Managing the Planning Fallacy in Large, Complex Infrastructure Programs
Daniel Kahneman’s recent book, “Thinking, Fast and Slow” 1 returned his concept of the “planning fallacy” to the project management center stage when considering large, complex projects and programs. First coined by Kahneman and Amos Tversky in a 1979 paper2, the planning fallacy is the tendency of people and organizations to underestimate how long a task will take even when they have experience of similar tasks over running.
Perhaps the poster children for the planning fallacy are large scale public works projects.
Reference class forecasting is one method for suspending one’s impressions and providing a more critical evaluation of the task at hand. It addresses the natural tendency to underestimate costs, completion times and risks while at the same time overestimating benefits. It squeezes out biases while considering the inevitable “improbable” risks that all projects face. The risks that inhabit the “white space” between elements of a program and possibly even the odd “Black Swan” that shows up from time to time.
The paper looks at an example at how reference class forecasting can be used not only to provide a basis for checking planned execution approaches and associated project timelines but also to identify how the execution methodology and, in this case, even the contracting strategy will need to be modified.
A comparison of the network diagrams produced by manual generation and by the Microsoft Project Software. An argument that manual generation of network diagrams adds value to the MS Project network diagram by providing slack and float values for projects. This helps deliver more effective fast tracking and crashing calculations for resource leveling purposes.
The MTL Professional Development Programme is a collection of 202 PowerPoint presentations that will provide you with step-by-step summaries of a key management or personal development skill. This presentation is on "Time and Projects" and will show you how to bring your projects in on time, cost, and spec.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Is it time to rethink project managemnt theoryBob Prieto
Consider this a transition point in my various thinking and writings about program management and by extension management of the projects that comprise these programs. It is driven by a simple glaring fact that our industry more often than not “fails” in our delivery of large projects. I will leave the debate on whether failure is the right term to use until another time but it would certainly be safe to say that large projects “underperform” with respect to the baselines upon which final investment decisions are made and projects “sanctioned”. This performance issue has been well documented by others.
This persistent performance challenge drives me to question whether the theoretical foundations of project management theory as it is widely practiced today are sufficient to meet the challenges of large projects. After all, various management approaches have evolved over time to implement any of a number of management theories. Perhaps large projects, and especially large multi-project programs, require a different theoretical foundation than the traditional theories that underpin our management practices currently afford.
I hope you enjoy this short article and I am interested in your thoughts on the subject.
The alarming rate of project delays in this country needs urgent attention and resolution as one project delay leads to another therefore affecting the growth of any economy or profit-making organization. This alarming rate would possibly go out of one’s hand if strategies are not put in place to curb these phenomena. The Objectives of this research is to critically identify and evaluate the setbacks or factors causing delays in completing projects on time and its effect. The study narrowed its arrows on Prime Ghana projects executed in the country and it was thus conducted with the usage of questionnaires to solicit for the required data for processing. Results from the study divulge that the actual sources of delays in project delivery are; Inadequate financial resources of clients, delays in honoring payment for work done, underestimation of project duration, poor communication between contracting parties, complexity, difficulties in accessing bank credit (client); change orders during construction and others. It was recommended that, initial proper planning and controlling is essential to the client to have proper action plan, procurement plan, and budget plan prepared before commencement of project. Payment schedule must be agreed by the parties involved. On the part of the contractor adequate knowledge of project management, principles, tools and techniques is required to reduce delays. Consultants must plan very well to ensure that contract processes are duly followed, thus approval of drawings, documentation, and other things to reduce variation during construction. They should monitor their assigned work very well by insisting that corrections are done at the appropriate time to reduce or avoid rework.
A comparison of the network diagrams produced by manual generation and by the Microsoft Project Software. An argument that manual generation of network diagrams adds value to the MS Project network diagram by providing slack and float values for projects. This helps deliver more effective fast tracking and crashing calculations for resource leveling purposes.
