Webinar Recap: Project Performance Measurement – Part 1: Overview Of Project Performance Measurements

MPUG

Please find below a transcription of the audio portion of Fletcher Hearn’s session, Project Performance Measurement – Part 1: Overview Of Project Performance Measurements, being provided by MPUG for the convenience of our members. Fletcher Hearns: What can be measured?

Phrases Used for Technical Performance Measures

Herding Cats

All project progress is measured independent of resources expended - Mr. Gary Bliss, Director Performance Assessment and Root Cause Analysis (PARCA), US Department of Defense. Budget control is mandatory for any credible management of other peoples money. Measuring progress must be in units meaningful to the decision maker. This bounding of the cost estimate may be attempted through sensitivity analyses or through a formal quantitative risk analysis.

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Webinar Recap: Project Performance Measurement – Part 2: What to Measure and How to Report

MPUG

Please find below a transcription of the audio portion of Fletcher Hearn’s session, Project Performance Measurement – Part 2: What to Measure and How to Report, being provided by MPUG for the convenience of our members. This one covering, What to Measure and How to Report.

What is the Management Reserve for Project Budgets?

Project Risk Coach

Unforeseen risks knock at your door. You look at your budget, but you don't have the funds to respond to these risks. Let's explore management reserves for projects, who controls them, and how to estimate the reserves. These risks have not been identified.

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Webinar Recap: Project Performance Measurement – Part 3: Using MS Project to Track and Report on Performance

MPUG

Please find below a transcription of the audio portion of Fletcher Hearn’s session, Project Performance Measurement – Part 3: Using MS Project to Track and Report on Performance, being provided by MPUG for the convenience of our members.

Project Management, Performance Measures, and Statistical Decision Making

Herding Cats

There is a current rash of suggestions on how to improve the performance of software projects. 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. Figure 1 - Planned Estimates versus Actual Performance from [1].

6 Tools and Techniques for Controlling Risks

Project Risk Coach

Changes in project risks are inevitable. As a project progresses, the probability and impact of current risks change, new risks emerge, and residual risks may increase or decrease. What tools and techniques can project managers use for controlling risks and getting the results they are looking for? Allow me to introduce you to two project managers—Tom and Susan. Susan, on the other hand, facilitated an early risk identification workshop.

Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

Managing Cost, Schedule, & Technical Performance Risk Is The Basis Of Good Project Management. Risk management is essential to the success of any significant project. Certain information about key project cost, performance, and schedule attributes are often unknown until the project is underway. The emerging risks that can be identified early in the project that impact the project later are often termed “known unknowns.”

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Compendium of Works to Increase Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management Briefings and Presentations. Management Processes (#MP). Project Performance Management (#PPM). Agile Project Management (#APM). Risk Management (#RM). Technical Performance Measures (#TPM). Cost, Schedule, and Technical Performance Management (#CSTPM). Earned Value Management (#EVM). Integrating Agile and Earned Value Management (#AEVM).

2015 37

Performance-Based Project Management®

Herding Cats

Performance–Based Project Management ® integrates five critical program management process areas with – Cost, Schedule, and Technical Performance Measures. The inclusion of Technical Performance Measures (TPM) separates this approach from conventional methods based solely on managing cost and schedule. Done” is always defined in units of measure meaningful to the decision maker. Build a Risk Adjusted Project Plan in 6 Steps.

How to Talk About Estimates

Herding Cats

We can't talk about estimates or estimate, without also talking about the precision and accuracy of the estimate (the noun) after we have performed the estimate (the verb). . The best starting point for determining the NEEDED precision and accuracy is to determine the Value at Risk. . If I'm risking two weeks of work for the Scrum team of 5 people it's a much different need from the risk of a $10B manned spaceflight program being supported to congress for budget authorization. .

Connecting "What" with "How" - and the Failure to Understand the Principles of Systems Engineering and Systems Management

Herding Cats

Systems engineering is an interdisciplinary field of engineering and engineering management that focuses on how to design and manage complex systems over their life cycles. Systems engineering has its roots in the fundamentals, principles, and models of foundational systems sciences, and associated management and engineering sciences. Progress and Value are measured with the same in Earned Value Management. The Measures of effectiveness.

