Tag Archives: Big Data
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.
Doing nothing is also a decision. It is a decision that sits on your head. “Status quo” is also a decision. No escaping around it! Continue reading
The overall execution plan loses substance when important pieces are missing. It can also lose its essence when many smaller project elements are absent, through their cumulative effect.
Data maturity is a project attribute project managers have to deal with in some intelligent way. They seek to formulate a way to address missing and incomplete information and to strike a balance somehow. It is very risky trying to integrate a project with missing or incomplete work scope. Filling in an information space with assumed fill-in data is a risky trade-off.
Quality is frequently a victim of time. Think about it. Try doing anything quicker than normal. What will happen to the quality of any endeavor compared to one given enough time? Right you are! We will see resources skipping steps, doing shortcuts, circumventing rules, violating regulations, lying, cheating, sugarcoating, and many others. The adverse consequences, to name a few includes reworks, higher safety incidents, project suspension, strikes, disputes, litigation, lay-offs, and bunches of other bad news. All these will potentially happen because quality has deteriorated. Continue reading
Chapter 9-Project Integration of my recently published book Risk-management in the World of Threats and Opportunities: A Project Controls Perspective discusses the challenges that many Project Managers are facing. One item that throws many to fits is project integration. It is a project requirement with varying level of complexities. Some have successfully toe the line but many just fail.
Integration happens throughout the project lifecycle using continuous collaboration. It becomes a big challenge to project professionals who do not have enough experience but especially true to managers handling large projects with multiple areas or multiple project portfolios.
Most concerning is when Project Leaders and Managers exhibit the symptoms. Clueless, it tags along with them like their favorite pet every time. They amazingly could not put their fingers on it or perhaps, intentionally refusing to accept. The sad part of the story are the consequences their decisions will make, omissions they will soon regret. Continue reading
Some five to ten years ago, a Project Controls colleague asked an interesting question. It is about the analysis/reports that our PC Group completes periodically. Some of the reports are “as required” but most times on a fixed cycle; e.g. … Continue reading