The MTL Professional Development Programme is a collection of 202 PowerPoint presentations that will provide you with step-by-step summaries of a key management or personal development skill. This presentation is on "Time and Projects" and will show you how to bring your projects in on time, cost, and spec.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Is it time to rethink project managemnt theoryBob Prieto
Consider this a transition point in my various thinking and writings about program management and by extension management of the projects that comprise these programs. It is driven by a simple glaring fact that our industry more often than not “fails” in our delivery of large projects. I will leave the debate on whether failure is the right term to use until another time but it would certainly be safe to say that large projects “underperform” with respect to the baselines upon which final investment decisions are made and projects “sanctioned”. This performance issue has been well documented by others.
This persistent performance challenge drives me to question whether the theoretical foundations of project management theory as it is widely practiced today are sufficient to meet the challenges of large projects. After all, various management approaches have evolved over time to implement any of a number of management theories. Perhaps large projects, and especially large multi-project programs, require a different theoretical foundation than the traditional theories that underpin our management practices currently afford.
I hope you enjoy this short article and I am interested in your thoughts on the subject.
The alarming rate of project delays in this country needs urgent attention and resolution as one project delay leads to another therefore affecting the growth of any economy or profit-making organization. This alarming rate would possibly go out of one’s hand if strategies are not put in place to curb these phenomena. The Objectives of this research is to critically identify and evaluate the setbacks or factors causing delays in completing projects on time and its effect. The study narrowed its arrows on Prime Ghana projects executed in the country and it was thus conducted with the usage of questionnaires to solicit for the required data for processing. Results from the study divulge that the actual sources of delays in project delivery are; Inadequate financial resources of clients, delays in honoring payment for work done, underestimation of project duration, poor communication between contracting parties, complexity, difficulties in accessing bank credit (client); change orders during construction and others. It was recommended that, initial proper planning and controlling is essential to the client to have proper action plan, procurement plan, and budget plan prepared before commencement of project. Payment schedule must be agreed by the parties involved. On the part of the contractor adequate knowledge of project management, principles, tools and techniques is required to reduce delays. Consultants must plan very well to ensure that contract processes are duly followed, thus approval of drawings, documentation, and other things to reduce variation during construction. They should monitor their assigned work very well by insisting that corrections are done at the appropriate time to reduce or avoid rework.
On 23 May 2012, McLachlan Lister's Anamaria Popescu made a presentation on "Extensions of Time - Avoiding the Traps or Taking Advantage of Them" in conjunction with well-known Australian law firm Holding Redlich
Improvement of the model of minimization of the costs in a time overrun conte...IAEME Publication
In the field of construction time-overruns are recurring. The construction cost optimization
model in time-overrun context (CCOMTOC) was developed to generate a new optimal schedule that
could allow minimizing the total cost of a construction project subject to penalties for delay. The
original CCOMTOC is based on the assumption that the delay on the whole project is envisaged
before the beginning of the works. In practice, the delay can be noticed either before startup, or
during the realization of a task. It is this reality that is reflected in the improvement of the original
CCOMTOC. The comparison between the improved and the original model shows a greater
reduction of the cost-overrun after skidding for the duration of the tasks.
I have previously written about the transition that I believe is necessary in project management thinking related to large complex projects. In those writing I describe the shift as analogous to the shift from Newtonian to relativistic physics. Subsequently, I have compared the nature of large complex programs to open systems. Reflecting back, classical project management theory was very much based on closed systems thinking and early applications of systems thinking to projects and engineering was also very much based on closed systems thinking.
This is analogous to the closed systems of Newton and Einstein’s correction of his original General Theory of Relativity through the introduction of the cosmological constant to close a system which he believed behaved mechanistically and not expanding. In hindsight the cosmological constant was not necessary but does suggest some properties of the universe and became relevant in explaining an accelerating expansion of the universe. Subsequently, there was at least one special case where the deterministic nature of a closed system broke down when considering General Relativity suggesting at least some open nature to this system.
