Volume IX - Issue I - January 2007
Tips and Techniques
Overcoming Cultural Obstacles to Managing Risk by Daniel Galorath
Many organizations create cultures that emphasize achievement of goals in the face of overwhelming challenges. This is an essential attitude for any successful organization, but if taken to extremes, this attitude makes it very difficult for management to accept risk and believe in and support risk management as an important discipline. There is an underlying belief that all will be well. Management is confident that the software gods will shine on this deserving project. Read complete paper in English
Management by MOM - by J. Ajith Kumar
Management by Objectives, Management by Results and Management by Means are well established management theories successfully being practised in many industries. All management theories are offspring of needs and options available at different times. Specific situations in particular industries trigger the need for new approaches to handle them and some of the underdeveloped management practices at that point of time rise up to the occasion. The case of Management by Objectives (MBO) is a typical example of this. It was becoming increasingly difficult to justify management decisions on the basis of analysis of reasons when objectives provided the same. In industrial setups that run on MBO, it is much less cumbersome to take decisions and implement them if they are in line with the objectives fixed by the top management. Read complete paper in English
Sunk Costs Don’t Matter
by Harvey A. Levine
It’s a message that you’ve heard since infancy. “Don’t cry over spilled milk.” Now that you’re full-grown and an executive, or in another leadership role, don’t you think that it’s time to pay more attention to this simple adage? Common sense tells us that costs that we have already incurred should not figure into future calculations of value or benefits. But psychologically, we find it difficult to dismiss what we have already put into a project, in the way of costs. Poker players know all about this. Joe sits down at the table with a hundred dollars. An hour later, he has doubled this to a cool two hundred. When the game breaks up, Joe comes away with $125 dollars. If you ask Joe how he made out, he will sadly report that he lost seventy-five smackers. You can argue that this is preposterous. That he came out ahead by twenty-five bucks. Joe argues that, at one point in time, he had two hundred dollars. It was his money and he could have walked away with it. From that point, he lost seventy-five bucks. Read complete paper in English
Scheduling Tips Managing Delays and Accelerations by Robert Posenr
Planned delays are where you knowingly build a delay into your project schedule. This type of delay may or may not be on the schedule's critical path. Unplanned delays are where either you, the Client or the subcontractor, vendor or supplier introduced an unexpected delay into the schedule. These are generally associated with the project team waiting on a decision, approval, authorisation, answer or information about something (eg, a work product). Read complete paper in English
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