Main Risks of Aerospace Engineering Projects: How to Implement Wise Risk Management into Your Organization

Epicflow Blog

The aerospace engineering sector deals with mostly large and complex projects. Accordingly, they are more vulnerable to the consequences of risk-bearing events. What are the most typical risks associated with aerospace engineering projects, and how to manage them effectively?

Aerospace and Defense Industry 2022: Project Management Challenges and Ways to Address Them

Epicflow Blog

In the previous article , we’ve reviewed the most prominent trends that are expected to impact the aerospace and defense industry this year. Challenges In the Aerospace & Defense Projects . The other important thing is proper risk management.

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Reduce the Risk – Share the Success

International Institute for Learning

By Luigi Morsa , Aerospace Engineer and Project Manager, SII Engineering & IT Risk Management is the act or practice of dealing with risk. Risk Management is important because it is directly connected to the Project Success.

2022 52

Software Estimating Resources

Herding Cats

This blog page is dedicated to the resources used to estimate software-intensive systems using traditional and agile development methods. The reason for this resource page is the lack of understanding of how to estimate, the urban myths about software estimating, and the fallacies that estimating is not needed, when developing software, in the presence of uncertainty, when spending other peoples money. Estimating Probable System Cost,” Stephen A.

Estimating is a Learned Skill

Herding Cats

Estimating is a learned skill, used for any purpose from every-day life to management of projects. When I left for the airport this morning to catch my flight to a customer site I estimated, given the conditions, how much time I need to get to my favorite parking spot at DIA. The same process for estimating is applied to multi-billion dollar projects we work. Here's some materials that provide the tools and processes needed to learn how to estimate.

Risk Management Resources

Herding Cats

Risk Management is essential for development and production programs. Risk issues that can be identified early in the program, which will potentially impact the program later, termed Known Unknowns and can be alleviated with good risk management. requires making estimates) ? Effective Risk Management 2 nd Edition , Edmund Conrow, AIAA, 2003. Risk Management is Project Management for Adults - Tim Lister. Risk Management Papers. “A

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Increasing the Probability of Program Success

Herding Cats

Our topic is Increasing the Probability of Program Success Thorugh Continuous Risk Management. . The origins of this paper came about at a recent JSCC meeting here in Boulder, with local Aerospace contractors, the DCMA (Defense Contract Management Agency) and several government agencies (NRO and NASA). Risk Management is How Adults Manage Projects. If you are not managing risk on your project, what are you managing? Risk-Adjusted Plans. Estimating Processes.

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Project Management, Performance Measures, and Statistical Decision Making

Herding Cats

I work in the Software Intensive System of Systems domains in Aerospace, Defense, Enterprise IT (both commercial and government) applying Agile, Earned Value Management, Productive Statistical Estimating (both parametric and Monte Carlo), Risk Management, and Root Cause Analysis with a variety of capabilities. This is from one of our presentations from a International Cost Estimating and Analysis Association meeting on the same topic. NASA Cost Estimating Handbook.

Process Reduces Agility? Only on De Minimis Projects

Herding Cats

Agile for Aerospace Andrew Buter, Curt Stienstra, Steven H. And of course, each of these domains operates in the presence of reducible and irreducible uncertainty requiring Risk Management processes. When managing any project as Risk Managers as Tim Lister suggested, we need to make estimates in the presence of these uncertainties as well. NoEstimates Agile Estimating RiskA popular toss off aphrase in some agile circles is process reduces agility.

The Problems with Schedules

Herding Cats

Unrealistic Cost and Schedule estimates based on inadequate risk adjusted growth models. Inadequate accessment of risk and unmitigated exposure to these risks with proper handling plans. Before diving into the details of these, let me address another issue that has come up around project success and estimates. All that line says is this was the baseline estimate at Completion for the project work. There is no ideal in the estimating business.

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DDSTOP The Saga Continues

Herding Cats

If you're not an expert, you're not going to recognize the possible solutions, risks, impediments, and opportunities for the problems you'll encounter in developing a solution that has never been developed before. In our domain of aerospace and defense, we have reference class for cost, schedule, architecture (DODAF), risk and other attributes of every system ever built in the DOD ( CAPE , CADE ) and NASA ( CARDe/Once ). Buy a Software Estimating tool, like one of these.

