Cost Is About More Than The Numbers
Project cost is an area that’s all too often swayed by political and emotional concerns.
Some people don’t want to spend money, while others are driven by the passion to complete the project no matter the cost.
You need to be aware of all the elements in play to build a cost scheduleaccurate enough to serve your needs.
Macroeconomic factors, corpor.
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Have A Process For Gathering Information to Go Into Your Model
Risk analysisis a great tool, but the process is more important than the software.
You need to make sure you’re getting the right information to feed the model, and that the process is robust and repeatable.
To do risk analysis well, you need buy-in from project teams and management.
These key stakeholders need to understand the model and its outco.
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Keep Risk Models Simple
Firstly, use the right tools.
Don’t try to do schedule risk in a spreadsheet, or cost risk in a schedule. Managing both in a single tool, like Safran Risk, allows you to integrate cost and schedule.
You can model both together and take the dependencies between them into account.
Take a structured approach.
Document your models and information as yo.
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Project Managers Are Optimists
When discussing contingencies and mitigation plans, bear in mind that project managers are generally optimists.
They always think they can complete a project on time and on budget.
This can lead to a lack of contingency when it comes to mitigation strategies or indeed, contingencies themselves.
This optimism extends when considering uncertainties a.
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Schedules Don’T Reflect Reality
Sometimes, schedules don’t reflect what’s actually going on in the field.
When building a schedule, don’t take estimates at face value.
Understand who made them and when they were made to ensure they’re relevant to the project and its unique elements.
Benchmarking is an ideal way to anchor your schedule to the realities of bringing a project to lif.
