You have the plan. You are starting to execute the plan. You are on time. On budget. Things are awesome. And then they are not. Because training tends to be on the back end of projects, it also tends to feel the most pressure when other parts of the project go haywire. —————————- If you […]
Using PERT Analysis for Time Estimates of Activities
Going through the Risk Management planning process is fantastic for figuring out pessimistic, optimistic and most likely scenarios. We did a little bit of work with this earlier as we estimated how much things will cost. We can use the same technique to figure out how much time things take. Even if you are using […]
Risk Register – Hope for the Best, Prepare for the Worst
My long-time co-workers will tell you the following about me: She’s usually prepared for most contingencies. “Worst case scenario? She’s likely considered it.” She hates surprises. So the idea of Risk Registers? Trying to prepare for everything? Oh yeah…sign…me…UP! Being more optimistic sorts, the Project Management Body of Knowledge defines risk as …An uncertain event […]
Documenting How You Got Your Numbers
As you create your budget and cost estimates, make sure you document HOW you got your numbers. Any strategies used Any assumptions made Your entire range – from pessimistic to optimistic What pessimistic MEANS (what could go wrong) This is the beginning of what is known in project management circles as the Risk Register. Known […]
Finding the Numbers
So where do you find the numbers you need to make your cost estimates? Historical and Organizational Information Hopefully, your organization keeps records of all of its previous projects and how much they cost. Find the ones most similar to your project. The more similar the project to the one you are proposing, the more […]
Cost Estimations for Your Plans
I talked a little bit in a previous post about Calculating Opportunity Costs. If you are asked to put together more numbers, there are a few techniques available out of the Project Management Body of Knowledge (fondly known as the PMBOK) that you may find useful. Analogous Estimating Using the cost of similar projects to […]
Breaking Down the Work
Once I’ve taken the time to figure out the opportunity costs of particular scenarios and a decision regarding direction has been made, I start breaking down what needs to happen to get from here to there. —————— A valuable lesson I learned while working on my Master’s Thesis is how to break down a large […]
