Deltek Insight 2012: Schedule Margin – Contingency for Schedulers
by Deltek on Dec 11, 2012
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Project Teams today have to go above and beyond to manage every aspect of their projects. Cost reserves are common place and a dollarized reserve is on most projects, but putting reserve in the ...
Project Teams today have to go above and beyond to manage every aspect of their projects. Cost reserves are common place and a dollarized reserve is on most projects, but putting reserve in the schedule is that even possible? Schedule reserves, schedule margins, or buffers can be used interchangeably and are talked about in the GAO Cost Estimating Guide, referenced in DID 81650, as well as the PMBOK. So it seems as if there is a requirement for schedule contingencies to be a part of the Integrated Master Schedule (IMS)? Yet how many of us are actually utilizing methodologies for calculating schedule margins on the projects we manage? Can we actually have schedule margin and still truly comply with the ANSI standards? Is rigorous risk management actually being performed on the project if there is not consideration for risk measurement in the schedule? In this session we will discuss methodologies to calculate schedule margin and ways to implement it on projects. We will discuss the issues that schedule margin may have on EVM and possible solution paths. In addition, we will discuss the conditions a schedule must have in order to truly utilize schedule margin as a management tool. Come join us and learn how to start using the concept or methodology of schedule margin to deal with contingencies to the plan allowing project teams to have better predictability and more control over their projects. Beginner Level.
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