The Pareto chart (not to be directly confused with the Pareto probability distribution function) is a simple approach to revealing significance in data. Before we plot our chart, we need to complete some initial work: Gather the data in a natural format (count, floating point [decimal], dollars, etc.) Sort the data from high to low […]
Risks can have origins in communications and are not the sole province of the stakeholders and sponsors of the project. Sometimes the organization damages itself via the structure. We are all familiar with the functional organization, often referred to as a line organization or stove pipe organization in which we group the company by discipline. […]
Brainstorming as neologism began with Alex Osborn of the advertising agency BBDO in 1942. His primary concern was creative thinking. In general, classical brainstorming generally follows this pattern: Gather a group of people Decide on a duration and quantity of ideas desired Solicit ideas from group members No editing, snide comments, or insults Collect ideas […]
The term “10,000 things” originates in the Far East and generally connotes the idea of many things. It is not a synonym for “everything.” Regardless, the 10,000 things are what we must consider when we go about making long-lasting change. We frequently see books and other media that promise “transformation,” but we know speedy transformation […]
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 […]
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, […]
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 […]
Many organizations have a series of activities or processes (design reviews, analyses, verifications, validations, etc.) that they go through to produce the end product or service. The work will start with some kind of development process, which may be a matter of days, months or years, depending on the complexity of the product or service. […]
The trigger is a new concept to those acquainted with the FMEA approach to problem elimination. The trigger event (or threshold) is how we know we need to invoke our risk reduction activities and is direct responsibility of the person monitoring. Risk Response and Contingency Budgets Each risk dollar amount at stake is multiplied by […]
We recommend a modified version of the FMEA approach to assessing the risk. The approach is tailored to the needs of project and program managers. We will model the time line as a control plan with minimal controls other than the typical tollgate reviews and, perhaps, team meetings. We know from personal experience that treating […]