Project managers often focus a lot on developing estimates, but sometimes they ignore the most important aspect of those estimates. Let's discuss the importance of standard deviation.
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New technologies, hybrid projects, the launch of a PMO—when the environment is constantly changing, how do you craft a schedule (or multiple schedules) for project success? Discover timely answers here—and only here—at the PMI Scheduling Conference 2017, exclusively for PMI members.
Love project scheduling? Or just want to learn what’s new in the world of project scheduling? Attend the PMI Scheduling Conference – exclusively for PMI Members. Learn the latest in scheduling best practices not available anywhere outside of PMI. We’ll share tips and tools from real-life projects and programs.
A project schedule is an indispensable tool in the hands of a Project Manager to efficiently manage and direct project work. A well-constructed and maintained schedule is a key ingredient needed for the success of any project. The DCMA 14-point assessment offers a project manager an industry defined method to quantitatively evaluate a schedule and improve its quality. The project manager may use the DCMA 14-point assessment at the beginning of the project as a set of guidelines for developing a logic driven, solid and manageable schedule, and throughout the life of the project, as a set of health checks for periodically evaluating the schedule against a set of measurable criteria.
During a Crisis, managing projects become extremely critical as we may experience Cost & Schedule overruns, unidentified Changes & Risks that creates an imbalance. Focusing on Priority Knowledge areas of PMBOK during a crisis, helps us stay aligned to the Program GOAL's & the Organization Targets. An approach to consolidate the projects of a Program or a Portfolio in a single shell will be my call during this webinar - with my personalized model that can give an "Effective Approach".
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Updated for 2021! Statistical PERT is an estimation technique that project professionals use to align expectations and make better business decisions. Use Statistical PERT to create a probabilistic forecast for many project uncertainties, such as how much your project will cost, or when you might deploy the next agile release. Statistical PERT easily models a wide variety of uncertainties using built-in statistical functions inside Microsoft Excel, making estimation easy to do—even for people who don't like statistics.
UPDATED for 2021! To be used in conjunction with Evaluating Benefits: Getting Statistical (Part 2). This template evaluates uncertain revenue. Probabilities describe the area under the curve to the right of the planning estimate, answering the question, "What is the probability of earning at least $X or more revenue?"
This Excel template is to be used in conjunction with the article Task Duration Estimation: A Simple Solution. Together, they can be used to conduct a Monte Carlo simulation. This will provide a statistically reliable method of estimating the minimum required time to schedule for any task so that its chance of success falls within a given confidence parameter.
While actively participating in mentorship during a project with a local design/build firm, this practitioner compiled an overview of the project management process as detailed in PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Use this overview with other project managers as a tool to reference in your day-to-day PM activities (as well as share with new project managers).
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How do we differentiate between effort and duration? What estimating techniques can we use to determine how long work will take to complete? As we continue to build a foundation of project management knowledge, we explore this crucial aspect of project plans.
Does a project delay of a few days really matter? Yes! Schedule delays are often treated as no big deal, but that’s a dangerous approach. We need to view the schedule as a guideline, not as a weapon.
You can use a simple spreadsheet to make a reasonable best guess of the likely duration of a given task. This explanation of three-point estimates and simple triangle probability distribution—along with its accompanying Microsoft Excel spreadsheet—can be used to conduct a Monte Carlo simulation.
Dependencies are a critical part of project planning, but they aren’t always as clear cut as they may at first appear. A better understanding of hard and soft dependencies can help.
This article shares the challenges a PM experienced while managing the construction of a 5-star hotel on the Caribbean island of Grenada during the pandemic—and how he navigated through change management to stay on track.
A lot of emergencies and unplanned tasks interrupt our daily work schedule. What can we do when this happens? Ask yourself these five Ws to help maintain sanity, be productive at work and maintain a better work/life balance.
How do you incorporate risk mitigation plans into the integrated master schedule (IMS)? It is useful to be able to see the status of the mitigation plan in the IMS and the impact on other tasks if the mitigation plan begins to slip. This discussion presents a risk scenario to show you how to implement a risk mitigation plan on your own projects.
Nearly 50% of projects worldwide during the previous eight years have experienced delays in their schedule. By examining several sources, with a focus on oil and gas projects but applicable to most projects, the paper consolidates the identified causes, categorizes them, and ranks them in the form of a top 12 list of the most common delay causes in projects.
The application of a baseline to projects is an essential tool in measuring project schedule performance during post-project review. Setting multiple baselines can be very useful in providing an historical record of how the schedule progressed.
Sharing only single-outcome estimates of the future fails to convey project risk, uncertainty and the project team’s nascent project knowledge. A far better approach is to use visual signals to help project sponsors sense the uncertainties that they and their project teams face.
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