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What constitutes a troubled project? The answer is truly in the eyes of the sponsor, but as project managers we need to measure objectively and then decide how to use those facts in our go-forward plans. Here the author puts everything in the context of the triple constraint.
| A. | The economic marketplace is so dependent on stakeholder interpretations of the news and political events that it is impossible to try to predict the value of organizational projects in the future. Since 2011, businesses no longer use the present and future monetary calculations in their strategic planning. |
| B. | When choosing projects, the one which will offer the highest return on investment is always the best one to choose. Financial value, even if it is delayed longer into the future, is always the wisest way for an organization to direct its investment dollars. |
| C. | Present Value (PV) and Future Value (FV) can be used to see how much business value a project can provide to the organization in the future. It allows mathematical calculations to pinpoint amounts rather than just predictions of good “growth” or “return.” |
| D. | There are many types of value for a company to consider. Each project can be focused to lead to whichever type of value is most important to the organization, but only one of four portfolio value categories for projects can be met by a single project. |
The following article discuss how fast tracking can lead to project delays, showing the most common risk and pitfalls when applying the technique. It will focus on examples from some projects in Qatar.
This article highlights why project financial assessment is so prone to errors during project monitoring, and illustrates a better practice for applying earned value to analyze and report project schedule and cost data quickly and accurately.
For a long time, the constraints of time, scope and cost have been the key attributes that a project management professional had to handle effectively for project success. However, project success encompasses much more.
Many organizations consider quality improvement as a critical factor of success for competitiveness. The goal of continuous improvement attempts to not only meet customer requirements, but to also do it at the lowest cost. Values obtained as a result of the calculation need to be analyzed to prepare plans for improvement and set goals for reducing the cost of quality.
| A. | You are being “taken” by sales people from your hardware vendors who are behaving like used car salesmen. They quote you a low price to get your management’s approval, but when it comes time to actually install you have to add on many necessary extras you really need that they never revealed. |
| B. | It is probably you and your team if you are only figuring initial hardware costs in your project budget. The total cost of any new installation should be calculated both in immediate costs and in long-term costs over the life of the equipment, including non-tangible expenses. Only then can vendor offerings be fairly compared and evaluated. |
| C. | Management should not expect project teams to be pricing hardware. This should be done exclusively by someone from the purchasing department. Your only role is to install whatever arrives on the dock. In this way, if the costs go up you and your team escape the blame. |
| D. | Since recent costs for information technology (IT) items have quadrupled over the life of the equipment, you should multiply any future vendor contract pricing by four and alert accounting how much cash to have on hand in the immediate future. Always pick the lowest bid, as in today’s market all hardware is basically the same. |
The whole point of Earned Value Management is to use past project performance measurements to depict the current standings and predict future efforts and resources required to complete the project goals. If you think in pictures, this illustrated formula will aid in your pursuit of certification or provide a refreshing perspective for veteran practitioners.
Establishing a “program approach” allows leadership to control performance across multiple projects to achieve maximum efficiency and ensure alignment to strategic goals. The “Intelligent Project Management” model (iPM) provides a fully integrated approach utilizing smart controls, greater visibility of performance data and ensuring people have the right capabilities to support delivery.
The work breakdown structure is fundamental to project execution. When we expend insufficient time and develop inadequate detail on the WBS, the project will yield poor results and we can expect to see last-minute identification of critical elements. Here we look in greater detail at this essential tool.
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Disbelief in magic can force a poor soul into believing in government and business. - Tom Robbins |
