-
When Reality Hits - Project Managers Roll With It
February 11, 2012
-
When IT Is Your Company’s “Piggy Bank”
February 10, 2012
-
4 Key Things a Project Manager Must Do
February 10, 2012
-
Essential Project Management
February 10, 2012
-
8 Traits of Top Project Managers - Part 1
February 9, 2012
-
Agile Project Management - Engaging Your Customer!
February 9, 2012
-
9 Tips to Avoid Traps in Project Planning
February 9, 2012
-
Why Projects Succeed - Executive Sponsorship
February 8, 2012
-
On Customer Participation in Agile Projects
February 8, 2012
-
A Project Charter for Lazy Teams
February 8, 2012
Incorporate Contingency Buffers in Your Project Schedule
September 15, 2008 | Author: PM Hut | Filed under: Project Management Best Practices, Scheduling
Incorporate Contingency Buffers in Your Project Schedule (#17 in the series 21 Project Management Success Tips)
By Karl E. Wiegers
Projects never go precisely as planned. The prudent project manager incorporates budget and schedule contingency buffers (also known as management reserve) at the end of major phases to accommodate the unforeseen. Use your project risk analysis to estimate the possible schedule impact if several of the risks materialize and build that projected risk exposure into your schedule as a contingency buffer. Even more sophisticated is the use of critical chain analysis, a technique that pools the uncertainties in estimates and risks into a rational overall contingency buffer.
Your manager or customer might view these contingency buffers as padding, rather than as the sensible acknowledgment of reality that they are. To help persuade skeptics, point to unpleasant surprises on previous projects as a rationale for your foresight. If a manager elects to discard contingency buffers, he has tacitly absorbed all the risks that fed into the buffer and assumed that all estimates are perfect, no scope growth will occur, and no unexpected events will take place. The reality on most projects is quite different. I’d rather see us deal with reality—however unattractive—than to live in Fantasy land, which leads to chronic disappointments.
Adapted from “Practical Project Initiation: A Handbook with Tools” (Microsoft Press, 2007). A condensed version of this paper was published in Software Development magazine.
Karl Wiegers, Ph.D., is Principal Consultant with Process Impact, a software process consulting and education company in Portland, Oregon. Karl’s most recent book is “Practical Project Initiation: A Handbook with Tools.” Karl is also the author of four other books and 170 articles. Karl is a frequent speaker at software conferences and professional society meetings. You can reach Karl through www.projectinitiation.com or www.processimpact.com.
Related Articles
- Deliverable-based Project Schedules: Part 4
- The Value of a Project Schedule
- Evolution of the Owner's Role in Program Management - Activity: Risk Assessment & Contingency
- Project Risk Management: It's Either Contingency Planning Now or Emergency Relief Later
- Evolution of the Owner's Role in Program Management - Activity: Risk Assessment & Contingency
No comments yet.
feel free to leave a comment
Comment Guidelines: Basic XHTML is allowed (a href, strong, em, code). All line breaks and paragraphs are automatically generated. Off-topic or inappropriate comments will be edited or deleted. Email addresses will never be published. Keep it PG-13 people!
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
All fields marked with " * " are required.
- Agile Project Management
- Ask the Hut
- Certification
- Change Management
- Communications Management
- Computer Based Information Systems
- Concepts
- Corporate Transformation
- Cost Management
- Critical Chain Project Management
- Delegation
- History
- HR Management
- Implementing Project Management
- Integration Management
- Lessons Learned
- Management
- Miscellaneous
- People Issues
- PMBOK
- PRINCE2
- Procurement Management
- Program Management
- Project Lifecycle Phases
- Project Management Advantages
- Project Management Advantages
- Project Management as a Career
- Project Management Best Practices
- Project Management Charts
- Project Management Definitions
- Project Management Ethics
- Project Management for Beginners
- Project Management Guides
- Project Management Musings
- Project Management Office
- Project Management Proposals
- Project Management Templates
- Project Portfolio Management
- Project Workforce Management
- Quality Management
- Requirements Management
- Risk Management
- Scheduling
- Scope Management
- SCRUM
- Soft Management
- Time Management
- Training
- Uncategorized