Tag Archives: risk management book

Egad! It is the Most Likely Schedule!

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

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Posted in Analysis, Baseline Management, Business, Construction Management, Critical Path, Data Assessment, Decision Making, Deterministic Schedule, Economics, Integrated Schedule, Most Likely Schedule, Planning and Scheduling, Program Management, Program Schedule, Project Management, Risk Assessment and Treatment, Risk Universe, Risk-based Management, rufran frago, Rufran's Blogs | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

Man is the Center of the Risk Universe

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

Posted in Business, Causes and effects, Construction Management, Data Assessment, Decision Making, Issues and Problems, Opportunities, Planning and Scheduling, Program Management, Project Management, Risk Assessment and Treatment, Risk Universe, Risk-based Management, rufran frago, Rufran's Blogs, Threats, Uncategorized | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

Effects of Constraints to Critical Path

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.
Continue reading

Posted in Analysis, Business, Construction Management, Critical Path, Critical Path Management, Data Assessment, Data Maturity, Information Maturity, Integrated Schedule, Issues and Problems, Longest Path, Managing Assumptions, Managing Constraints, Monitoring, Planning and Scheduling, Primavera Administration, Program Management, Program Schedule, Project Management, Quality Management, Risk Assessment and Treatment, Risk-based Management, rufran frago, Rufran's Blogs, Uncategorized | Tagged , , , , , , , , , , , , , , , | 1 Comment

Setting the Critical Path

In the big situation, a man’s blind belief usually ends in disaster. Continue reading

Posted in Analysis, Business, Causes and effects, Construction Management, Critical Path, Critical Path Management, Data Assessment, Execution Strategy, Integrated Schedule, Integration, Longest Path, Opportunities, P6 Issues, Planning and Scheduling, Program Management, Program Schedule, Project Management, Quality Management, Reporting, Risk-based Management, rufran frago, Rufran's Blogs, Tools, Uncategorized, Variance Analysis | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Integrated Schedule, a Must Have in Program Management

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

Posted in Business, Construction Management, Data Maturity, Execution Strategy, Information Maturity, Integrated Schedule, Integration, Planning and Scheduling, Primavera Administration, Program Management, Program Schedule, Project Management, Reporting, Risk-based Management, rufran frago, Rufran's Blogs, Uncategorized | Tagged , , , , , , , , , | 1 Comment

Conducting Project Analysis: Using PIRCAD Approach Part 1

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

Posted in Analysis, Business, Causes and effects, Construction Management, Economics, Issues and Problems, Monitoring, Opportunities, Planning and Scheduling, Project Management, Reporting, Risk Assessment and Treatment, Risk-based Management, Rufran's Blogs, Threats, Type of Analysis | Tagged , , , , , , , , , , , , , , , , | 2 Comments

Risk as a Function of Time – Part 2

By this time, you should have read the first part of  “Risk as a Funtion of Time.” Let us get back to the “time component” of risk and answer a simple question made by a Transport Manager operating the Red … Continue reading

Posted in Business, Economics, Project Management, Risk Assessment and Treatment, Risk-based Management | Tagged , , , , , , , , , , , , , , , , , , , , | 1 Comment