Category Archives: Reporting
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
“Now, the fun begins. It gets even more exciting when two opposing poles get near each other debating project change notices and non-compliance reports. Arguments usually boil down to the definition of a schedule baseline and the right way to manage it. If there is no governing prior agreement, it becomes difficult to reconcile, as the expected answer has to satisfy both clients and contractors (or whichever party is involved). The perennial argument revolving around schedule baseline management is probably as old as when the term was first coined. It is sad to detect that many, especially project managers just kept on missing the points of control (Frago, R., 2016.Schedule Baseline Dilemma Part 1).”
Warning: A phantom schedule can work against its proponents in the end if sponsors are not careful.
Ghost schedule removes time management focus from the officially approved contractual schedule. Complications start when this happen.
Client cannot effectively use the phantom schedule in officially discussing path forward with the contractor. It is not an acceptable driver to get the contractor going another way. After all, this schedule does not exist. Continue reading
In the big situation, a man’s blind belief usually ends in disaster. Continue reading
Program management is the process of managing several related projects typically to enhance an organization’s outlook, better its industry reputation, to improve overall productivity and to avail of long-term opportunities.
Management of interdependent multiple projects call for an integrated approach. Interdependent in a sense that some activities of one project cannot start or finish without the predecessor project activities completed. For small to medium size program portfolio, effectively managing the overall and overarching schedule can still be quite challenging for Project Managers.
Program managers have to find a method of doing away the time-consuming collection of data by offering a common database of information and the same scheduling environment with “what you see is what you get” quality. Without such interface relationships crossing individual project schedules, a fast and accurate identification of critical work becomes manual, tedious, and lengthy if not impossible. Continue reading
Faced with a question on how one would analyze a problematic situation on the spot without going to any existing analytic templates and guidelines, the PIRCAD approach was born. The acronym is odd sounding but easy to remember. It simply … Continue reading
This is a continuation of Using PIRCAD Approach Part 1. If one thinks about it deeply, an analysis is only required because of change. A problem is brought to fore by something that has changed. It is solvable while an … Continue reading