The range of understanding runs a distance between true and false but never in absolute terms. In effect, what each one of us experiences might be a subjective truth and not an objective reality. The scenario creates limitations to the accuracy of one’s decision. Read more to find out what this is about.
Everyone knows that speed kills, and seeing someone traveling above the limit makes us question how any intelligent person can commit such a reckless act. Yet, it is the number one way to cause or get into a car accident.
The greatest gift a man can give to his children is to love and respect their mother (Hesburgh, T., 1917-2015). Mother’s Day is coming fast. Don’t forget to honour your better half! Remember to hug your mom! Cheers to all of them!
Federico is one of PM Solution Pro’s highly skilled resources in project controls, change management, planning, scheduling, and EVM/Power BI…
Data maturity and reliability are at their lowest when assumptions (fill-in information) and constraints peak. The rule of thumb to follow: Projects should not be sanctioned when the unknowns far exceed the knowns.
Data maturity is a project attribute project managers have to deal with in some intelligent way. They seek to formulate a way to address missing and incomplete information and strike a balance. Integrating a project with missing or insufficient work scopes is not ideal. Filling in an information space with assumed fill-in data is a risky trade-off.
Any project is capable of generating a believable risk-based schedule baseline. Project confidence is higher when the team knows the target schedule is achievable. It is also cheaper and more economical. Quantification assesses the overall schedule risk of a project. The schedule baseline becomes risk-based because risk probability and consequence are measured. I espouse using a P50 Risk-based baseline as the middle-ground. However, other synchronized schedule baselines such as P40, P60, or higher are also possible.
Unknown unknowns (black swans) might be in the room, or even an elephant, for all we know, but we cannot see them until circumstances make them visible. Once we see that the risk exists, we surmise that it no longer qualifies as a black swan event because we are now aware of the risk, and the element of surprise is no longer there. It is now the typical type of risk that you and many risk managers are already familiar with, the known unknowns.
PM Solution Pro offers remote support in Schedule Management, Quality Assessments, Reviews, and Audits. We have successfully used P6 Professional and Deltek Acumen Fuse toolsets in supporting various clients and project organizations. Our team can guide your project organization in the development of your very own standard in-house Schedule Quality Metrics, making it possible to assess an entire project portfolio in a fraction of the time compared to manual means.
Suppose there is a choice between two production methods; the usual favored approach would be the one with the lowest total cost. However, it is not always the best choice. Therefore, presenting a straightforward approach to calculating the unit cost is essential. We can use it to facilitate the selection of the best alternatives with an optimized economic return. This book introduces the method of obtaining the material (or process) unit cost of a Steam Power Plant to calculate its annual operating budget and touches on the reliable estimation of operation, maintenance, and project works. I have designed each section to walk the new cost specialist or plant engineer every step of the way, leading to complete understanding.
This book is for management professionals, future professionals, and children of reading age, twelve and up! Today, we are proud and happy to publish an original 18-stanza rhyme poem in a fully illustrated book for future and present risk managers.
The pleasing element of a rhyming poem brings joy and knowledge to many. It is inspirational to hear words that rhyme, uplifting our being by imparting meaning using the song-like attributes of the verses. The command of a poem makes one remember, absorb and learn more.