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!
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!
Just absorb it, it’s not much of a change! Everyone is on board, so be a team player! Trust me, I’ll have your back if it causes issues! Just absorb it – your team can handle it! Why stir up the pot and make things difficult? The easiest way to handle a product requirement change (i.e.,… Continue reading When Requirements are Important, Changes can be Devastating to Project Success!
Years ago, I was asked by my boss (the CEO) to help determine why our largest division was having difficulties executing on DoD (Department of Defense) contracts. We had grown from implementing mostly internal product development projects to performing a larger percentage of contractual projects and struggled with meeting our commitments. In so doing, I decided to… Continue reading What are the Causes of Unsuccessful Project Execution?
The 3 Key Project Management Tenets that Improve Team Performance The 6 Project Constraints “Rule of Thumb” for Establishing and Maintaining a “Balanced” Project Plan The corollary is: “When one Project Constraint Changes at Least one Other Constraint is Affected”. The 6 project constraints are Product Requirements (i.e., Quality), Project Scope, Project Delivery Schedule,… Continue reading Three Key Project Management Tenets that Improve Team Performance
STRATEGIC PROJECT MANAGEMENT: “The formation and implementation of over-arching Project Management Guidelines and Initiatives taken by an Organization’s Management on behalf of Project Stakeholders, based on Resources and an assessment of Tools, Techniques and Competencies considered Best Practices for Projects being implemented to meet Organizational Strategic Goals and Objectives. It provides overall direction to the… Continue reading There is No “Silver Bullet” when it comes to Strategic Project Management
The RTConfidence Team just received official issuance of its first US Patent “Software Portfolio Management System and Method” which includes the application of our first game-changing product, Chrono™ and our revolutionary TriCoBi™ method! Congrats and thanks to our dedicated team members. Advanced Project Planning, Monitoring & Controlling Made Simple with Free Trial Buy Now
Part 1 of 2: Individual Task Risk Tolerance (Part 2 of 2 is on Overall Project Risk Limits)! I believe that almost any Project Plan can be “balanced” if you ignore the Risks. Think about it – you can balance almost any Project’s Quality, Scope, Schedule, Resources and Costs if you absorb an unlimited amount… Continue reading What is the Limit to Project Risk Absorption? (Part 1)