Managing risk and contingency
I was recently interviewing a risk management specialist and was intrigued to find that although he had a huge amount of knowledge about risk and issues management, he had very little knowledge of...
View ArticleSimplistic versus simplified thinking
The late Steve Jobs said that if you believed something was ‘simple’ you obviously did not understand it. The challenge, he said, was to thoroughly understand the complexity so that you can then...
View ArticleDemystifying the success and failure of major projects
A conference on major projects will address issues such as delays, budget problems and resource management in a framework designed to audit risk and provide long-term optimisation. The Akolade Project...
View ArticleONE Group heads Priceline flagship project
Health retail chain Priceline appointed ONE Group Retail Experience as the principal project contractor for the development of its 670m² flagship store in Sydney’s Westfield Shopping Centre, as well as...
View ArticleThe truth about project benefits
We commission projects to realise the benefits: if we deliver the project but don’t realise the benefits, where’s the value in that? But we treat benefits as some afterthought or hoped for...
View ArticleClik here to view.
Devils in detail and project estimating fallacies
Project estimating costs and durations can be done in great detail using Excel or more sophisticated tools. However, detailed is not synonymous with accurate! Excessive detail can reduce accuracy,...
View Article6 reasons to stop funding a project
When considering a request for additional funding there are three types of funds: sunk funds, the ‘money at risk’ (to be spent in the next phase) and the remaining projected cost of the project. The...
View Article6 behaviours that could ruin your project
As project managers we want our team members to have a commitment to deadlines, be optimistic about their work, stay focused on the goal, have a competitive mindset, stick to the budget, and please...
View ArticleClik here to view.
Distributed versus consolidated project contingencies
Distributed contingencies are normal in most aspects of project management but often result in sub-optimal use of resources. Typical examples include allowing some safety margin in each critical path...
View ArticleThe 3 most important numbers in project management
There are three numbers that should be indelibly burned on every sponsor, steering committee member, investment committee member and project manager’s mind when approaching projects. These three...
View ArticleMeasuring project uncertainty
Only fools and the bankers who created the GFC think the future is absolutely predictable. The rest of know there is always a degree of uncertainty in any prediction about what may happen at some point...
View Article7 critical skills for project managers
If you’re looking for a project management job, the list of skills that employers expect can be pretty daunting. Certifications aside, there seems to be dozens of skills required to do the job, and...
View ArticleSeeing benefits in project cost
Is the glass half full or half empty? It depends on whether you consider the water a cost or a benefit. Do you fill up an empty glass with benefits, or do you drain a full glass to satisfy your thirst?...
View ArticleClik here to view.
When project risks don’t add up
The way PMI deals with risk in the PMBOK® Guide is simplistic. Calculating the effect of one risk using the suggested probability x severity calculation provides one value. For example, if there is an...
View ArticleAvoiding sunk cost syndrome on your project
One of the hardest things to do is to stop wasting money and resources on a losing proposition. The fact you have spent several months and thousands of dollars on a mission to accomplish something...
View Article5 common project estimation mistakes
While ‘non-estimators’ expect estimation to be an exact science, there are a large number of easily made mistakes that can have a major impact on both project cost and schedule. Make sure you aren’t...
View ArticleHow to manage a project with budget constraints
As many of you are already aware, projects often run into three major interrelated constraints: time, cost, and scope. Whichever constraint you face, chances are that it will set you back financially...
View Article
