Creating a Risk-Adjusted Backlog

Leading Answers

This article explains what a risk-adjusted backlog is, why they are useful, how to create one and how teams work with them. What is a Risk-Adjusted Backlog? While profit is not their goal, usually an economic impact figure can be estimated for the outcomes they aim to achieve.

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14 Common Project Risks (+ more)

Girl's Guide to PM

Risks matter. That’s the point of risk management: thinking about what might go wrong before it does, so you can put a plan together to deal with it if it does. In this article we’ll look at common project risks so you can start filling up your risk log and making the right plans.

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Project Estimation: Master the Tools and Techniques

Online PM Courses

There are two reasons why Project Estimation is a big deal for project managers. And second, poor estimates are often a primary reason for a project cost or schedule over-run. So, in this article, we’ll take a careful look at project estimation, to help you learn how to master the art and craft of doing it well. What is Project Estimation? Why is Project Estimation so hard? The Estimation Knife Edge. Methods and Tools for Project Estimation.

A Deep Dive into Risk Matrix Reporting

MPUG

For example, in project management you have data such as planned start, planned cost, planned story points, total number of risks, etc. I’m referring to things such as start variance, cost variance, and the number of high priority vs number of low priority risks.

How to Build a Robust Project Risk Culture [8 Steps]

Online PM Courses

A robust risk culture goes beyond having a strong basic risk management process. Some of my readers may hope to influence the risk culture of their whole organization. For you, the right aspiration is to build a positive risk culture within your project. But explicitly, we’re going to focus on how your project that can create and impose risk management discipline on a blank project canvas. What is Risk Culture? What is Project Risk Management?

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

Online PM Courses

The PMI Talent Triangle is a simple tool that reminds us all about the value of a broad range of professional skills. The most succinct – and possibly best known – articulation of that full range of capabilities is the PMI’s Project Management Talent Triangle. Just a Moment… Who or What is the PMI? If you don’t know who or what the Project Management Institute (PMI) is, take a look at this video before reading on. Risk management.

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Webinar Recap: PMI PMBOK Guide 7th Edition Standard – What’s New?

MPUG

Please find below a transcription of the audio portion of Satya Narayan Dash’s PMI PMBOK Guide 7th Edition Standard – What’s New? Kyle: Hello everyone, and welcome to today’s MPUG webinar, What’s New With PMI PMBOK Guide’s 7th Edition Standard. This is PMI lingo.

PMI 83

Simplifying Schedule Risk Analysis Using Microsoft Project Custom Fields – Transcription

MPUG

Please find below a transcription of the audio portion of John Owen’s session, Simplifying Schedule Risk Analysis Using Microsoft Project Custom Fields, being provided by MPUG for the convenience of our members. Well, thank you everybody for joining this webinar, we’re just going to talk about some simple ways of performing Schedule Risk Analysis basically just using Microsoft Project with an add in that we sell called Full Monte. It took 660% of the estimated duration.

Top Tips for Realistic Project Estimations

Strategy Execution | PMO Perspectives

Poor estimation is a major cause of project failure. According to the PMI, inaccurate cost estimates is a contributing factor in 28% of projects that fail. When an estimate has been delivered, clients and executives will often see it as binding and will expect the project to track to it. Producing Realistic Estimates for Strategic Projects. To a large extent, good estimation comes down to how honest and realistic you are in your outlook.

Webinar Recap: Analogous and Parametric Estimating Schedule Template

MPUG

Please find below a transcription of the audio portion of Oliver Gildersleeve’s Analogous and Parametric Estimating Schedule Template webinar being provided by MPUG for the convenience of our members. The new schedule template covers both analogous and parametric estimating features.

Project Risk Management: 10 Surprisingly Brilliant Tactics to Reduce Risk

Workamajig

Every project has some risk of failure. This guide on project risk management will help you understand and manage risks better. If there is one thing you can be certain about in project management, it's this: Every project carries some risk. As you might know, this process of "planning ahead" is called project risk management. In this guide, I'll share X critical tips for acing project risk management. Project risk is more amorphous.

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Webinar Recap: Want To Be A PMI-ACP? The Primary Steps to Take

MPUG

Please find below a transcription of the audio portion of Satya Narayan Dash’s session, Want To Be A PMI-ACP? If you want to be a PMI-ACP, here are the primary steps to take. Today’s session is eligible for one PMI-PDU and the technical category.

PMI 52

Beyond the Risk Register

Herding Cats

Risk Management starts with a collection of risks. Their probability of occurrence, the probability the risk will unfavorably impact the project. Then some risk handling process is needed to reduce the impact of the risk, or reduce the probability that the risk will occur. On actual projects, this approach is naive at best and produces more risk at worse. First, all risk is the result of uncertainty. Simple (PMI) risk management is a start.

