Cognitive biases can be the unseen architects of failure or success. These mental shortcuts often lead us astray, from overly optimistic timelines to underestimating risks. Today, we'll explore how biases like overconfidence, sunk cost, and anchoring affect project outcomes, team dynamics, and strategic planning. Understanding these invisible forces can transform how … [Read more...]
A cost benefit analysis is a project selection method in which a common metric is used to compare a project's costs and the benefits it provides. It is used in public projects (like road building) or projects where the end product is not purely monetary. The cost benefit analysis is performed by computing the net present value of the project with the net present value … [Read more...]
In today’s digital age, social media is not just for sharing personal updates or marketing products; it's an incredibly powerful tool for project managers aiming to improve project delivery. When used strategically, social media can enhance communication, collaboration, stakeholder engagement, and even project marketing. Here are six ways that project managers can … [Read more...]
In the grand tapestry of human endeavor, project management has always been the thread that weaves chaos into order, the alchemy that turns plans into reality. As we stand at the threshold of 2040, let's embark on a speculative voyage to explore how this ancient art has evolved in the face of technological change, societal shifts, and the unquenchable human desire to … [Read more...]
In the grand theater of human endeavor, few fields showcase the pinnacle of project management quite like the space travel industry. From the race to the moon to the current ambitions of colonizing Mars, space projects have not only pushed the boundaries of what's possible but have also provided invaluable lessons in project management. Here’s a cosmic journey through some … [Read more...]
Artificial Intelligence is the latest buzz word. In today’s rapidly evolving technological landscape, AI has the potential to revolutionize project management, offering project managers powerful tools to streamline processes, optimize costs, and ensure stakeholder satisfaction. AI's role extends from predictive analytics for better decision-making to automation in … [Read more...]
By now most people have heard about the disaster of the OceanGate Titan, the underwater submersible that imploded on its way down to the Titanic wreck site carrying five billionaires on a tourist mission. I'm genuinely surprised about how little the project management community is talking about this, because the lessons appear to be vast. Although the cause is not … [Read more...]
Identifying risks is a central component of project risk management. Risks are identified using various methods and placed into a risk register. The risks are then analyzed and prioritized, and appropriate risk response plans are drawn up. I would like to update this list and keep it current, so if you have anything to add please leave a note in the comments … [Read more...]
The largest projects in the world, from the summer olympics to big petrochemical projects, have one major thing in common at the project management level: A relentless focus on risk. What happens if there is a riot? Or a catastrophic explosion? What if protestors disrupt the project, or regulatory agencies reject it? These large megaprojects must allocate a small but … [Read more...]
There's nothing more aggravating than cheering or the underdog and then watching the favorite team win with what seems like a complete stroke of luck. But ask anyone who has played a sport. The lucky bounces always seem to go to the better team. It seems to defy logic when a shot results in a lucky bounce that has very little to do with skill. You inspect and … [Read more...]