Project Controls Expo, 13th Nov 2013 - "Forensic Schedule Analysis – How to F...Project Controls Expo
Structure
1. Introduction
2. Why Do Schedules Become Distorted?
3. Sources to Examine to Find the Truth
4. The Scenarios – 6 Examples of How Schedules Become Distorted
5. Variables to Review
6. Validation Protocols
7. Software Analysis and Metrics
8. Summary and Questions
“Investigation of Time-Cost Effectiveness on Construction Projects”IOSR Journals
Development projects undertaken in various sectors of economy and finance are building blocks of
national economy. This paper examines the time-cost effectiveness on construction projects by quantification of
16 different project performance parameters applied on 49 construction projects (both public and private sector
projects). A questionnaire was drafted to test the parameters and criteria adopted when assessing the success of construction projects. The results shows that for general group of construction projects all 16 parameters have significant impact on cost growth.
Managing the Construction Claims EffectivelySHAZEBALIKHAN1
The article aims to explain the types of construction claims and their respective root causes. In the end, the best practices to minimise the claim are explained. A case study on time and cost overrun will detail out what claims arises due to delay.
A presentation divided into eight parts on the 'humble project management toolkit' - a set of tools which helps us to effectively manage projects in the face of uncertainty. In these presentations I describe the 'Planning Fallacy'- why projects always go over budget, over time, and fail to deliver to specification. I introduce two of the main causes of the Planning Fallacy: our cognitive biases or 'thinking errors' and complexity. I outline the 'humble project management toolkit,' describing some of the many approaches to project planning, implementation, and monitoring and evaluation that are stored in the toolkit's six 'compartments':
1. Hesitate to encourage reflection;
2. Understand the project's ecosystem;
3. Manage in alignment with the project's ecosystem;
4. Bring in diverse perspectives;
5. Learn constantly; and
6. Embrace uncertainty
While making judgments and decisions about the world around us, we like to think that we are Objective,Logical, and
Capable of taking in and evaluating all the information that is available to us.
The reality is that our judgments and decisions are often
riddled with errors and influenced by a wide variety of biases.
The human brain is both remarkable and powerful, but certainly subject to limitations.
One type of fundamental limitation on human thinking is known as a cognitive bias.
Project Management Leadership, And Skills : Planning And Control | Assignment...Emre Dirlik
University Of Salford Manchester
Msc Dijital Business
Module 2 : Project Management Leadership, And Skills : Planning And Control
Assignment 2 : People in Project
On 23 May 2012, McLachlan Lister's Anamaria Popescu made a presentation on "Extensions of Time - Avoiding the Traps or Taking Advantage of Them" in conjunction with well-known Australian law firm Holding Redlich
Improvement of the model of minimization of the costs in a time overrun conte...IAEME Publication
In the field of construction time-overruns are recurring. The construction cost optimization
model in time-overrun context (CCOMTOC) was developed to generate a new optimal schedule that
could allow minimizing the total cost of a construction project subject to penalties for delay. The
original CCOMTOC is based on the assumption that the delay on the whole project is envisaged
before the beginning of the works. In practice, the delay can be noticed either before startup, or
during the realization of a task. It is this reality that is reflected in the improvement of the original
CCOMTOC. The comparison between the improved and the original model shows a greater
reduction of the cost-overrun after skidding for the duration of the tasks.
I have previously written about the transition that I believe is necessary in project management thinking related to large complex projects. In those writing I describe the shift as analogous to the shift from Newtonian to relativistic physics. Subsequently, I have compared the nature of large complex programs to open systems. Reflecting back, classical project management theory was very much based on closed systems thinking and early applications of systems thinking to projects and engineering was also very much based on closed systems thinking.
This is analogous to the closed systems of Newton and Einstein’s correction of his original General Theory of Relativity through the introduction of the cosmological constant to close a system which he believed behaved mechanistically and not expanding. In hindsight the cosmological constant was not necessary but does suggest some properties of the universe and became relevant in explaining an accelerating expansion of the universe. Subsequently, there was at least one special case where the deterministic nature of a closed system broke down when considering General Relativity suggesting at least some open nature to this system.