2019 34

DDSTOP The Saga Continues

Herding Cats

40 - Estimation is a Problematic Practice of Companies Doing Dangerous Things. A #Noestimates advocate makes the claim that having a ±10% accuracy for estimates of cost and duration is a dangerous thing. With what appears to be NO understanding of how to estimate, this author ignores the processes used in developing products or services in the presence of uncertainty. Define the probabilistic ranges of the work in a single point estimate manner. All by NOT Estimating?

2019 37

Managing in Presence of Uncertainty

Herding Cats

This is an immutable principle that impacts planning, execution, performance measures, decision making, risk, budgeting, and overall business and technical management of the project and the business funding the project no matter the domain, context, technology or any methods. In many cases, once the estimates have been made (at proposal or authorization to proceed), recalibrate and reduction the uncertainty of the initial estimates is not always performed.

Monte Carlo Simulation

Herding Cats

In casinos, the betting rules ensure the house wins (Eliminates Risk) over time. Not because of its use for estimating cost, schedule, and technical performance outcomes on projects, but because this simulation started with a casino's need - in Monte Carlo - to have some level of confidence on how much money they needed every night for the roulette wheel. Precision - how small is the variance of the estimate? Accuracy - how close is the estimate to the actual value?

2018 34

The Simple Way to Improve Scheduling on Projects

Liquid Planner Productivity

The good news is that it doesn’t need to be this way – and we don’t need a PhD in aerospace engineering to find a solution! Wrangle uncertainty with ranged estimation. One approach to tackle this is to try estimating in ranges.

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9 Inspirational Teamwork Examples

ProjectManager.com

According to NASA, there were an estimated 400,000 people involved in making the moon landing possible. This included teams of scientists, engineers and technicians, many who had not worked in aerospace before. That doesn’t mean it shouldn’t be read and appreciated on many levels, including what it can tell us, in the most dramatic ways, about teamwork and the importance of not acting selfishly and risking the loyalty of the team.

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Get to Know Us Better: Frequently Asked Questions about Epicflow

Epicflow Blog

You can create various types of resources, specify their price, hourly rate, measurement unit, risk factor, and other settings. . pe’ve gathered the questions that our users most frequently ask about Epicflow.

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The Impact of Technology on Project Management: Pre-1950s to the Modern Age

Keyedin

Notable projects of this time period include the construction of the Hoover Dam from 1931 to 1936, which included the employment of an estimated 5,000 workers, and the Manhattan Project, which was a research and development project that produced the first atomic bombs during World War II and involved 125,000 workers, cost nearly $2 billion. The catastrophe involving the Challenger space shuttle focused attention on risk management, group dynamics and quality management.

2019 60

The Impact of Technology on Project Management: Pre-1950s to the Modern Age

Keyedin

Notable projects of this time period include the construction of the Hoover Dam from 1931 to 1936, which included the employment of an estimated 5,000 workers, and the Manhattan Project, which was a research and development project that produced the first atomic bombs during World War II and involved 125,000 workers, cost nearly $2 billion. The catastrophe involving the Challenger space shuttle focused attention on risk management, group dynamics and quality management.

2019 60

Modeling the Future is the Basis of Project Success

Herding Cats

In ISO 15288 this is the role of the Risk Management Processes. A second Critical Success Factor is the ability to predict what will happen in the future given the model of the project's activities and risks and the alternative designed as well as emerging designs and external processes. . The supporting model is the possible outcomes model which is developed using Risk Management applied to the desired outcomes model to create a model of a possible future. .

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Complete Collection of Project Management Statistics 2015

Wrike

64% of organizations say they frequently conduct risk management. [6]. Managing small, low-risk projects. Managing medium-size, moderate-risk projects. Aerospace/. Estimated Project-Oriented Job Openings 2010-2020: . Undefined risks/opportunities – 30%. Inadequate cost estimates – 29%. Inaccurate task time estimate – 27%. Need up-to-date facts and figures for a project management report, article, or infographic?

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