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

Risk 35

A Compendium of Risk Management Resources

Herding Cats

This blog page is dedicated to the resources used to manage the risk encountered on software-intensive systems using traditional and agile development methods. Let's start with a critical understanding of the purpose of managing risk on software development projects. Risk Management is essential for development and production programs. requires making estimates) ? Effective Risk Management 2nd Edition, Edmund Conrow, AIAA, 2003. Risk a Feelings,” George F.

2012 33

Webinar Recap: Risk Management Life Cycle in the Context of Project, Program, and Portfolio

MPUG

Please find below a transcription of the audio portion of Satya N Dash’ session, Risk Management Life Cycle in the Context of Project, Program, and Portfolio, being provided by MPUG for the convenience of our members. Today’s session is eligible for one PMI PDU in the technical category.

2021 52

Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana

MPUG

Please find below a transcription of the audio portion of John Owen’s showcase session, Making Light Work of Schedule Risk Analysis, being provided by MPUG for the convenience of our members. I’m going to talk about schedule risk analysis. This is the contingency for risk.

Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana

MPUG

Please find below a transcription of the audio portion of John Owen’s showcase session, Making Light Work of Schedule Risk Analysis, being provided by MPUG for the convenience of our members. I’m going to talk about schedule risk analysis. This is the contingency for risk.

A Compendium of Works to Increase the Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management. Five Immutable Principles of Project Success , PMI Spring Seminar, 2021, Austin TX. Five Principles of Project Success , PMI, Northern Utah Chapter, Professional Development Day, 2012. Applying Deliverables Based Planning ® To Increase Our Probability of Success , PMI Fort Worth, Chapter Meeting, 15 July 2010. Risk Management. Managing in the Presence of Uncertainty and Resulting Risk.

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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. Risk Management (#RM). Business, Technical, Systems, Risk, and Project Management. Managing projects in the presence of uncertainty means making decisions about cost, schedule, and technical performance all risk-adjusted , from the uncertainties that create risk. Five Immutable Principles of Digital Transformation Project Success - PMI San Diego Chapter , 11 July 2018.

2015 37

Is Your Strategic Project at Risk Due to Poor Implementation of Proven Project Management Practices?

Strategy Execution | PMO Perspectives

According to the PMI’s Pulse of the Profession , 52% of projects completed in the last 12 months experienced scope creep. Risk management, for instance, has little value if all we do is log the risks and assign ownership and mitigating actions, without subsequently following up and taking these risks into consideration when planning, estimating and executing the project. Project managers need to make risk management part of their weekly routine.

2019 44

New PM: The What?, Why?, and How? of Project Charters

Leading Answers

The most common source of late project completions is not poor estimating or a lack of risk management, it is late starts. They may also have been terrible at estimating and blind to common threats, but late starts are very common. The uncertainty associated with our estimates needs to be reflected (to some degree) in our schedule. Present what you believe is realistic and let the steering committee assume the risks of reduction (if possible).

2019 69

Stakeholder Engagement for Your Project Success

Epicflow Blog

The success of any project is dependent on a number of factors such as clear goals, realistic project schedule, budget, resource, risk, and uncertainty management. Proper Stakeholder Management Ensures Risk-Free Project Delivery.

2020 63

2021 Online & On-Site Events for Project Managers

Epicflow Blog

There are some examples of the topics to be discussed at the conference: Project organization, Project management plan, Management information system, Construction phase, Post-construction phase, Risk analysis and management in construction, Planning and scheduling, and many others.

2021 65

Project Failure – Why it Happens

Online PM Courses

But they only matter in the context of the value, the benefits, and the risk. Poor estimating, unrealistic assumptions, and a failure to appreciate the complexity or scale of your project all happen a lot. Poor Estimating. There is a school of thought (to which I do not subscribe) that estimates are so often wrong, that there is no point. Let’s get it straight: no estimates = no plan = inevitable failure. Sound Estimates Over-ruled. PMI PDUs.

2018 122

A Step-By-Step Guide to Improving Your Resource Management

The IIL Blog

Take adequate time to make reasonable and realistic estimates: Perfection is nearly impossible to achieve in resource management, but you should still aim for it. Once project priorities have been clarified, take adequate time to estimate schedules and budget. Look to completed projects, including what went wrong, to help develop reasonable estimates and forecasts. She was Financial Vice President of PMI® Mexico Chapter in 1999 and 2002, member of PMI® since 1996 – present.

2018 88

So what’s in your company’s project management dictionary?

Kiron Bondale

Let’s consider a team’s degree of confidence in its estimates. A project funding policy might require that team submitting detailed estimates should have a confidence of ±5% but what does that really mean? PMI and other associations have provided criteria for differentiating projects from other activities (e.g. Issue or risk severity and probability. Tagged: improving project management , project decision making , Project management terms , Risk management.