Project Controls Expo, 13th Nov 2013 - "Forensic Schedule Analysis – How to F...Project Controls Expo
Structure
1. Introduction
2. Why Do Schedules Become Distorted?
3. Sources to Examine to Find the Truth
4. The Scenarios – 6 Examples of How Schedules Become Distorted
5. Variables to Review
6. Validation Protocols
7. Software Analysis and Metrics
8. Summary and Questions
“Investigation of Time-Cost Effectiveness on Construction Projects”IOSR Journals
Development projects undertaken in various sectors of economy and finance are building blocks of
national economy. This paper examines the time-cost effectiveness on construction projects by quantification of
16 different project performance parameters applied on 49 construction projects (both public and private sector
projects). A questionnaire was drafted to test the parameters and criteria adopted when assessing the success of construction projects. The results shows that for general group of construction projects all 16 parameters have significant impact on cost growth.
Managing the Construction Claims EffectivelySHAZEBALIKHAN1
The article aims to explain the types of construction claims and their respective root causes. In the end, the best practices to minimise the claim are explained. A case study on time and cost overrun will detail out what claims arises due to delay.
A presentation divided into eight parts on the 'humble project management toolkit' - a set of tools which helps us to effectively manage projects in the face of uncertainty. In these presentations I describe the 'Planning Fallacy'- why projects always go over budget, over time, and fail to deliver to specification. I introduce two of the main causes of the Planning Fallacy: our cognitive biases or 'thinking errors' and complexity. I outline the 'humble project management toolkit,' describing some of the many approaches to project planning, implementation, and monitoring and evaluation that are stored in the toolkit's six 'compartments':
1. Hesitate to encourage reflection;
2. Understand the project's ecosystem;
3. Manage in alignment with the project's ecosystem;
4. Bring in diverse perspectives;
5. Learn constantly; and
6. Embrace uncertainty
While making judgments and decisions about the world around us, we like to think that we are Objective,Logical, and
Capable of taking in and evaluating all the information that is available to us.
The reality is that our judgments and decisions are often
riddled with errors and influenced by a wide variety of biases.
The human brain is both remarkable and powerful, but certainly subject to limitations.
One type of fundamental limitation on human thinking is known as a cognitive bias.
Project Management Leadership, And Skills : Planning And Control | Assignment...Emre Dirlik
University Of Salford Manchester
Msc Dijital Business
Module 2 : Project Management Leadership, And Skills : Planning And Control
Assignment 2 : People in Project
Why Scheduling Mustn't Be Allowed to Become an Extinct ScienceAcumen
This paper discusses why the emerging 14 Point Schedule Assessment, developed by the Defense Contract Management Agency (DCMA), is fast becoming an established standard within the scheduling community across multiple industries.
www.projectacumen.com
@projectacumen
Efficient Planning Scheduling and Delay Analysis of Residential ProjectIJERA Editor
Planning and scheduling have become an essential part of any project for the timely and economical completion of the project. A proper construction schedule can be used for different purposes. By using construction schedule to predict project completion, contractors can adjust crew size, shifts or equipment to speed or slow the progress. All the construction projects will vary from each other in size. All the projects have time constraint. Delay in completion of project will increase the overall cost of the project. Small projects can be managed efficiently manually; whereas large projects are not so large projects can be better handled by the use of computers. Many types of software are available with the help of which project management can be done easily. Large quantities of different kinds of resources are also required for execution and the risk is more in the case of projects. So planning and scheduling of activities for construction of big projects is essential. In this study, an effort is made in planning, scheduling and delay analysis updating of various activities, which is done by using MS Project and MS Excel software, manpower of each activity is determined and allocation is done using the software. Labor requirement for each activity is calculated from standards obtained from site. An updated schedule, which helps to finish the project well in time with optimum resources and update helps in delay analysis, is under the scope of this study.
The slides focus on Introduction to Project Management in Information Technology. It will be very useful to newbies in Project Management. The slides were prepared and used by a University Lecture for some of his students. The contents of the slides are easy to understand and are self-explanatory.
