Value Transforming Blog

There is a saying: “if you change form, fit or function, you change the part number.” On the surface this seems like a good saying. People use this saying as rule of thumb to determine if a new part number is required.  Taking out new part numbers cost the company some administrative time and effort […]

February 25, 2013

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Every time we make a decision, we reduce the probability of some risks but may increase the probability of other risks. Consider where the following story may fit into our discussion. We have a project that should have, in fact, started months ago to meet the desired production introduction date.  Unfortunately, that did not happen […]

February 24, 2013

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There are a number of quality tools that can help to evoke the risks that may be associated with your project. One such tool usually associated with cause and effect is the Ishikawa diagram. We can use this tool to explore risks as well. We will explore what happens (cause) and how it will impact […]

February 23, 2013

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We can use value analysis and value engineering techniques to improve our product cost structure and ultimately our value proposition.  The analysis phase of this activity is called value analysis. The design phase of this activity is called value engineering.  We are a bit constrained during these activities since as we have a product already […]

February 22, 2013

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There are times when the project manager will be subjected to the long list of potential risks brought to them by their team.  Handling these issues rather than summarily dismissing the item being brought to their attention as input from a hypercritical or doom-centric team member is important for project success and team morale.  If […]

February 21, 2013

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We perform risk audits on projects to ascertain whether we are deviating from the desired budget, schedule, and quality levels we specified at the start of the project. At the 50,000 foot level, risk auditing looks like the following: Define the problem Choose an audit team leader Choose an audit team or let the leader […]

February 20, 2013

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Okay – so we have worked with our team and have documented a list of risks, and have performed a qualitative or quantitative assessment – perhaps even both of these. Now what?  One such risk management failure then happens when we place the risk register on a shelf somewhere and the subsequent planned actions are […]

February 19, 2013

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Program trigger events were discussed in our last blog. We can set up a program data base that has inbuilt triggers or we can pick up on the issue if we build these triggers into frequent product development reviews. We feel the project/program manager is the primary party to monitor for trigger events. Secondarily, the […]

February 18, 2013

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A contingency in project management is a reaction plan to an untoward event; in short, we plan ahead for the failure of a given task. In order for a trigger to “fire,” we must set a threshold value that activates the trigger; otherwise, the trigger should never fire. Thresholds can be set based on financial, […]

February 16, 2013

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Risks need to be assessed in regard to their business impacts, so that business decisions can be made promptly.  Strategies should be built and decided based on the quantitative value of the risk. Managers must decide on whether to spend $500,000 to avoid a delay in a project.  How long that delay is impacts the […]

February 16, 2013

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