Inflated or fake project´s ROIs (Return on Investment) can finally lead to inflated corporation´s ROCEs (Return on Capital Emloyed) and to the red ink bottom lines. Too many inflated corporation´s ROCEs finally can succesfully pin down to the touch pad the Adam Smith´s unvisibe hand by well known Quantitative Easing visible hand. Such devil race can usually bring well known market and monetary bubbles which historicaly represents a full manifestation of global financial crisis. Above mentioned two wisdoms or rather approaches, are famous quotes of two wise men. The “Festina Lente - Make haste slowly“ quoted by Octavianus Augustus, Roman Emperor and the „Time is Money“ quoted by Benjamin Franklin, US President. Two wisdoms seems to stay in oposition one to another. But are they really? And even more important question, what are their implications to the global financial crisis?
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Multi-million USD capital project in execution phase of the piping part dismantling and installation while normal production process. An interference with adjacent duct system had been disclosed in an area inaccessible during project planning phase. After evaluation of the adjacent system backup I have decided to switch the adjacent system water supply to the backup ducting located out of our area of concern. Since it was a "standard" operational practice manipulation, I had decided to keep available contingency of project schedule and do not ask project sponsor and company management for an unplanned outage. When we had commenced to open the backup duct and simultaneously to close the interfering duct located at buildings roof, an immediate rupture created at the closing valve causing a huge waterfall almost jeopardizing adjacent valuable special refractory technological facilities with potential of explosion upon contact of water with produced liquid steel. Arisen situation tested maturity of our team. I had instructed my deputy to manage not standard water closing activities at the building roof while myself with two supervisors and couple workers hurried up to ground zero level to prevent accumulated water spilling into the valuable special refractory furnaces or to get into contact with liquid steel. Upon arrival under the waterfall I had directed one supervisor to monitor and report situation at the adjacent valuable furnace refractory technology and liquid steel operation. Observing more detail the site I had discovered a very old manhole. I sent the another supervisor to check its potential connection to the adjacent sewage. Upon his confirming of interconnection of this old manhole to the functional sewage I directed the workers to create a little temporary dam-like earthwork confining the further spillage of water and driving the water spillage into the discovered manhole. While our drainage activities at zero ground level, my deputy together with operators and contractors had successfully managed redirecting of whole water discharge comparable with Deadwood Idaho river into the backup duct-line located out of our workplace and stop the unwanted waterfall.
About 15 years ago I was a young soldier, serving in the Israeli navy. After spending a weekend at my grandparent’s house in the city of Nazareth, I was waiting at the bus station to travel back home to Tel Aviv. An old lady from a different community was sitting next to me and just like that, we started talking. Although we were neighbors, I knew very little about her culture and language. We talked for a few moments until the bus arrived. And right before I got on the bus, the old lady asked me to stay. “Let's talk a little longer,” she said, and I decided to stay and wait for the next bus, Later on that evening when I arrived home I watched the news and saw that the bus that I was supposed to go on had been bombed during a terrorist attack. That day I realized that the voices of peace are not being heard in our news, but they can be heard if we simply listen. You see, a small conversation between two women had the power to save our lives. While the world heard the news, they heard a story about those who died, I heard a story about those who are living. This experience paved my desire to seek out and share the untold stories. In my work, I am a communication skills trainer and storytelling coach. For the last 15 years, I have made it my mission to guide and inspire agents of change; managers and organizational leaders and help them to make better results.
Perhaps all PMs know already that: a call or a long mail received, informing the PM that one of the project team members caused a critical issue on Production system that has very high impact.
PM receives an request from Sales to estimate the future project cost based on very vague scope definition / unspecified schedule / unclear customer requirements. Still the requirement is to provide it on short notice as project cost estimation is essential for ongoing opportunity.
How can we make drawing network diagrams easier? The answer is by providing plenty of network diagram templates and the right shapes. Below are some network diagram templates that will be really useful for network designers, network administrators and anyone looking to come up with a quick network diagram. You can download them or modify them online using Creately’s network diagram software. https://creately.com/lp/network-diagram-software-online/ Simply click on any image to get started. These are just samples to get you started, once you start you can make use of the extensive set of library objects and we’ll even load them for you. Lets get started with a network topology diagram.
We all make assumptions. Wrong assumptions can have devastating impact not only on a project but also in other areas of our life.
We as humans are well aware that we are driven by cognitive biases which impact also the outcome from decision-making processes. We have natural preferences, are too optimistic, or often go even by gut feelings when it comes to decision-making. In project management, this phenomenon is often leading to what is called the planning fallacy as we are usually underestimating efforts that will be required to deliver work items, we often underestimate the cost of delivery, and we underestimate risks that may impact project outcomes. Often - and we can see an increase over the years - such flaws are leading to project delivery failures.
Lesson #6: Risk Management
We are currently fully facing the COVID-19 pandemic and trying to overcome the obstacles that this time brings to our companies and organizations. What could this situation tell us? Could we have been better prepared as managers on tactical level?