How to Effectively Manage IT Project Risks Bradley Susser
How to Effectively Manage IT Project Risks ...This paper we will provide a brief history on the evolution of Project Management, the most common reasons projects fail, a detailed case study of a well-known project failure, solutions and how to effectively manage and mitigate risks in IT projects, incorporate an opinion from a highly recognized Project Management consulting firm on an evolving risk management approach and then conclude by offering an added opinion which will comprise of how to attain desirable outcomes.
Rework in Engineering & Construction ProjectsBob Prieto
This paper is focused on engineering and construction projects which will experience increased emphasis as nations increase their focus on economic stimulus and climate change. It deals narrowly with the inevitable rework these projects often experience and which contributes to the cost and schedule growth we all too often witness. The objective of this paper is to:
• Categorize rework factors into four broad categories – project, human, organizational and complexity
• Identify rework impacts not just on cost and schedule but importantly morale and trust.
• Recognize that strategies exist to reduce the potential for required rework
• Suggest four dozen control points.
Planning and Scheduling Construction Projects using Primavera Software A Case...ijtsrd
Planning and Scheduling are very essential in the large infrastructure projects like road and bridge construction. These projects have numerous stakeholders and large amount of money, resources are invested. Improper planning and scheduling leads to loss of resources, increase in project cost and unpleasant delays. But with computer and software evolution, it is now possible to plan these projects using software like Primavera P6 and Microsoft office project. This paper deals with presentation of AwasYojna project in New Market Bhopal comparing the two different blocks namely Block A and Block B. The project framed stated the advantage and added benefits of web based primavera P6 for planning and scheduling of structures under construction under the government scheme of “AwasYojna” framing the issues and complications faced in the time frame of construction and availability of resources. Nidhi Raghuwanshi | Prof. M. C. Paliwal "Planning and Scheduling Construction Projects using Primavera Software: A Case Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38447.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/38447/planning-and-scheduling-construction-projects-using-primavera-software-a-case-study/nidhi-raghuwanshi
Application of system life cycle processes to large complex engineering and c...Bob Prieto
The complexity of megaprojects and programs continues to grow and with it the challenges of delivering ever larger and more complex programs. These large complex programs open the door to many new opportunities but also to increased challenges in delivery and sustainment throughout their lifecycle. Prior articles have described the open nature of this large complex program system and compared its attributes to many we find in the world of relativistic physics. These challenges must be addressed recognizing that they arise from a combination of physical, fiscal and human attributes in a realm of complexity which challenges the very foundations of project management theory.
This paper looks at hard systems aspects as contrasted with the soft system aspects more characteristic of an open system. Its purpose is to adapt a systems engineering framework associated with the hard closed elements of these large complex project systems without losing site of the overall open systems nature of large complex programs.
The systems life cycle process codified in ISO 15288 lends itself to application in large complex engineering and construction programs.
Engineering and construction project startupBob Prieto
This paper looks at engineering and construction project startup for three different project execution approaches. While specific to this industry, project professionals in other industries may find it is a good analog for their own efforts.
The paper underscores that:
• Large complex projects require strong foundations
• A day at the beginning of a project is just as valuable as a day at the end
• Strong project foundations are built during project startup
• Vertical startup is enabled by the use of a dedicated startup team
• Project startup should consider lessons learned on other projects
This paper addresses project startup for three general types of contracts:
• Pure design or engineering contracts typically performed for the Owner
• Design/build contracts performed for the Owner but recognizes that engineering may be undertaken by an engineering subcontractor within the D/B team
• Pure construction contract
Systems nature of large complex projectsBob Prieto
This paper explores the system characteristics and behaviors of large engineering and construction programs with a particular focus on those that would be characterized as complex. It recognizes the interrelated and interacting elements of both programs and projects as they strive to form a complex whole. Large complex programs and projects are not well bounded as classical project management theory as espoused by Taylor, Gantt and Fayol would have us believe but rather behave in both independent and interconnected ways in a dynamic systems environment.
