The Dodd-Frank Financial Regulation Act should lead to better verification of estimated cost in the financing of projects. Should it not also lead to better verification of timely completion?
While we all learned the infamous PERT formula (O + 4M + P)/6, most practitioners do not know that the formula is incorrect and that the calculated PERT or CPM completion date for a project has only a 22% probability of achievement. Read on for why and how this should impact our CPM specification.
“What happens if the only reason the contractor is giving you a schedule is to get paid and for purposes of detailed CPM analysis it is practically useless?” [Anonymous 5/20/2010 4:26 PM CDT]This was the response we received from one of our recent blog posts. A good question – in fact a great question! Read on for an answer ...
The AACEi (Association for Advancement of Cost Engineering International) last year charged me with chairing the process of developing a recommended practice on the subject of forecasting based upon trend analyses. Your thoughts on what is needed and how to do this would be greatly appreciated.
As the economy is improving and we return to work, we should ponder what new tools we will have on our newprojects and what new responsibilities we face as a result.
Recent Comments
Great article!...
Fred,Just reading your column in Oct., 2015. Wow, I am happy to hear this. As a PM for over 30 years, who has an affinity for scheduling, I had given up on Primavera because...
Hi Fred,<br/>Another "integrative" software I have been very impressed with is Jean-Yves Moine's "CUBIX 360". <a href="http://3d-wbs.blogspot.com/" rel='nofollow'>http://3d-wbs.blogspo...
I was recently asked by a client to develop an equation to estimate the risk-related costs associated with implementing a recovery schedule. Using a ratio of the free floats for activit...
We love change orders as a drywall sub, just let us get our contract work done and pay us promptly on the change, not 6-9 months after we installed the work which often happens.