Estimating

Estimating, as we know, is the process by which we attempt to determine how long our project will take and how much it will cost.  Estimating is a very difficult business and a top reason for project management and project failure.  As project managers we’re about as good as our last estimates, illustrated by this sobering graph representing time and cost:

 

 

A recent PMI survey revealed that the top measures of project management success still include “completed on time” and “completed within budget”.  So, like it or not, our performance as project managers is considerably determined by estimates.  Hence the expression “deadlines.”  Of course the answer is not simply to add some arbitrary fat, since this practice may then preclude our project from selection or deny other worthwhile projects the light of day.  Nor should we deliberately under … Read More »



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My latest thoughts on Project Management and life.

The “Lean” Project

Lean is an often-used adjective in business these days, but there’s some confusion over its exact definition. In essence, the goal of Lean is...

Monte Carlo Simulation

The Project Management Body of Knowledge (PMBOK Edition 6) advocates the use of Monte Carlo simulation for performing quantitative risk analysis.

In the project management...

Time Management

Among other changes, the Project Management Institute in their latest Project Management Body of Knowledge (PMBOK Edition 6) has sensibly renamed the “Time Management”...