Managing Estimate Uncertainty

Estimates by their nature are uncertain but can be readily managed with a suitable system. This video describes how any project manager can model estimate variables, improve scope definition and derive a suitable inherent contingency. Updates can be quickly made as new information is received (including project end cost forecasting during implementation). The system's visibility...

What does project risk management mean to you?

What does “the effect of uncertainty on objectives” (ISO 31000 definition) mean in a project environment? Standard risk management processes are focussed on identifying and managing risks that MAY happen. That applies to both a project and non-project environment. Where projects differ is that management practice also introduces (correctly!) two other areas of uncertainty –...

Estimating Inherent Contingency

Clients are often concerned about the accuracy of estimates and the derivation of contingency. The only 100% certainty is that the estimate and actual outturn costs will not be the same! The nature of an estimate often comprises items where the amount of information known is very good through to a complete guess. Similarly,...