negative impact) and opportunities (potential positive impact) and suggesting both are equal fodder for risk management planning and management processes. While I agree that risk and opportunities are related concepts, they tend to emerge and… Continue reading Risks vs. Opportunities & Three Point Estimating
Abstract Completing non-trivial projects on their originally promised date is such a rare occurrence that we often expect them to be late. Although there are numerous valid reasons for exceeding schedule commitments, some of the most overlooked are structural risks associated with how the schedule was created and expectations were initially set. This essay explores aspects of schedule creation… Continue reading Risk: Why Your Project Will Probably Be Late – and How Three Point Estimating Can Help
In freshman Physics, students learn not to report more precision in their answers than can be justified by the facts of the problem. Why are project managers still expected to report bogus completion dates that imply estimating precision that we don’t really have? How long does it take you to go from your front door to… Continue reading The Emptiness of Single Point Estimates
Organizational Quality Systems cover many aspects of compliance. Many industries have established standards, and most companies establish their own. From a project life cycle standpoint, product quality includes meeting technical performance requirements and specifications, some of which are directed by industry compliance codes. Project teams are basically commissioned to establish objective criteria (via tests, analyses,… Continue reading 20. The Importance of Quality to project risk management.