Epistemic Uncertainty Creates Reducible Risk

Herding Cats

Yesterday's Post What Is Risk? Risk is not there to be mitigated, it's there to be eliminated. Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Aleatory uncertainty, from the naturally occurring variances in the process and Epistemic uncertainty from the probabilistic event-based processes that impact the project. Epistemic uncertainty and the risk it creates can be reduced with handling processes.

Risk 46

Microeconomics and Risk Management in Decision Making for Software Development

Herding Cats

The primary economic driver of the life-cycle structure is the significantly increasing cost of making a software change or fixing a software problem, as a function of the phase in which the change or fix is made. Now To Risk Management. Risk is the effect of uncertainty of objectives.

2018 60

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. These risks can be mitigated with a good risk management process.

Risk 69

How to Keep Your Projects Financially Fit

Project Risk Coach

Keep Your Projects Financially Fit. How do projects fall below budget?” Let’s look for ways to monitor and control our cost more intentionally. 4 Ways to Control Cost and Keep Your Projects Financially Fit. Make Your Cost Visible.

Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

All project work has uncertainty. Uncertainty comes from the lack of precision and accuracy about the possible values of a measurement of a project attribute. If your project has no uncertainty, there is no need to estimate. Turns out in the real world there is no such project.

2003 82

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

Project Bliss

The job title of “project manager” is pretty common these days. But project manager roles and responsibilities can be pretty vague if you’re not already familiar with them. When I took my first job as a project manager, my mother asked what I do. Managing risk.

2017 194

Fallacy of the Day

Herding Cats

Before that delivery date - which will be late - it must be decided and communicated the customer or negotiated with the customer, an assessment of the aleatory and epistemic risks to that date must be done. Risk Management is how Adults Manage Projects. IT Risk Management.

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The Best 53 Project Management Blogs You Should Be Reading

Paymo App

People are gradually becoming more interested in project management as an independent topic and as a possible career. Project management blogs and resources can be a primary source of knowledge, especially if project management (PM) experts contribute to them. Project Bliss.

2018 91

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

In an increasingly competitive business environment, more organizations are turning to project portfolio management (PPM) to meet strategic goals and objectives. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios.

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

In an increasingly competitive business environment, more organizations are turning to project portfolio management (PPM) to meet strategic goals and objectives. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios.

5 Stats You Need to Know from the 2017 State of Project Management in Manufacturing Report

LiquidPlanner

But following structured project management methods can help companies reduce delays, stay on budget, and deliver quality products. To learn more about the challenges facing manufacturers today, download the free 2017 State of Project Management in Manufacturing report here.

Embracing Uncertainty in Software Projects

LiquidPlanner

A seemingly simple question that can become a project management nightmare to manage. After all, you’re the project manager!) If you’re right and the project delivers on time, you’ll be heralded as a “someone who can deliver.” No two projects are ever the same.

Two Parallel Processes of Project Success - Both Value and Delivery are Needed

Herding Cats

Software development is a Value Creaton activity, but Value cannot be determined unless we know the cost to produce that value and when that value will be available for use by those who of paid for that Value. What will it cost to get the value? IT Risk Management.

2018 67

The Problems with Schedules

Herding Cats

The Core Problem with Project Success. 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. No risk management, no adult management.

2016 79

Planning before Scheduling

Herding Cats

For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Without some form of decomposition of what “done” looks like, it is difficult to connect the work of the project to the outcomes of the project.

Have You Left Anything Out of Your Project Plan?

Project Risk Coach

The Project Plan Checklist Have you left anything out of your project plan? Check out this project plan checklist to help you identify the baselines and plans that will be most helpful to each of your projects. I like to keep my project plans as simple as possible.

Without a Root Cause Analysis, No Suggested Fix Can Be Effective

Herding Cats

Yes, projects have uncertainty. Projects are no exception. Using the chart from the post, showing the number of projects that went over their estimated effort, let's look closer at a process to sort out the conjectures made in the post about estimating. IT Risk Management.

2016 107

Yes, Your Team Needs a Project Manager. Here’s Why

LiquidPlanner

During the annual budget cycle, portfolio planning or even the adhoc “just-go-do-it” project, project management resource planning and funding can be marginalized and even entirely overlooked. Below are five reasons why projects need professional and experienced project managers.

80+ Awesome Online Resources for Project Managers

Wrike

Where can you go to talk Gantt charts, work breakdown structures, and Agile workflows to your heart’s content with other project management aficionados? There’s a treasure trove of valuable information available online for anyone looking to sharpen their project management skills. .

What did the Project Managers ever do for us?

The Lazy Project Manager

I sometimes hear of project management and project managers being challenged in much the same way … ‘what has project management done for us (the organisation)?’ One is to consider what would business life be like without project management in place.

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How to Develop a Strong Governance Process with These 6 Tips ?

Project-Management.pm

Projects involved a lot of planning , implementation , and not to mention tracking or detecting issues and problems within the team or the project, and surpassing the following process. It also means successfully identified the stakeholders and risks and the project are already in the plan, ready for implementation. Building up a governance process may be a little intimidating, especially if you don’t organize your project outline properly.

Estimates, Forecasts, Projections

Herding Cats

We can estimate the total cost, total duration, and the probability that all the Features will be delivered on the program we are working for the US Government. Or ANY software project for that matter. The estimated completion cost for this program is $357,000,000 with an accuracy of $200,000 and a precision of $300,000. Another way to speak about the estimated cost is This program will cost $357,000,000 or less with 80% confidence. Projections/Prediction.

12 Project Management Related Tools to Check Out for 2017

Brad Egeland

As everyone is aware, the landscape of available project management and PM-related tools has changed greatly over the years. It is truly mind-boggling how many options are out there now for project managers across all industries. All projects are different.

2017 83

10 Myths about Project Management Tools

Binfire

You are promoted to manage your first project, congratulations! Since you are a serious manager you have decided to improve the team’s productivity by purchasing one of the project management tools available in the market. Myth #5: Project management software is expensive.

12 Project Management Related Tools to Consider for 2016?

Brad Egeland

I've been a project manager for a long time. I started out using ABT's Project Workbench. I eventually moved on to a DOS version of Microsoft Project and then on to the windows version of that which I have used off and on for many years. All projects are different.

2016 60

A Wrap Up of the #NoEstimating Conjecture Analysis to Date

Herding Cats

So when you hear about all the posts about #NoEstimates, take a look here to see if those posts provide any actionable outcomes that can be put to the test on actual projects - other than Slicing. . Facts and Fallacies of Estimating Software Cost and Schedule.

2016 65

Estimating is a Learned Skill

Herding Cats

Estimating is a learned skill, used for any purpose from every-day life to management of projects. The same process for estimating is applied to multi-billion dollar projects we work. And the same process is applied to the Scrum development processes on those projects. . The Influence of Selection Bias on Effort Overruns in Software Development Projects,” Magne Jørgensen, Simula Research Laboratory & Institute of Informatics , University of Oslo.