In this webinar David Vose, a recognized expert in the field of risk analysis, explains the basics of project risk analysis.Watch webinar Download FREE 15-day Tamara trial Download copy How Tamara works To begin, the user imports a Primavera or Microsoft Project model into Tamara. During import, Tamara performs a health check on the model, providing a set of scores on the schedule's quality and highlighting any specific issues. Uncertainty about the time and cost of completing each task is then added by considering uncertainty in the task scope and the rate of progress in achieving the work. Risk events can also be added that would delay a task, the whole project, part of a project, require extra work to be done, etc. Tamara stores all this information with a copy of the original project schedule in a special file format. No changes are made to the original Primavera or Microsoft Project file, but when the project plan is updated, Tamara can update its own file with a single mouse click and adapt the risk and uncertainty information accordingly.
During the developing of Tamara, we worked closely with around a dozen project risk and planning experts. They challenged us with a large set of examples of risks that they were never able to adequately describe in other project risk tools, and we set about creating a product that met these challenges yet remained easy to use.
Another benefit is that you can authorize its use at lower management levels within the project hierarchy, so the people most likely to understand the implications of risk have access to funding to address problems.
Task dependencies are one of the more complicated concepts in project management. If you creating schedules for larger projects using advanced tools such as Microsoft Project or Primavera P6, you must be familiar with task relationships.
In Primavera P6 you can create inter-project dependencies that may assist you in planning for external events or items. If a project schedule is dependent on deliverables from another project that is also in Primavera P6, then you can open both projects and link the activities, just like creating relationships within a single project. To create external relationships in Primavera P6, the scheduler must have Read/Write user access to both projects.
Six Sigma is a methodology that uses the statistical measure to improve business processes by reducing or eliminating any chances of errors/defects and costs associated with it. Thus, it is focused on the elimination of defects by reducing process variability. So, if you are planning to make your dream career in Six Sigma and are preparing for the same, here are some six sigma interview questions at a glance that might help you crack the interview.
The fish head represents the defect/project failure. The ribs branch off the backbone which represent the major causes pertaining to Finance, People, Process and Tools. These are later sub-branched to as many causes as identified by the project team. For example, A project failed, as on the process front, the process was ADHOC due to tight deadlines, because of the marketing team over-promised and is negotiated with the end customers.
Despite the importance of capital expenditure management in executing business strategy, preserving cash, and maximizing ROIC, most companies struggle in this area for two primary reasons. First, capital expenditure is often not a core business; instead, organizations focus on operating performance, where they have extensive institutional knowledge. When it comes to capital projects, executives rely on a select few people with experience in capital delivery. Second, capital performance is typically a black box. Executives find it difficult to understand and predict the performance of individual projects and the capital project portfolio as a whole.
Across industries, we see companies struggle to deliver projects on time and on schedule (Exhibit 2). In fact, cost and schedule overruns compared with original estimates frequently exceed 50 percent. Notably, these occur in both the public and private sectors.
Sourcing the right projects with the right partners. Companies must ensure they are sourcing the right projects by aligning on prioritization criteria and identifying the sectors to play in based on their strategy. Once these selections are made, organizations can use benchmarking and advanced-analytics tools to accelerate project timelines and improve planning. Building the right consortium of contractors and partners at the outset and establishing governance and reporting can have a huge impact. Best-in-class teams secure the optimal financing, which can include public and private sources, by assessing the economic, legal, and operational implications for each option.
An effective governance system ensures that all ideas generated from project value improvements are subject to robust tracking and follow-up. Further, the adoption of innovative digital and technological solutions can enhance standardization, modularization, transparency, and efficiency. A power company recently explored options to phase out coal-powered energy using a project value improvement methodology and a minimum technical solution. The process helped to articulate options to maximize ROI and minimize greenhouse-gas emissions. An analysis of each option, using an idea bank of more than 2,000 detailed ideas, let the company find solutions to reduce investment on features with little value added, reallocate spending to more efficient technologies, and better adjust capacity configurations with business needs. Ultimately, the company reduced capital costs by 30 percent while increasing CO2 abatement by the same amount.
Designing the right project organization. An open, collaborative, and result-focused environment enabled by stringent performance management processes is critical for success, regardless of the contractual arrangement between owners and contractors. Improving capital project practices is possible only if companies measure those practices and understand where they stand compared with their peers. The organization should be designed with a five-year capital portfolio in mind and built by developing structures for project archetypes and modeling the resources required to deliver the capital plan. A rigorous stage-gate process of formal reviews should also be implemented to verify the quality of projects moving forward. Too many projects are rushed through phases with no formal review of their deliverables, leading to a highly risky execution phase, which usually results in delays and cost overruns.
As successful organizations demonstrate, addressing organizational health in project teams is as important as performance initiatives. McKinsey research has found that the healthiest organizations generate three times higher returns than companies in the bottom quartile and more than 60 percent higher returns compared with companies in the middle two quartiles. 1 1. Scott Keller and Bill Schaninger, Beyond Performance 2.0: A Proven Approach to Leading Large-Scale Change, second edition, Hoboken, NJ: Wiley, 2019.
As the S Curve is plotted with the cumulative numbers, if the actual curve is above the planned curve, it is a positive variance meaning the actual performance is higher than the planned one and the project is ahead of the baseline schedule.
As the project progresses, there can be ups and downs in the actual performance compared with the planned one. As the S Curve is the reflection of what is being done actually, this data must be communicated with the project manager and the discipline team members to put the timely efforts to maintain or to improve the project performance.
These factors are compared with the planned S-curve to evaluate the current or future status of the project. The results tell you if a project is under budget, over budget, behind schedule, or ahead of schedule. Earned Value Management calculations can be done manually, but it is done automatically in Primavera P6.
Project Managers often create a planned S-curve using baseline values before the project starts. This allows them to plot the actual S-curve along with it and monitor any changes in the planned schedule.
ScheduleReader is a standalone software that you can use to open and read .xer, .xml, and .xls files exported from Primavera P6. It is an independent software, and unlike Primavera P6, you do not have to connect it to any database. This allows people with no expertise in Primavera to quickly open any project schedule on their PCs. It also saves you the trouble of saving a PDF file every time. One of its best advantages is its cost-effectiveness. They provide you with custom licensing options according to your business.
The project plan presented in the examples is created with resources, and because of it, the images that follow will be shown By Resources. The steps are exactly the same as a project plan that includes roles.
The possibility to navigate the S-curves on the Selected Activity and All Activities from the same place allows us to analyze, monitor, track, and report all changes of the project with ease. It will save time, but most importantly we will be able to see every change in the schedule and take the needed actions.
After clicking Print, numerous printing options along with Print Preview will appear. By default, the entire project shows up in the Print Preview. Under Settings, you may specify which pages you want to print out. For a better view and copy, we selected the A4 format and a Landscape Orientation.
It helps the project team and project controls professionals monitor the various forms of performance outputs, identify any cracks and take preventive and corrective control measures to ensure on schedule and under budget completion of projects.
The S-curve representation and the ability to view variations are much more manageable in ScheduleReader than in Primavera P6. The primary benefit of using this program would be to create a fast-paced environment with smooth communication and coordination between stakeholders. The intuitive and dynamic overview of the project detail and the customization also make you feel comfortable and reduces miscommunications. 2b1af7f3a8