Large complex programs demonstrate the evolutionary nature of all complex systems; uncertainty; and emergence that comes with human actions and interactions. They struggle from insufficient situational awareness, treating the program to be more well-bounded than reality would suggest and using simplified models to understand the complexity inherent in execution. Best practices from project management literature were typically not derived from such environments and, worse, have fallen short on other large complex programs and projects.
In the engineering and construction industry governance needs and requirements exist at
multiple levels. These include:
• Governmental and industry level governance (laws, regulations, codes, standards)
• Enterprise level (encompassing social (stakeholder), political, economic (market,
shareholder, financial institutions), cultural (corporate and national/local),
technological)
• Portfolio and programs
• Project
This paper focuses on the portfolio and program level, collectively referred to as program in
this paper.
Strengthen outcome based capital project deliveryBob Prieto
Over the course of my career I have looked at a number of underperforming mega-projects. In every instance there was a common element of underperformance, the lack of clarity around the strategic business outcomes to be accomplished. Conversely, some of the best performing projects exhibited high clarity of recognized and shared outcomes.
This paper looks at the imperative to continue the shift to outcomes based contracts versus more traditional output based contracting forms. This shift is discussed from the perspective of the engineering and construction industry in the United States but draws upon the experience in other countries and other sectors.
Today’s infrastructure and facilities are “smart”. At least that is our objective as we seek to enhance lifecycle performance and capital efficiency. These “smart” facilities transcend any given sector and bring new challenges to the engineering and construction industry. In some ways our more traditional projects are today outcomes focused or capabilities delivering IT projects with bits of concrete and steel wrapped around them!
This “smart” focus is not limited to just a technology and systems dimension but goes further, demanding an increased and increasing environmental, social and governance (ESG) focus as well. Together “smart” and ESG create a greatly expanded set of interfaces for program and project managers to manage.
In this paper I will attempt to:
• Outline some of the systems of systems challenges that we will likely face.
• Discuss the emergent nature of both the challenges as well as the potential resultant outcomes.
• Draw attention to some of the driving forces acting both on this system of systems as well as the national and sectoral programs that may emerge to respond to this challenge.
• Highlight some of the feedback loops which may exist or emerge from both apparent and hidden coupling.
• Discuss system of system risks, program risks and where our perceptions and appetite for such risks may change over time.
• Outline some particular challenges for program managers as they are engaged in addressing this challenge.
A growing world requires improved and expanded infrastructure. Juxtapose that with the need for massive public investment driven by pandemic created economic weakness and the prospects for significant investment in infrastructure is improved, but as history has taught us not necessarily assured.
We have been through other infrastructure stimulus programs focused on so-called shovel ready projects and have been disappointed. But whether we define them as “shovel ready” or otherwise we need infrastructure projects, especially the largest of them, to be successful.
In this paper we will look at common reasons large scale infrastructure projects fail and importantly suggest some strategies and tactics to improve their success rate.
This paper builds on my beliefs that the prevailing theory of project management has failed us with respect to large complex projects. I have written extensively on this including highlighting that the assumptions of Gantt and Fayol fall short at scale and complexity. In this paper I examine the successes that underpin modern project management theory and seek to understand how the resulting approach to project management has failed to deliver comparable successes with regularity. As I explored these questions, I sought to understand the unique characteristics of the Atlas and Polaris missile programs; the subsequent institutionalization of the perceived success factors; and importantly, did perception and reality align. In other words, have we made an incomplete set of assumptions and institutionalized them?
Impact of correlation on risks in programs and projects Bob Prieto
One of the most under considered elements of cost and schedule risk is the correlation that exists within various WBS elements of a project or across projects comprising a program. Failure to adequately consider correlation between various activities and projects compounds the impact of other factors present in large complex projects.
