Category Archives: Critical Path Management
Black swan events are so fascinating that they are a common source of discussion in many risk management forums. The variety of perspectives coming from all directions never ceases to amaze.
To a risk manager, ‘black swan’ phenomena are highly unlikely events that have massive impacts on a business or society on the rare occasions they occur. It means that the event is unexpected, but is of huge consequence (Ferguson, 2014). There is no scientific way at present to predict black swan events reasonably and acceptably.
A person’s perspective depends on which side of the fence they are sitting on. With that in mind, a risk can be a threat or an opportunity. Your business sees a threat and your competitor sees an opportunity. It is as simple as that.
Each individual player within the risk universe will see things a bit differently compared to the next person, with some people interpreting things in exactly the opposite fashion. In each case, the person can see only one attribute.
The simplistic objective point of view is that risk is either a threat or an opportunity, depending on the observer’s orientation to the goal. Continue reading
101116 Risk-based Planning & Scheduling (My SAIT Slides) from RUFRAN FRAGO, P. Eng., PMP®, CCP, RMP®, Author
Identifying and validating project constraints affecting the schedule is an important part of monitoring and control. Constraints for the most part are project assumptions.
Treat them with caution and respect.
“Once started, the project is actually operating under three big traditional major constraints* of cost, time, and scope (*note that PMBOK had recently came up with six constraints).
Constraints imposed on activities are multiple limitations that will most likely further make it challenging and difficult to manage time.”
The critical path ultimately dictates the duration of the project. For this reason, a planning and scheduling person has to understand how constraints affect the schedule.
In the big situation, a man’s blind belief usually ends in disaster. Continue reading