- Project Management Terms
- Agile - The Definition of Continuous Change
- Servant Leadership - A Key Leadership Style in Agile
- 6 Steps to making reasonable decisions
- What is the BOSCARD method
- PEST Analysis: How Political, Economic, Social, and Technological Factors Impact Your Business
- 49 Processes in Project Management
- What is Aggregate Planning in Project Management?
- 25 PMP Formulas you must remember to pass the PMP exam
- Example with formulas Earned Value, Cost Variance and Schedule Variance
- Example with formular Cost Performance Index (CPI), Schedule Performance Index (SPI) and Estimate at Completion (EAC)
- Example with formulas Beta Value in PERT, Expected Monetary Value (EMV) and Risk Priority Number
- Example with formular Variance at Completion, Estimate to Complete (ETC) and To Complete Performance Index (TCPI)
- Example with formular Standard Deviation, Communication Channels and Cost plus Percentage of Cost
- Example with formular Cost plus Fixed Fee, Cost plus Award Fee and Cost plus Incentive Fee
- Example with formular Return on Investment (ROI), Payback Period and Cost Benefit Ratio
- Example with formular Present Value (PV), Future Value (FV), Target Price and Point of Total Assumption
- Kanban Board - Agile Project Chart
- Gantt Chart - Roadmap Project Chart
- What is a Timeline View in Project Management?
- PERT Chart - The Most Popular Project Management Diagram
- Work-Breakdown Structure (WBS) Chart
- Flowchart in Project Management
- Cause-Effect Project Charts - Fishbone Diagram
- Burn-up and Burn-down Project Charts
- Bar Chart in Project Management
- What is Pareto Chart
- What is Pie Chart
- What is Control Chart
- What is Matrix Diagram
- What is Critical Path Diagram
- What is Cumulative Flow Project Chart
- What is Enterprise Environmental Factors
- What is Arrow Diagramming Method (ADM)
- What is Cost Baseline
- What is Cost-Benefit Analysis
- What is Cost Engineering?
- What is Cost Management Plan
- What is Cost of Quality?
- What is Cost Overrun?
- What is Cost Performance Index?
- What is Cost Plus Fixed Fee Contract?
- What is Cost Plus Incentive Fee Contract?
- What is Cost Plus Percentage Of Cost Contract
- What is Cost Reimbursable Contract?
6 Steps to making reasonable decisions
Have you ever made a decision about a program or project that turned out to be an incorrect decision? As a program manager, we not only have to make decisions during the implementation of a project or program, but also guide our teams in making decisions.
Here is a framework to help you make decisions based on data and objective criteria. I have heard of the RICIE model in a strategic management course and found it to be really helpful for absorbing the necessary steps for making rational decisions. Here, I am proposing the RISCIE model. RISCIE has six steps:
- Identify the problem/opportunity:
In this stage, identify the opportunity or problem you want to solve. If it is a problem, identify the root cause of the problem. Don't mistake symptoms for problems.
Example: Team members are consistently missing deadlines. This is a symptom of poor planning, unclear requirements, or team members lacking experience.
- Define solution criteria:
Most of the time, we jump to solutions instead of defining the criteria for the solution. To choose the best solution, make a list of criteria that the solution must meet.
Example: Prioritize criteria: The solution must be implemented within 3 months to meet the launch date or must have a price below a certain amount.
- Explore solutions:
Analyze feasible solutions that match the solution criteria. Don't stop at just one solution - explore multiple solutions.
- Choose a prioritized course of action:
In this step, evaluate all solutions based on each criterion identified in [Step 2]. Choose the solution that meets most of the criteria. If multiple solutions meet all criteria, evaluate if it is feasible to conduct a quick trial or test of each solution. This will uncover any pros/cons of the solutions that were missed in [Step 3].
- Implement the prioritized course of action:
The next step is to implement the chosen solution. Ensure that any criteria for the solution identified from the outset are truly being met by the solution.
- Evaluate results and monitor as needed:
Finally, evaluate the results. Ensure all KPIs are being measured and operated according to the solution. Conduct a lessons learned session to improve future decision-making.