Project Hero Blog

More Project Management Best Practice Tips

PM Tip, Week of 13 October 2019

#tip #accidentalpm #navigatinguncertainty

Finishing up Risk Assessment Framework: Successfully Navigating Uncertainty this week ... launch date soon!

Continue Reading...

Managing Risks of Fixed Costs

Last week we looked at fixed schedule, so its only natural to want to look at fixed costs too. Or perhaps I should more precisely say "fixed price" since fixed costs have a connotation of overhead. And there's a further clarification to make as well (finances are so much more complex than schedule and time) -- we're talking about risk to the seller. Many buyers like fixed prices since they know exactly what their budget will be, but its the seller who has to manage most, if not all, of the risk.
 
Now with the clarifications aside, here's my top 5 list:
 
1. Well defined scope and specifications: Having a well defined project scope and necessary specifications will make it easier to manage and estimate. Uncertainty leads to errors.
2. Diligently completed estimates: if there was ever a time to be cautious in estimating, this is it. Obviously you're not going to be able to "sandbag", but a carefully thought out and documented estimate provides a solid basis for success. Be...
Continue Reading...

Managing Risks of Fixed Schedules

As Project Managers, we often have to perform with a fixed schedule. This type of situation can occur for almost any project or industry, but it is a special issue in the software industry when we want to meet monthly, quarterly, or other periodic release schedules. Here are my top 5 tips for successfully managing the risk and meeting the deadline:
 

 1) Be sure there is a project charter for each release, with the high level time, resources, budget, and deliverables scoped out. Factor in time off for vacation early since this can have a big impact if it comes as a surprise later. Any surprises warrant an immediate review.

2) Regularly review delivery metrics. Use experience to improve estimating and the ability to meet targets. Build an incentive/recognition plan around achieving superior metrics (not just meeting the target).
 
3) Count on product and project management being between 5% and 20% of your schedule -- this rule of thumb will help make sure you don't...
Continue Reading...
Close