Tag Archives for " Risk Management "

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 […]

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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 […]

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Why Optimism is BAD for the 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 […]

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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 […]

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The Ultimate Guide To Use PERT, CPM & Standard Deviation Together

pert cpm

I have described Program Evaluation & Review Technique (PERT), Critical Path Method (CPM) and Standard Deviation in complete detail this post. I have talked about how they are related to each other and how they can be used together. What is Critical Path Method (CPM)? Critical Path is the Longest Path in the Project Network. […]

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What Is The Use Of Standard Deviation In PERT Estimation?

use of standard deviation

What is the chance of getting a ‘Heads’ in a toss of a coin? You would say that’s easy. There is a 50% chance of getting a Heads. Or you would say Probability of getting ‘Heads’ is 50% or 1/2. What is the chance of getting a ‘Six’ in a throw of a dice? You […]

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3-Point Estimate is Different From PERT…

three point pert estimate

Estimation is one of the most basic concepts of Project Management. In fact poor and improper estimation is one of the main causes of challenged projects. There are many ways to Estimate. Some of these estimation techniques are specific to an industrial domain like software size estimation techniques. While other techniques can be applied to […]

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Which “Type of Contract” is More Risky?

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 […]

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