Part 2 of 2: Overall Project Risk Limits (Part 1 of 2 is on Individual Task Risk Tolerance)! As mentioned in my original post (Part 1, regarding Individual Task Risks), I believe that almost any Project Plan can be “balanced” if you ignore the Risks. But most high-risk plans would not make sense if team… Continue reading What is the Limit to Project Risk Absorption? (Part 2)
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!
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?
Project management would be a lot easier if our original plans were accurate and reliable. This is relatively easy when it comes to follow-on production or deployment of a well-established repeat services. It gets progressively more difficult as the complexity and risk associated with development projects increases. In certain organizations, a top-down estimate suffices. In… Continue reading Why Good Estimating practices are so important to project risk management.
Parkinson’s Law 2 states that “Work expands so as to fill the time available for its completion.” So what does this imply? That we are either going to meet our commitments, are miss them – we are not likely to do better than the targets we set. This is obviously counter to “doing more with… Continue reading Parkinson’s Law versus Project Risk Management and “doing more with less”.