We constantly get this question when we talk with any prospect and here we would like to summarize the information.
P.S.: We constantly say that it is not important to have a degree in Engineering or Medicine, but to know and see how they can be applied in the real word. This also applies to being a PMI-PMP, you need to know how to apply them in real world and bring value to the organization in which you are working with.
To extend the conventional wisdom of “What can not be measured, can not be improved”; we would say that “What can not be measured, can also not be planned, controlled or monitored as well”.
1. 99.99% complete – OR –
it will take exactly 2 more days to complete the task
How many times you have seen team members reporting in terms of % age of completion and what does not convey? In two words – “Actually Nothing.”
But, if you say that the EV is X USD and PV is Y USD and based on the above data, we can safely say that the task will take 2 more days to complete, no one can deny the value of it.
2. "Project A" looks good as it has endorsement from Tom Cruise – OR –
Between "Project A" and "Project B", "Project A" is good as it has a higher NPV
Well Tom Cruise may not be funding or acting in your project; rather what we meant to say that a project being selected based on a X Factor or “It” factor or the senior management is very passionate about it (a la Iridium). As we have seen in such cases the project is not exactly a success.
However, if you have clearly quantifiable data by saying that Project A has more NPV than Project – B or the BCR of Project A is more that Project – B, it is clear to identify the success of a project.
3. A lot of Risks are there and we need to be careful – OR –
impact of X Risk on our project has 0.95 probability
How will you react when someone says that we have a lot of risks in this project as it is being developed by an international team separated by time zones, new recruits for our team, potential chances being interrupted by low funding etc. There are many risks like that and sometimes a lot of trivial risk has the possibility to derail a project.
However, to really inform the probability and impact of a risk or to strategize for minimal risk, they have to quantified and qualified, strategically viewed for counter measures and consistently monitored.
4. Activity A, B, C are dependent as the team members are working together
- OR –
Activity A has a F-2-S dependency with B with MFO constraint and a S-2-S dependency with C with ASAP constraint.
Managers frequently work on triple constraints and try to maintain the symbiotic
relationship between them.
Here as well, when information is available in clearly quantified terms and the impact of it is well understood by the major stakeholders, the odds against a failure for the project remain very low.
5. Project is Over Budget and we need more fund – OR –
The value of VAC and AC are these and hence we need to be more cautious in our spending
In one of my earlier blogs, we have mentioned the value of EVM, which gives the health of the project.
There are many aspects to project management, rather than just status reporting and sending FYI/FYA mails (we have seen to be used sometimes in a feverish way by many managers) to a team of developers every day or saying that the project is on track (verbally). They do not help you to know the actual status from various different dimensions for a project.
However, PMI-PMP, as being very scientific and methodical in its approach, helps to bring the best ROI for the investment on a particular project.
P.S.: We constantly say that it is not important to have a degree in Engineering or Medicine, but to know and see how they can be applied in the real word. This also applies to being a PMI-PMP, you need to know how to apply them in real world and bring value to the organization in which you are working with.
To extend the conventional wisdom of “What can not be measured, can not be improved”; we would say that “What can not be measured, can also not be planned, controlled or monitored as well”.
1. 99.99% complete – OR –
it will take exactly 2 more days to complete the task
How many times you have seen team members reporting in terms of % age of completion and what does not convey? In two words – “Actually Nothing.”
But, if you say that the EV is X USD and PV is Y USD and based on the above data, we can safely say that the task will take 2 more days to complete, no one can deny the value of it.
2. "Project A" looks good as it has endorsement from Tom Cruise – OR –
Between "Project A" and "Project B", "Project A" is good as it has a higher NPV
Well Tom Cruise may not be funding or acting in your project; rather what we meant to say that a project being selected based on a X Factor or “It” factor or the senior management is very passionate about it (a la Iridium). As we have seen in such cases the project is not exactly a success.
However, if you have clearly quantifiable data by saying that Project A has more NPV than Project – B or the BCR of Project A is more that Project – B, it is clear to identify the success of a project.
3. A lot of Risks are there and we need to be careful – OR –
impact of X Risk on our project has 0.95 probability
How will you react when someone says that we have a lot of risks in this project as it is being developed by an international team separated by time zones, new recruits for our team, potential chances being interrupted by low funding etc. There are many risks like that and sometimes a lot of trivial risk has the possibility to derail a project.
However, to really inform the probability and impact of a risk or to strategize for minimal risk, they have to quantified and qualified, strategically viewed for counter measures and consistently monitored.
4. Activity A, B, C are dependent as the team members are working together
- OR –
Activity A has a F-2-S dependency with B with MFO constraint and a S-2-S dependency with C with ASAP constraint.
Managers frequently work on triple constraints and try to maintain the symbiotic
relationship between them.
Here as well, when information is available in clearly quantified terms and the impact of it is well understood by the major stakeholders, the odds against a failure for the project remain very low.
5. Project is Over Budget and we need more fund – OR –
The value of VAC and AC are these and hence we need to be more cautious in our spending
In one of my earlier blogs, we have mentioned the value of EVM, which gives the health of the project.
There are many aspects to project management, rather than just status reporting and sending FYI/FYA mails (we have seen to be used sometimes in a feverish way by many managers) to a team of developers every day or saying that the project is on track (verbally). They do not help you to know the actual status from various different dimensions for a project.
However, PMI-PMP, as being very scientific and methodical in its approach, helps to bring the best ROI for the investment on a particular project.
