Remove 2017 Remove Budget Remove Estimate Remove Governance

How to Keep Your Projects On-Time and On-Budget

Arras People

And now more than ever, projects that are over budget, behind schedule or are not delivering the value originally promised are in jeopardy of being cancelled. companies and government agencies an estimated $145 billion per year!

Budget 313

2017 Project Management Trends To Watch

Girl's Guide to PM

This year I’m looking forward into 2017 to highlight some of the project management trends I think it is worth watching out for. The introduction of the apprenticeship levy in the UK next year may well have a significant impact on training budgets even in mid-sized firms.

2017 314

How to Talk About Estimates

Herding Cats

What is an estimate? An estimate as a noun is an approximate calculation or judgment of the value, number, quantity, or extent of something. An estimate as a verb is to roughly calculate or judge the value, number, quantity, or extent of. Estimates.

What is an Estimate? What is Estimating?

Herding Cats

I work in a domain where estimates are made every single week. Estimate to Complete (ETC), Estimate at Completion (EAC), Estimated Completion Date (ECD) are the life blood of our software intensive system of systems programs. But Estimating is NOT Guessing.

Estimates, Forecasts, Projections

Herding Cats

Estimates. An Estimate is a value inferred for a population of values based on data collected from a sample of data from that population. The estimate can also be produced parametrically or through a simulation (Monte Carlo is common, but Method of Moments is another we use). . Estimates can be about the past, present, or future. We can estimate the number of clams in the Pleistocene era that are in the shale formations near our house. Estimate to Complete.

4 Fallacious Reasons to Estimate and Why Those Are Fallacious

Herding Cats

There's a recent post titled Four Fallacious Reasons to Estimate. It lists the usual suspects for why those spending the money think they don't have to estimate how much they plan to spend when they'll be done producing the value they've been assigned to produce for that expenditure.

When to Estimate and When Estimates aren't Needed

Herding Cats

Paul Boos has a post about estimating and makes a case for the Principles of when NOT to estimate. This struck a cord around a bigger topic - the inversion of estimating. When should we NOT estimate? What business decision making conditions could be in place where we don't have to estimate the outcomes of our decision in the presence of uncertainty? Then on to the original conjecture for No Estimates from Paul's post. Not principles for NOT estimating.

GAO Cost Estimating and Assessment Guide Applied to Agile

Herding Cats

The GAO Cost Estimating and Assessment Guide has 12 steps. You're late and over budget before you start, and have lowered the probability of technical success. These describe the increasing maturity of the project's artifacts. There are not specific to Agile Software Development.

7 Realistic Ways to Up Your Project Budget Management Skills

Function Point

7 Realistic Ways to Up Your Project Budget Management Skills. Having strong project budget management skills is crucial to the success of any agency. Getting to know your project stakeholders’ needs and goals is the foundation for strong budget management.

Project Manager Roles and Responsibilities: What does a PM Really Do?

Project Bliss

Identifying activities, dependencies, sequencing, and time estimates. Creating the budget. As you identify all the resources you need for your project, you’ll be able to create the project budget. The job title of “project manager” is pretty common these days.

2017 249

Agile Project Management Methods

Herding Cats

How estimates are or are not needed. They have not to exceed budgets , they have emerging requirements built on baselined Capabilities. There is a lot of unsubstantiated claims going around about how agile should or should not be applied. How the team should or should not be managed.

Agile 49

The #1 Challenge in Project Management (According to the Experts)

MavenLink

The first step was to join forces with Aberdeen to release the recent report, “ 2017 Project Management Software Trends. Projects need to be selected based on resource availability and budgets. Managing expectations about budgets and schedule.

2017 144

Compendium of Works to Increase Probability of Project Success

Herding Cats

Governance (#Governance). Six Business System Rule - defines the assessment of the integrated business systems for Federal procurement and their integrity in providing information to the Government contracting office. . College of Performance Management , EVM World 2017.

