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.
S-curves can be an incredibly powerful tool in the management of projects. They graphically display cumulative progress information over time and can be used to gain valuable insight into any type of project. The curves provide an intuitive method for the project team and stakeholders to understand how a project is progressing.
You may or may not have heard of Service Oriented Architecture (SOA), but this approach is actually at the core of successfully integrating your various software systems.
A Service Oriented Architecture (SOA) is an architectural approach where you expose and encapsulate services in a coarse-grained manner. It helps to enable integration interaction between systems. To put it in more basic terms, it is different services communicating with one another.
Estimates are a necessary part of project management that simply cannot be avoided. Accurate and timely estimates can mean the difference between project success and failure. But beyond that, why should you invest in Estimating software?
Enterprise Resource Planning (ERP) software is often used to manage projects, however, it is questionable how effective these systems really are. ERP is a method of using computer technology to link various functions— such as accounting, inventory control, and human resources—across an entire company. We will be looking specifically at the advantages and disadvantes of the a single all-encompassing solution as opposed to multiple best-of-breed softwares integrated together.
It's well-known that global projects are continuing to grow in size and complexity. These projects become even further complicated when owners attempt to make key decisions based soley off of contractor data. Ultimately, the owners are responsible for the well-being of the project, so its imperative that they invest in effective project controls so that they are not reliant on second-hand information.
Projects are getting larger and more complicated with each passing day. In order for organizations to remain competitive they must find a way to improve their efficiency and visibility when managing projects. A lack of visibility or efficiency can cause an array of issues in a project. If team members are unable to easily access information it limits their capability to make decisions or detect risks, ultimately undermining project success.
AACE provides project managers with an array of recommended practices to help them better manage and report on their projects. The newest recommended practice is AACE 86R-14, which offers guidelines on variance analysis and reporting.
When implementing project lifecycle management software, like PRISM, it is a common practice to select a “pilot project” that represents a cross section of characteristics likely to be encountered.
According to Top Risk Mitigation Strategies - A Proven Software Implementation Plan, many organizations make simple mistakes that can delay and cripple an implementation. In fact, even once these mistakes are recognized, "many projects fail to implement corrective actions in time and then do not deliver a return on the company's initial investment."