Deconstructing the Hertz and Accenture Debacle

Herding Cats

Of course, No Root Cause analysis has been performed by these advocates, but it makes good click bait for their followers. Root Cause Analysis is Risk Management, that asks the question what is the condition or activity that will create a risk to the success of our project? With this information, the management of the project installs corrective or preventive actions to remove or reduce as much as possible those conditions and activities. Reducible risks.

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. Optimism bias - a cognitive bias that causes a person to believe that they are at a lesser risk of experiencing a negative event compared to others. The first step is to recognize there are immutable principles of managing in the presence of uncertainty. 2] "The effect of fast and slow decisions on risk taking," M.

Risk Management is How Adults Manage Projects

Herding Cats

In a recent exchange in social media, it was clear the notion of risk and the sources of risk, the consequences or risks and managing in the presence of risk was in very unclear, when it was conjectured , we can simply slice the work into small bits and REDUCE risk. . First, the only risk that can be reduced is the risk created by Epistemic Uncertainty. Making things small does not reduce the risk it may make the uncertainty smaller.

2003 38

Value First, Requires Margin and Contingency

Herding Cats

In both cases, these create a risk to the success of the project. These risks - aleatory and epistemic - must be handled in some way if they are to not have an undesirable impact on the outcome of the project. So how do you determine the cost and time when that Value should be available for use in the presence of the naturally occurring (aleatory) and event-based (epistemic) uncertainties that create the risk to that Value? IT Risk Management.

2018 36

4 Fallacious Reasons to Estimate and Why Those Are Fallacious

Herding Cats

This is a recurring theme of #NoEstimates it's a waste to me the developer, I'd rather be coding , I'm not good at estimating , I see no value in my making estimating when you're just going to use them against me when I'm late and over budget. I need an estimate because… I need to measure productivity. Thus, the common approach to "measure productivity" is to compare the estimates against what, in fact, happened. This is standard Product Management.

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. Optimism bias - a cognitive bias that causes a person to believe that they are at a lesser risk of experiencing a negative event compared to others. The first step is to recognize there are immutable principles of managing in the presence of uncertainty. 2] "The effect of fast and slow decisions on risk taking," M.

Misinterpretations of the Cone of Uncertainty

Herding Cats

The Cone of Uncertainty as a Technical Performance Measure. Uncertainty creates Risk. Risk management requires active reduction of risk. Active reduction requires we have a desired reduction goal, perform the work, and measure progress toward the rduction goal. Management of this reduction work and measurement of the progress is a Close Loop Control System paradigm. The Cone of Uncertainty as a Technical Performance Measure.

2017 32

9 Types of Artifacts in Project Management

Girl's Guide to PM

In this article we’ll look at the types of artifacts in project management, typical documents for each type. In project management, artifacts relate to documents: the project documentation you produce that defines and supports the work you are doing.

2021 398

Five Immutable Principles of Project Success

Herding Cats

Without these measures, Done will usually mean . Without these measures, Done will usually mean we ran out of time and money. . The test of the hypothesis for projects are the Measures of Effectiveness, Measures of Performance, Key Performance Parameters, and techTechnicalformance Measures used to assess progress to plan for the project. Show up over budget for the ERP, the ROI we told the Board of Director is now wrong.

2017 35

Fallacy of the Day

Herding Cats

Project Controls are Management Actions, either preplanned to achieve the desired result, or taken as a corrective measure prompted by the monitoring process. Project controls are concerned with the metrics of the project – quantities, time, cost, and other resources and their measurable beneficial outcomes for the project. In the Project Controls paradigm, Value is a measurable attribute of the project controls process - a Closed Loop Control measure.

2017 34

6 Tips for Better Schedule Management

ProjectManager.com

Timetables, deliverables, resources and even risks—everything that is involved with a project is wrapped up inside the schedule. It’s up to an extremely adept project manager to enact better schedule management for their teams. 6 Schedule Management Tips.

2019 257

Helping functional managers through an agile transformation

Kiron Bondale

A lot has been written about the challenges caused by functional managers when their company undergoes an agile transformation. Delivering training focused specifically on what functional managers need to know about agile which includes scenario-based learning to understand what sorts of behavior changes are expected when faced with common situations will help. What are they measured on and what are they measuring?