2019 40

#Noestimates Has Come to This

Herding Cats

So the first part is following standard estimating principles. which states clearly and concisely that decisions can be made (in the presence of uncertainty - which is ALWAYS present on software development projects - without estimating the impact of those decisions. No Estimates?

Risk 43

Five Immutable Principles of Project Success

Herding Cats

Estimating how much is the starting point. Show up over budget for the ERP, the ROI we told the Board of Director is now wrong. Since all risks come from uncertainty, we have to estimate those uncertainties, their impacts, their residual risks after mitigation. No Estimating?

Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

The answers to each of these questions require making estimates in the presence of uncertainty. No Point Estimate of Cost or Duration can be Correct. The use of point estimates for durations and costs is the first impulse in an organization low on the project management maturity scale.

Risk 48

Concept of Operations

Herding Cats

How we can't possibly estimate the work since all the work is emergent. Office of Management and Budget, December 5, 1994, Operational Concept Description (OCD) , Data Item Description DI-IPSC-81430. Why Guessing is not Estimating and Estimating is not Guessing.

2017 42

Cone of Uncertainty

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates or any other project attribute. Estimates of cost, schedule, technical performance on the left have a lower probability of being precise and accurate than estimates on the right.

All Ideas Must Be Critically Examined

Herding Cats

When the project shows up late, over budget, and doesn't deliver the needed business capabilities, it's likely to have a de minimis impact on the business. Why Guessing is not Estimating and Estimating is not Guessing. NoEstimates Debunking Decision Making Economics Estimating Governance Management

Quote of the Day

Herding Cats

Or plan on being late, over budget, and reduced probability of technical success, before you start. Why Guessing is not Estimating and Estimating is not Guessing. Estimating Processes in Support of Economic Analysis. Estimating and Making Decisions in Presence of Uncertainty. NoEstimates Estimating Governance Management Performance-Based Project Management® Planning Quotes

Misinterpretations of the Cone of Uncertainty

Herding Cats

Of late, Cone of Uncertainty has become the mantra of No Estimates advocates claiming that data is needed BEFORE the Cone is of any use. Reducing Estimation Uncertainty with Continuous Assessment: Tracking the “Cone of Uncertainty”, Pongtip Aroonvatanaporn, Chatchai Sinthop, Barry Boehm.

Cone of Uncertainty - Part Cinq

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). The BLUE bars are the probabilistic ranges of the current estimate date.

2007 43

Economics of Software Development

Herding Cats

This is the foundation for estimates. Estimates with accuracy and precision values needed to make credible decisions. These estimates are critical to both developers and customers. Underestimating software engineering costs could result in management approving proposed systems that potentially exceed budget allocations, or underdeveloped functions with poor quality, or a failure to complete a project on time. No Estimates?

Cone of Uncertainty - Part Cinq (Updated)

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). Estimates are needed but are subject to large level of uncertainty.

2007 41

Cone of Uncertainty - Part Deux

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates or any other project attribute (in this post, cost, schedule, and technical performance parameters). Estimating Probabilistic Outcomes?

Is Software Development Art or Engineering

Herding Cats

And of course estimating the effort and duration of SISoS is a critical success factor for any business providing products and services to this domain. Only when the value at risk is de minimis can we spend other people's money writing software and producing business or technical value from the money without engineering the solution to fit the needed capabilities, for the needed budget, on the needed date to start producing value. .

Your Ultimate Guide To Portfolio Management Tools

Project-Management.pm

Projects need to be taken care of in order to prevent budget overshooting, resource shortage, and disorganized schedule. It also means managing project inventory, human resource, technologies, and budget. Financial Governance. Financial managers are in charge in this department where one of their responsibilities is to both estimate and manage existing funds within the organization. Portfolio Governance Management.

