PM Talk with Dr. Ken Smith: Realistic Time Estimating - A Critical Problem & a Solution
PM Talk with Dr. Ken Smith. Topic: Realistic Time Estimating - A Critical Problem & a Solution
Realistic time estimating and scheduling is particularly critical for both:
- Contractors with Firm Fixed Price (FFP) contracts, as well as
- Clients/Donors awarding Cost Plus Fixed or Incentive Fee (CPFF & CPIF) -type contracts.
However, at a recent Project Management Institute Chapter meeting I attended in Manila, member-participants identified their major concern as the difficulty of developing realistic time estimates.
Experienced project managers unanimously acknowledged that -- for one, or more, reasons -- schedules were typically over-optimistic. However even those using the standard “PERT” three-time method to estimate activity & project duration said that in practice both the “Most Likely” and the subsequently-calculated “Expected” times were usually over-optimistic & unrealistic!
So what can you do to increase your chances for success?
Dr. Ken Smith has developed a ‘Work-Around’ Solution to resolve this issue which he will be presenting in this session.
Dr. Ken Smith is a PMP with over 35 years of experience as self-employed freelance Project Management Consultant world-wide, especially Asia & the Philippines -- primarily for Headquarters programs and cooperating country government social, economic development & infrastructure projects funded by the World Bank group, African Development Bank, Asian Development Bank, U.S. Agency for International Development, and various UN Agencies; as well as the international Project Management Institute for public and private sector companies & institutions.
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MORE ABOUT VIRTUAL ROUNDTABLE PM TALK
PMI Honolulu Hawaii Chapter hosts a free virtual roundtable PM talk monthly. New topics will be offered each month and registered attendees will receive 1 PDU. Participants are welcome suggest topics to introduce.
Kane Ng-Osorio, PMP, MBA
PMI Honolulu 2019
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