Tag Archives: risk-based management
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
One has to remember that a schedule is a time estimate. It is not the exact actual time value at the time. Experienced professionals try to provide a plausible estimate. Nobody really knows what would be the definitive value.
ML date (or most likely duration) is not the same as expected date (or expected duration). It is but a component of the expected value. With the three point estimates (Triangular or Beta) available, one can calculate the expected duration of an activity, a group of activity, and the whole project’s duration.
It is one of the questions asked more often in risk-based planning and scheduling. Project directors, managers, planners, and schedulers have to know what this term means.
Each time a scheduler tries to explain the concept, he easily gets lost in his own circumlocution. It might be his indirectness compounded by the fact that this particular term shares common but blurred boundaries with some other project and risk management terms.
In view of such difficulties, let us put their words and thoughts on paper so that project practitioners can better understand. Continue reading
It is always better to learn from the experience of others than to experience the pain yourself. Forewarned is forearmed.
As a Risk-based Management practitioner, what more, a grandfather, I would like to remind all Moms and Dads to be acutely aware of all risk indicators before letting others take care of their precious ones. Be cognizant of warning signs that threatens the safety of your child.
Do not focus too much on your own personal objectives, your targets, or your timelines to accomplish something.
Never equate the risk (threat) to the convenience and freedom daycare brings to your life.
Do not rush into making any decision affecting your child. Think deeply and re-think your priority list!
Best Time in Life
The best time in life is being a Mom and a Dad to your kids in their formative years. Nothing beats that.
It is the best thing in the world. It is way beyond work/job, career development, MBA, Doctorate, Diploma, Certificate, and other accolades. Family is first.
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
1. The baseline schedule shall represent the most likely schedule
The baseline schedule is the most-likely schedule. It does not have built-in float, buffer duration, or/and dummy activities. It is neither optimistic nor pessimistic (tight or lax).
It has full complement of qualified resources, with no embedded risk or any built-in schedule contingency.
2. An official project BL Schedule shall be a result of Interactive Planning
All baselines set from Gate 2 onward shall be the result of an interactive planning session.
3. Schedule scope shall equal plan scope
The plan scope shall be the same scope reflected in the baseline schedule that follows. Planned scope and the scheduled scope must be in alignment. A schedule cannot have more than the scope in the plan. Otherwise, the project faces a problem (Frago, Schedule Baseline Dilemma Part 1, 2015).
Read the whole article for complete list! Continue reading
When client and contractor start throwing accusations against each other surrounding schedule baseline, one can easily conclude that a problem or issue is brewing. It can turn into big risks (Frago, Schedule Baseline Dilemma Part 1, 2015). Resolving the contentions between opposing parties can take long and potentially, can end in disaster.
To prevent such occurrence, the project must start with the right foot forward. The project manager, all his planners, and schedulers, including his contract administrators must have a solid understanding on how the project intends to manage schedule baselines.
If baseline management is not part of the plan, the project is trekking on dangerous territory. Continue reading
Tulad ng karaniwang sinasabi-sabi ng mga kwento sa mga pahayagan at iba pang babasahin, dalawa ang mukha ng tagumpay at maraming mukha ang buhay. Ang ating Dakilang Lumikha lang ang tunay nakaaalam nang tiyak na kahihinatnan ng bawat isa.
Ang mga kwento at karikatura sa pahinang ito ay halaw sa aking sariling karanasan at karanasan ng iba pang Osidabulyung tulad ko. Ang iba ay galing sa mga kuwento na narinig nating lahat, galing sa ibat-ibang sanggunian. Ang mga pangalan, lugal at siwasyon ay iniba upang mapangalagaan ang kanilang pribadong buhay. Dahil dito, ang mga karakter at lugal na ginamit ay naging isang kathang-isip lamang o piksyon.
Sana’y makapagdulot ito sa mga mahal kong mambabasa ng galak, paglilimi at mahalagang aral.
Sumasaludo ako sa lahat ng aking mga kasamahang Osidabulyu. Dapat bigyan ng maganda at kumpletong proteksyon ng pamahalaan ang lahat ng manggagawa sa ibang bansa.
Mabuhay ang mga Osi! Maraming salamat sa inyong lahat!
Rufran C. Frago
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.