The Legend Of Eevy The Kid

 

As GTIM Nation knows, I’ve written previously about the notorious outlaw Billy the Kid, not so much because of him personally, but due to the disparity between the stories about him and the actual details of his biography. For example, American recording artist Billy Joel’s second album, Piano Man, featured a track entitled The Legend of Billy the Kid. It’s fortunate that the word “legend” appears in the title, since several of the specific assertions in the song’s lyrics are false. Consider the following table:

One has to wonder why Mr. Joel would bother being this specific about biographical details that are so at odds with the facts. It’s almost as if, when it comes to New Mexico history of the latter half of the 19^th century, he really doesn’t know what he’s singing about.

Meanwhile, Back In The Project Management World…

Most seasoned PM-types are frustratingly familiar with the difficulties inherent in trying to implement a cost and schedule performance measurement system for an organization that hasn’t worked with one previously, or is nominally disposed to resisting such implementations. Oft-heard objections include:

• It’s too difficult/time-consuming/expensive to implement (it’s not),
• If, by some miracle, you do find a way of getting one installed that’s not back-breakingly difficult, then it won’t return usable or reliable information (also demonstrably false).
• Only highly- (or over-) paid professionals can perform this feat (again, demonstrably false).
• Such systems aren’t applicable to the work this team is performing (if the work in question is a function or related to asset management, this is actually true. Unfortunately, many genuine project teams will attempt to invoke this objection),

…among others. The thing about these types of objections is that they are fairly easily refuted. Where the legend of Cost/Schedule Performance Measurement Systems, specifically Earned Value, begins to deviate strongly from its true nature is when we evaluate some of the assertions from supposed supporters of such systems.

Probably the most common example of this is the notion that the Cost Baseline (a.k.a., the Budgeted Cost of Work Scheduled, BCWS, Planned Value, or PV) must be derived from the most accurate Basis of Estimate available, with only the most recent element-of-cost, overhead rate, and anticipated escalation rates available considered acceptable. While, from an estimator’s point of view, these data elements should be the best available, from an Earned Value perspective they matter little (if any) to its reliability as an information stream. Consider the fact that, once work has commenced on a project, the EV calculation for estimating the at-completion costs has nothing to do with the accuracy of the original estimate. It’s counter-intuitive, but it’s true. The most common formula,

Estimate at Completion = Budget at Completion / Cost Performance Index

…can be reduced to

Cumulative Actual Costs / Percent Complete

…meaning that the original cost estimate is entirely superfluous for the purposes of this critical information bit.

There are many other instances of this effect, but y’all see my point. Legends about historical figures that find their way into entertainment venues usually do not lead to significant breakdowns in the advancement of the management sciences, with their associated loss of efficiency and missed opportunities. Legends that grow up around legitimate PM practices can (and will) do precisely that.

It's almost as if those singing about perpetrating these “rules” should re-brand them as “legends.”

[i] Wikipedia contributors. (2022, April 12). Billy the Kid. In Wikipedia, The Free Encyclopedia. Retrieved 19:38, April 16, 2022, from https://en.wikipedia.org/w/index.php?title=Billy_the_Kid&oldid=1082234887

[ii] Ibid.

[iii] Ibid.

[iv] Ibid.