Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
David,
I personally prefer to always be transparent with the team I am working with because transparency is a important and it is the beginning of building trust. However, you might chose not to disclose this to everyone but to your PM Team only.
Your cost baseline is basically your Project Estimates + Contingency Reserves so your team will definitely know that reserve is embedded in this cost baseline.
You still have management reserve which is not part of this cost baseline so you might not want to disclose this information to the project team as this is something that requires higher management approval.
Hope this helps.
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1 reply by David Hernandez
Nov 04, 2016 2:26 PM
David Hernandez
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Thanks
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Gianpaolo CervoManager| BASF Italia SpaCesano Maderno, Italy, Italy
David,
I fully agree with transparency: it is part of Project Manager professionalism.
About not to say numbers I see this challenging from the moment you announce you have a contingency reserve.
Yes, transparence. But, when you said "the team" it means only PM's or also other team members, you should be carefully, and explain correctly, sometimes team members will get confused.
The team probably knows that almost every project has contingency reserves. As Anupam said "it is understood". What they usually do not know is if it is included into the estimated activity duration/cost or separated from the individual activities and aggregated into buffers.
I personally prefer to always be transparent with the team I am working with because transparency is a important and it is the beginning of building trust. However, you might chose not to disclose this to everyone but to your PM Team only.
Your cost baseline is basically your Project Estimates + Contingency Reserves so your team will definitely know that reserve is embedded in this cost baseline.
You still have management reserve which is not part of this cost baseline so you might not want to disclose this information to the project team as this is something that requires higher management approval.
Yes, transparence. But, when you said "the team" it means only PM's or also other team members, you should be carefully, and explain correctly, sometimes team members will get confused.
Thanks, I meant the other team members. Saving Changes...
The team probably knows that almost every project has contingency reserves. As Anupam said "it is understood". What they usually do not know is if it is included into the estimated activity duration/cost or separated from the individual activities and aggregated into buffers.
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