2017 103

The 10 Project Portfolio Management KPI To Adopt

Project-Management.pm

They measure and estimate cost, project duration, and ensure that the projects are where they are supposed to be but it doesn’t guarantee that it will solve all your problems. The projects rate of success of failure is measured in varied factors such as time, budget, and fulfilling requirements through proper result delivery. Budget Variance. But take note that this is more of an assumption than a fact—cost is still not safe from overshooting, so estimations are still needed.

2017 95

Cone of Uncertainty - Part Trois

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). The BLUE bars are the probabilistic ranges of the current estimate date.

2007 36

Fallacy of the Day

Herding Cats

Measures of Performance - are performance measures that characterize physical or functional attributes relating to the system operation, measured or estimated under specific conditions. Recommended Solution – start with a baseline estimate of the cost, schedule, and technical performance.

The Magic 7 Project Portfolio Management Process Steps

Project-Management.pm

Measuring the budget allocation is the easier way to estimate the pipeline. For instance, if the organization has decided to funnel certain cost to a particular project in the next year or so, that project’s budget will then be estimated, provided that they are successful. The following resources must be carefully estimated so that they will be able to determine how many projects can fit in. Portfolio Governance Management.

How to Achieve Results Through Implementing PMO?

Project-Management.pm

Various government agencies have been the successful producing result for the past years, thanks, to adhering to mandatory policies. However, the survey shows that not all government agencies are living up to their expectations being set on them; some are behind on schedule when it comes to projects and has a hard time to even achieve their objectives because of that. The plan includes the following resources to use, budget, and staffing.

How To Secure Your PMO Profitability?

Project-Management.pm

PMO Profitability Problem #2: The PMO is a progeny of one or multiple executives who prefer to set visibility through governance, but not looking forward to long-term change. Cost estimates: Pinpointing whether the final budget is approximate to the initial or proposed budget. If it’s not, then you might have overshoot your budget altogether.

2017 78

Your Crash Course on PPM Software

Project-Management.pm

It is also a helpful tool when you are collecting data or estimating cost that will save you from guessing them all day. Portfolio coordination and budgeting. Keeping track of the existing cost in order to prevent budget overshooting. Budget analysis and management is smoother. Portfolio Governance Management.

2017 72

Concept of Operations

Herding Cats

For any non-trivial project, we have a planned release date for the needed Capabilities, for a needed budget. Why Guessing is not Estimating and Estimating is not Guessing. Agile Architecture Decision Making Governance Principles Project Management Systems TheoryOne of the root causes of project failure is the failure to apply the first principle of the five principles of project success. What does done look like in units of measure meaningful to the decision maker?

2014 35

Biases in Project Management and How to Remove Them

Herding Cats

There is always lots of complaining about the biases introduced into managing projects and making the estimates needed to make project decisions. What is the Plan to reach done at the needed time for the needed budget, with the needed outcomes?

Risk Management: PMP Study Guide (PMBOK 6th Edition)

ExamsPM

Budgeting. Risk categories: External – regulatory, environmental, government, market shifts. Cost and time estimation. The budget set aside to handle specific risks if they do occur.

Risk 46

Biases in Project Management and How to Remove Them

Herding Cats

There is always lots of complaining about the biases introduced into managing projects and making the estimates needed to make project decisions. What is the Plan to reach done at the needed time for the needed budget, with the needed outcomes? Andersson, Journal of Risk and Uncertainty , 54(1), June 2017. [3] In Kahnemann's Thinking Fast and Slow there are three biases. †.

The PMI Talent Triangle: A Guide [for members and non-members]

Online PM Courses

Take a look at our reviews of the last three ( 2016 , 2017 , 2018 ). Budget. Governance (project, program, portfolio). Time, budget, and cost estimation.

PMI 106

Success in Disruptive Times: PMI’s 2018 Pulse of the Profession

Online PM Courses

And, as we have done with the 2016 and 2017 Pulse of the Profession reports, we will take a selective look at the aspects that catch our attention, and encourage you to read the full report for yourself. Government regulation and reform.

2018 105