Tag Archives: risk management book
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
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
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
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
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
I have just delivered a short presentation in a University project management course under sponsorship of a local oil and gas company when a student followed me out to ask about risk as a function of time. It is amazing … Continue reading
“Risk-based Management in the World of Threats and Opportunities” is now available in paperback and kindle editions. Check it out and grab a copy! https://youtu.be/wxWgYUhiWos This book provides new/additional knowledge to project management practitioners (beginners to experts), risk management specialists, … Continue reading
Our Risk Universe is vast and many frontiers remain untested. Your world is the midst of it. Your world, our risk universe! Places, events, people, processes continue to change and puzzle us, even in what we might perceive as something familiar. To understand the … Continue reading