The Sunk Cost Fallacy is a decision that involves continuing to invest additional resources like people, time or money into a situation because of a desire to not waste the already used, unrecoverable resources. This is a costly mistake we all make with various types of decisions.
So you've been searching for a tool to use for document management. The market is full of options, so how do you know what's right for you?
When someone tells you that something is “out of the box”, what goes through your mind?
The reason I ask is that you may be surprised by what the term “out of the box” means to some people, especially in regards to software. Some companies argue that “out of the box” includes software that provides basic functionality when initially installed, but requires additional custom development before it would be considered usable in a working environment. After all, they argue, the software is partially usable - it can be installed on a computer and will start, it will show basic forms and menus. True, it doesn’t yet include all the functions you need, but that’s just a configuration issue, right? The software seller has promised to “configure” the software (for an additional cost over a period of months) to include the missing functions. So, why can’t they call their software “out of the box”?
Formation of Joint Ventures
Over the years projects have grown progressively larger and more complex. Execution of these large projects may require access to specialized project management knowledge contributed by an array of different people.
Introduction: Is it best to report on the progress of engineering work on a project using solely a CPM schedule? I agree that it is possible, but not practical. Creating, in some cases, hundreds or thousands of activities, resource loading them, manually assigning progress steps, and linking the activities with logic connectors would result in a scheduling nightmare. Consider integrating your cost and schedule activities for accurate progress measurement. Here's why...
As many of you know, PRISM is a forecasting tool that helps you pinpoint potential problems with real-time forecasting and variance analysis. But is it possible to create a detailed forecast with quantities and unit rates that can then be linked to a control account?
The answer is yes and it can be done using the Budget Details.
Some have asked, what is PRISM? Is it cost management? Risk management? Project management software?
Happy New Year from ARES PRISM! We are bringing in the new year with a helpful tip for all our loyal PRISM users. In the latest 3.6 release, we've made an improvement to the Navigation Pane. Now, total and sub-total values appear on the same row as the grouping fields. In previous versions, these values could only be seen if you drilled down to the Control Panel level and would show up at the bottom of each list.
All projects require budgets, schedules, and a performance management baseline. All projects require change management and status reports to stakeholders. So, why do only big projects get dedicated project controls when every project needs it?
You may be familiar with the phrase “A rose is a rose is a rose”. Or maybe even “A rose by any other name would smell as sweet”. Both phrases, the first by Gertrude Stein and the other by William Shakespeare, typically connote the idea that, with all things considered, you can’t change what something is. In that same vein, I would venture the phase “A project is a project is a project.” While not poetic, there is a truth in it.