Dummies Guide To Project Risks & Issues – Examples & Definition

project risk

I have observed that the term Project Risk is used very loosely. It is often confused with Issues or Problems. You would be wondering what is the difference between project management risk and issues. They are one and the same thing. But, they are not. I have given definition and a few examples project risk … Read more

Change your Project Risk Management Strategy

risk management strategy

What is your Project Risk Management Strategy? “Duh! We will deal with the problem when it comes. Is there any other Project Risk Management Strategy?” In my experience “deal with the problem when it comes” is the most frequently used Project Risk Management Strategy (also called Project Risk Response Strategy). Most Project Managers (and other … Read more

4 Project Risk Response Strategies for Opportunities

risk management strategies

Do you use Project Risk Response Strategies to avail Opportunities? Let us be frank here. Most of us never think about Project Risk Response Strategies for Opportunities. We usually ignore the Opportunities and think only about threats. Many of you would vociferously disagree with me. Well, I am not talking about Life Opportunities. In the … Read more

Why Optimism is BAD for the Projects?

optimization bad for projects

Pessimist – We are going Down. Optimist – We cannot go down any further. Now the only way is Up. Realist – Let us analyze the current situation and decide what best can be done. Humans, by nature, are usually optimistic. Project Managers (unless they are from another Galaxy) follow the same trait. Recently, I … Read more

Did You Know That A project Is Scheduled To FAIL?

A project is scheduled to FAIL from start. This is a very strong statement albeit true. I have noticed this phenomenon many times during my experience. Let me explain. Project Managers rarely understand good scheduling concepts/techniques. Even if they understand, good concepts/techniques are rarely used while developing project schedule. What are good scheduling concepts/techniques? These … Read more

Using PERT & Standard Deviation For Critical Path Analysis

pert standard deviation variance formula critical path method

You would find Program Evaluation & Review Technique (PERT), Critical Path Method (CPM) and Standard Deviation in complete detail this post. IT describes how they are related to each other and how they can be used together for project schedule analysis. This article assumes that you are already know how to use PERT Formula for … Read more

Variance And Standard Deviation In PERT Formula [PMP]

pert formula variance standard deviation

You might be looking to understand the usage of variance and standard deviation in PERT formula. PERT is an acronym for Program Evaluation and Review technique. This technique is used to determine duration and cost estimates of a task. In this technique, a weighted average (mean) of three different estimates is used to determine the … Read more

PERT Formula & Three Point Estimating: The Ultimate Guide

pert formula three point estimating

Three point estimating can be done in two ways. First one uses PERT formula and the second one calculates simple average of three different estimates viz. Optimistic, Pessimistic, and Most Likely. These techniques are used both for duration and cost estimation. PERT (Program Evaluation and Review Technique) is based on beta distribution technique and uses … Read more

Procurement – Some practical aspects

In my previous post I gave a brief on Procurement and Risk. I deliberated upon who (buyer or the seller) has more/less risk in contract types. The post was written to help PMP aspirants answer some tricky questions reared to Risk and Procurement in the exam. The post can be read by following the below … Read more

Which “Type of Contract” is More Risky?

types of contracts and risk

Types of Contracts and Risk A Question You are working for a Defense Contractor. Your company is bidding for a Government’s secret project called Project “Hush-Hush”. The Government has decided to outsource this project as a Fixed Price Contract. Who has more Risk for this Project? Defense Contractor Government All Projects are risky. Both Defense … Read more