2016 144

Project Contingency: The Ultimate Guide

Girl's Guide to PM

Contingency can be defined as additional resources put aside to address potential risk and uncertainty in a project. Only 62% of projects complete within their original budget, according to PMI’s 2021 figures. So risk is critical to understanding contingency: that’s the first step.

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Beginner’s Guide to Project Management Process

iZenBridge

Project Risk Management. High Level Risks. Plan Risk Management. A ‘RISK’ is an uncertain event or condition that if it occurs, has a positive or negative effect on a project’s objective. There are four steps to plan Risk: Find the Risk. Analyze the Risk. Develop the Risk Plan. Mitigate the Risk as they arise. Make decisions and Take Actions based on Risk Priorities. For this we need to understand how to focus on Risk.

What is Project Management?

The IIL Blog

According to the Project Management Institute’s (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide) , project management is defined as “the application of knowledge skills, tools, and techniques to project activities to meet the project requirements. We do so because it’s a lot easier to estimate and control our work when we break it down into pieces, rather than trying to grapple with the whole thing at once.

Project Cost Management – The Essential Things to Know and Do

Online PM Courses

Your ‘Project Cost Management Plan’ Establishing your costs – the processes of estimating and budgeting. Project Cost Management is a process that has two principle components: Estimating costs and creating a project budget from them. The Project Management Institute’s (PMI’s) Project management Body of Knowledge (the PMBoK) has Project Cost Management as one of its ten Knowledge Areas (or KAs). Establishing Your Costs: Estimating and Budgeting.

9 Types of Artifacts in Project Management

Girl's Guide to PM

But what if you don’t use PMI methods? Whether you subscribe to the PMI way of thinking or use another approach based on your background, skills, experience, certification or the expectations of management, I’m pretty sure that you’ll have to create project documents.

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PMP interview Questions

iZenBridge

What are different cost estimation techniques? What is a risk and how is it different from an issue. Can a risk be beneficial? How did you tackle these uncertainties/risks? What are the types of risks you may encounter in a project? Are there any positive aspects of the risk identification process? Did you involved in make or buy decision and end up with wrong estimation? Domain Based.

2019 40

4 Reasons Project Management Skills Should be a Priority in Early Education

Girl's Guide to PM

This is a guest article by Brantlee Underhill, Managing Director, PMI, North America. By McKinsey & Company’s estimates, this equates to a potential of three months of learning loss in math and one-in-a-half months of learning loss in reading. Kickoff from PMI.

2021 303

Will a Project Management Certification Help Your Career?

LiquidPlanner

PMI requires this for PMP holders through their Continuing Certification Requirements Program and you could easily find yourself paying for additional courses and materials to keep up. Here’s something that will help your career whether you have a PMP or not: knowing how to estimate projects with accuracy, and seeing the risks arise before it’s too late.

Reading List for the Cone of Uncertainty

Herding Cats

The primary purpose of software estimation is not to predict a project’s outcome; it is to determine whether a project’s targets are realistic enough to allow the project to be controlled to meet them ? The beginning of all business critical software development projects is the point in time when performing organizations are least certain about the project, yet it is also the time when top management expects to be delivered project estimates that are very precise.

2012 41

Industry, Product, and Technical Knowledge: What Makes a Project Manager an Expert?

Epicflow Blog

According to PMI’s Pulse of Profession with 4,455 project professionals engaged, the biggest number of PMs work in the IT and the financial services sectors. PMs can use this knowledge to estimate the time needed for accomplishing tasks, order them, and allocate resources adequately.

2020 61

Project Procurement Management [All the basics you need to know]

Online PM Courses

Here, most of the risk lies with the supplier. For the project, the risks are in specifying the needs accurately. The other disadvantage is the added cost of the supplier’s risk premium. A supplier will price in a contingency sum, because they carry the risk of over-run or quality defects. This contract shares the risks between project and supplier. This contract form throws all the risk on the project. Cost estimates for each of the procurements.

2018 74

Quote of the Day

Herding Cats

Most Risk Management, starting with PMI's paradigm is focused on what if. Instead, Risk Management must focus on If Then and then work to reduce or remove the IF. This is the Pre-Mortem paradigm of Risk Management. Find the root cause of the risk and correct or prevent that risk from occurring. Only the residual risk in then in the Risk Register. Aleatory risk (from Irreducible uncertainties) are handled with margin. Quotes Risk

Project Manager or Project Leader? What’s the Difference?

Online PM Courses

And then there’s the PMI Talent Triangle. If you’re a PMI member, you need to hoe your craft in three dimensions: Technical: the core skills of Project Management. We’ll also look at The PMI’s View… I will end this article by looking at how the Project Management Institute (PMI) may see the distinction between Project Manager and Project Leader. Simply, we can compare the list of examples PMI offers in its Talent Triangle flyer.

2018 66