When it comes to project risk management, it is not only important to understand the definition of risk, but it is equally important to know how best to describe risk. A badly described risk can, at best, result in false assumptions being made about the… Read More »Describing Risk: Accurate Description = Better Management
Expected Monetary Value (EMV) is often used in risk analysis to provide an indication of the financial impact of a risk. But, in practical terms, how valuable is this technique? The answer depends entirely on how the EMV calculation is applied in a risk scenario.… Read More »Expected Monetary Value – Where’s the Value?
The concept of tailoring has been referenced in all editions of the PMBOK® Guide but the topic starting receiving more coverage in the Sixth Edition and finally was given a full section in the most recent edition. But before we can start tailoring we need… Read More »Context counts but whose?
When Fred Brooks Jr. wrote The Mythical Man Month, he provided project managers with the valuable caution which later was named Brooks’ Law: “Adding manpower to a late software project makes it later“. While there are always exceptions, this statement is generally true. It is… Read More »Would Brooks’ Law apply to cost?