article thumbnail

100+ Project Management Terms: PM Terminology Explained

ProjectManager.com

Baseline A baseline is an estimate of the project’s scope, schedule and costs that is created during the planning stage. Cost overrun This is the actual cost that exceeds the estimated cost in the budget, also known as a cost increase or budget overrun. Learn more in our Ultimate Guide to Project Planning.

article thumbnail

Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

What happens if you shift focus from "accurate estimation" to "reliably shipping by a date"? . If your project has no uncertainty, there is no need to estimate. All estimates have precision and accuracy. Deciding how much precision and accuracy is needed for a credible estimate is critical to the success of that decision.

2003 46
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Risk Management Resources

Herding Cats

requires making estimates) ? 5, September/October 2011. A Simulation-Based Risk Network Model for Decision Support in Project Risk Management,” Chao Fang and Franck Marle, in Decision Support Systems , Elsevier, 2011. Estimation of Long?Term Making these decisions in the presence Uncertainty ? reducible and irreducible ?

article thumbnail

Top Solutions to Project Failure – Epicflow Research Part 2

Epicflow Blog

Victorine Ghobeira , a Senior Business Analyst and Project Manager at Dataquest, says that “preventing a lack of resource starts when defining and estimating activities and leads to creating a realistic schedule. DIscussion in PRINCE2 & MSP – Project & Programme Management + Agile Scrum.

article thumbnail

A Compendium of Risk Management Resources

Herding Cats

requires making estimates) ? 5, September/October 2011. A Simulation-Based Risk Network Model for Decision Support in Project Risk Management,” Chao Fang and Franck Marle, in Decision Support Systems , Elsevier, 2011. Estimation of Long?Term Making these decisions in the presence Uncertainty ? reducible and irreducible ?

article thumbnail

Complete Collection of Project Management Statistics 2015

Wrike

3% use PRINCE2. [4]. earned an average of 16% more (approximately $14,500 ) than their non-credentialed peers in 2011. [6]. Estimated Project-Oriented Job Openings 2010-2020: . Inadequate cost estimates – 29%. Inaccurate task time estimate – 27%. Popular Methodologies: 41% use PMBoK. 9% use an IT methodology.

2015 60
article thumbnail

My Journey as a Scrum Master

Scrum.org

Always eager to learn more, I registered for a certification program by which I could learn BiSL , ASL , ITIL , and PRINCE2. If only we would create more accurate estimates…. In hindsight, I already started writing the paper “ The 8 Stances of a Scrum Master ” around 2011–2014, although it was published via Scrum.org years later.

SCRUM 116