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Project Management Process & Phases

ProProfs Project Management

Project Management is the art of coordinating resources and directing working groups to execute components of work so that each group delivers components that can be tied together into a wholesome deliverable (contracted scope of work) within schedule and budget. Plan Cost Management

Different Project Management Terms Beginners Should Know

ProProfs Project Management

Project managers , who have just begun working on a project, may find it really stressful and time-consuming to manage multiple tasks, especially if they don’t know the basics. . Let’s dig into our project management glossary. Common Project Management Terms. Budget.

2020 91

Programme Management (PM): Managing Projects To Achieve an Objective

Techno-PM

Program Management (PM) is the process of managing a set of related projects, or programs, to achieve an objective. Program Management can be defined as developing and implementing projects by managing the work, people, time, and budget. Program Management: 1.

The Complete Glossary of 614 Project Management Terms

Workamajig

Project management terminology can be complicated. It doesn’t matter whether you’re working towards your PMP certification or simply managing projects casually in your organization, knowing core project management terms always helps. All Project Management Terms.

2021 78

Performance Reporting in the Project Management

Techno-PM

What is performance reporting? Performance reporting is the process of collecting and analyzing data about a company's performance. Download Project Management Templates Performance reports come in many different types and formats.

Performance Reporting in the Project Management

Techno-PM

What is performance reporting? Performance reporting is the process of collecting and analyzing data about a company's performance. Performance reports come in many different types and formats. They include status updates, risk analysis, and financial information.

A Complete Guide To Schedule Management Plans

Wrike

The primary output of a schedule management plan is the project schedule , an essential component of a comprehensive project plan. A thorough schedule management plan is essential for project progress and success. . What is a schedule management plan? Measure project performance.

Schedule Performance Index (SPI): An Introduction

ProjectManager.com

The schedule performance index was created to eliminate the guesswork and give a specific, quantifiable answer to the question, as well as show where improvements need to be made for maximum efficiency. What Is the Schedule Performance Index? Schedule Performance Index Key Terms.

2021 349

Project Execution: A Four-Step Project Management Strategy

Techno-PM

Project Execution is a project management strategy that incorporates continuous processes and activities to monitor, control, and communicate progress on projects. Download Project Management Templates ! 6 Steps to Ace the Project Execution Phase Download Project Management Templates !

Agile, Waterfall and Hybrid: Managing the Multiple-Methodology Portfolio

Keyedin

Siloed project information scattered across numerous systems and geographies blocks decision-makers from insights into cost and schedule problems and cripples performance-measurement processes. Recent research from the Project Management Institute is clear: Almost fifty percent of projects managed in PMOs are agile or hybrid based. Transparency remains crucial to controlling crises and managing constrained budgets.

A Complete Guide to PMIS

ProjectManager.com

That’s what PMIS comes in, which is an acronym for project management information system. A project management information system (PMIS) is how information needed to run a project is organized. What these programs do is help project managers to plan, execute and close their project. Some will also have automated gathering and reporting on key performance indicators (KPIs). Resource Management: Including resource loading, leveling, allocation, etc.

2019 206

Agile, Waterfall and Hybrid: Managing the Multiple-Methodology Portfolio

Keyedin

Siloed project information scattered across numerous systems and geographies blocks decision-makers from insights into cost and schedule problems and cripples performance-measurement processes. Recent research from the Project Management Institute is clear: Almost fifty percent of projects managed in PMOs are agile or hybrid based. Transparency remains crucial to controlling crises and managing constrained budgets.

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

If you’re engaged in project management or your occupation is somehow related to it, you should have an eye for project management terms. We’ve compiled a glossary of essential and the most frequently used project management terms that can be a good assistant for you in your work. . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk.

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

If you’re engaged in project management or your occupation is somehow related to it, you should have an eye for project management terms. We’ve compiled a glossary of essential and the most frequently used project management terms that can be a good assistant for you in your work. . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk.

An Introductory Guide to Project Management for HR

Wrike

Smarter hiring, workplace culture initiatives, and day-to-day operational excellence are all priorities in the industry, meaning that project management for HR has never been more important. Why should companies use project management for HR professionals? A resource management plan.

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). Estimates of cost, schedule, technical performance on the left side of the cone have a lower probability of being precise and accurate than estimates on the right side of the cone. Aleatory and Epistemic uncertainties, which create the risk to the success of the project.

2017 33