This paper looks at the special case of decision making under uncertainty. The relationship between uncertainty and complexity is explored as is their joint relationship with large complex projects. The importance of getting these projects well founded from an ability to manage uncertainty is discussed and the aspects of these strong foundations is described
Post Dorian Engineering & Construction in the BahamasBob Prieto
As the task of recovery and rebuilding in the Bahamas post hurricane Dorian begins, it is important to understand that it cannot be business as usual. The increasing frequency and severity of hurricanes, driven by global climate change, cannot be ignored. Building codes will have to be further strengthened and development in coastal areas rethought.
Debating project decisions in an ai enabled environmentBob Prieto
I had the opportunity to watch the first debate between AI powered IBM Debater and a recognized human expert debater. I will not spoil the outcome for those who have not yet watched the debate but I will underscore one key aspect - all learned more about both sides of the position as a result of the debate.
We have seen a construct for the management of large
complex projects laid out in the earlier chapters. In these chapters we will simply lay out some of the main concepts and
considerations for a practitioner. Each of these can be more
extensively developed.
In the world of physics, classical theory breaks down at
scale. Conventional project management theory similarly
seems to break down at scale. The theoretical construct I
have been building to in this book is very much focused on this
project realm where scale and complexity rule.
In developing this theoretical construct I have essentially
considered three simple hypotheses, the first of which is:
Large complex projects are not well served by
conventional project management theory and
practice.
This hypothesis was demonstrated at the outset of this
book and the differential behavior between large and
traditionally scaled projects has been previously noted.
The second hypothesis considered relates to the Theory of
Management as applied to the management of projects. In
simplest terms this hypothesis says:
- The Theory of Project Management does not draw
fully on the richness of the Theory of Management
This hypothesis is demonstrated as we explored the
extensions of the Theory of Management to address chaos and
complexity and the more limited extensions of project
management theory.
The third and final hypothesis we considered focused on
the Theory of Projects, positing:
Large complex projects have significantly different
attributes than the more traditional projects which
comprise the basis for classical project management
theory
This chapter summarizes various aspects of large
projects and provides a foundation to consider what a new
Theory of Project Management for large complex projects may
look like.
In this chapter we will look at a few of the project attributes
that we observe in large complex projects and suggest they
may serve as a basis for a neo-classical Theory of Large
Complex Projects.
Theory of Management of Large Complex Projects - Chapter 7Bob Prieto
The world of large complex projects is challenging to say the least with a majority of these projects significantly under performing. It is this weak performance regime that underpins the key premise of "Theory of Management of Large Complex Projects" – project management theory as it currently exists and is applied to large complex projects falls short, significantly short, of what these projects require.
I have decided to serialize this book for the benefit of those interested in better understanding and improving project performance. If you are interested in purchasing a copy of the 400 page paperback you may click on http://www.lulu.com/us/en/shop/bob-prieto/theory-of-management-of-large-complex-projects/paperback/product-22342232.html
Theory of Management of Large Complex Projects - Chapter 6Bob Prieto
The world of large complex projects is challenging to say the least with a majority of these projects significantly under performing. It is this weak performance regime that underpins the key premise of "Theory of Management of Large Complex Projects" – project management theory as it currently exists and is applied to large complex projects falls short, significantly short, of what these projects require.
I have decided to serialize this book for the benefit of those interested in better understanding and improving project performance. If you are interested in purchasing a copy of the 400 page paperback you may click on http://www.lulu.com/us/en/shop/bob-prieto/theory-of-management-of-large-complex-projects/paperback/product-22342232.html
Theory of Management of Large Complex Projects - Chapter 5Bob Prieto
The world of large complex projects is challenging to say the least with a majority of these projects significantly under performing. It is this weak performance regime that underpins the key premise of "Theory of Management of Large Complex Projects" – project management theory as it currently exists and is applied to large complex projects falls short, significantly short, of what these projects require.
I have decided to serialize this book for the benefit of those interested in better understanding and improving project performance. If you are interested in purchasing a copy of the 400 page paperback you may click on http://www.lulu.com/us/en/shop/bob-prieto/theory-of-management-of-large-complex-projects/paperback/product-22342232.html
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
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➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
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Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.