Project Risk Assessment and Decision Support Tools

Uses models to simulate the performance of real operations. Evaluates all elements of a process, their interdependence and interaction.  

A system is a set of procedures, ideas, principles or equipment usually intended to explain the arrangement or working of a systematic whole.

Systems Thinking is the art and science of making reliable inferences about the behavior of systems by developing an increasingly deep understanding of the underlying structure.

Consider pre-committing to a “stopping rule.” Do not maintain the status quo. Ask, “Would I continue this project if someone else had started it?” Professor John Hershey Wharton Business School University of PA August 5, 1998

Forces reflection – Makes the team think. Allows you to learn from your and others mistakes. Humbles the ostentatious. Trains everyone how to recognize and avoid pitfalls. Reduces re-occurrences on future projects. Shows a willingness to experiment. Makes planners focus on the “big picture.” Failures will occur. Those who fail faster and recover faster will …

ADVANTAGES OF FAILURE Read More »

Project failure is the inability to achieve project goals and objectives with the strategy and objectives employed. Steven M. Price Consultant Price – Mangin

Quality assurance is a process where an organization satisfies its technical and administrative performance requirements, free of discrepancies, while meeting customer needs.

Human elements addressed. Project manager assigned. Type of organization (weak/strong/matrix office) appropriate. Outputs and activities well defined. Project manager leadership. Flexible alternatives. Good teamwork/morale/ownership. Degree of complexity (software/database concepts/hardware/ ability to easily add functions/ features/teleprocessing, etc). Tasks assigned in right order. Minimal resource conflicts. Effective meetings. Estimated times to complete are reasonable. Line organization must …

SUCCESSFUL PROJECT CHARACTERISTICS Read More »

Risk management is an aspect of project management that entails identifying potential risks and developing ways to mitigate them after they have been identified. Risk management is still both an art and a science.

A project is successful if it accomplishes its stated objectives to the mutual satisfaction of the sponsoring company and the customer. Either the customer or company can declare the project a failure.