Plano, TX -- (ReleaseWire) -- 10/05/2012 -- Probabilistic project scheduling uses knowledge of the variation in project tasks and the project environment (project risks) to make a quantitative prediction of a range of project outcomes. Instead of providing a fixed date to project completion, probabilistic scheduling provides an answer with a range of certainty such as a 50% chance of project completion by a given date or sooner, and a 90% chance of achieving it by another date or sooner.
According to Mark Weoppel, CEO of Pinnacle Strategies, “Project managers know that accurately predicting a project's completion date is sometimes nothing more than an educated guess. A project's end date is dictated as much by the business case as the actual work to be accomplished in the project. For a project owner, a primary consideration in project planning and control is to reduce project uncertainty.”
Probabilistic project scheduling recognizes and deals with the inherent uncertainty that exists in projects through a structured project planning and control process; it then carries the application through a disciplined approach to project schedule management during execution.
Probabilistic Project Scheduling by Pinnacle Strategies offers:
- Shorter Project Lead Times
- Improved credibility of the project plan
- Consistent task estimates across groups
- Reliable task relationship linkages
- Greater assurance of risk and team focus
- Improved control during execution
- Earlier identification of problem areas
- More proactive project management
An additional application of probabilistic project planning and control also considers the range of project costs and returns. This evaluation focuses on the range of outcomes for key project dates. Quantifying the range and probability of outcomes supports accurate project planning and improved decision-making; it creates a strong return on investment.
Pinnacle Strategies (www.pinnacle-strategies.com) is an international management consulting firm delivering operations management excellence. The company brings decades of process improvement experience; these talents cross an array of industry sectors (aerospace to oil and gas and beyond) as well as many processes (complex manufacturing including Engineer-to-Order). Pinnacle Strategies increases shareholder value by developing high-performance business processes that significantly enhance productivity, reduce costs and time to market, improving profitability and accelerating sustainable growth.
Pinnacle Strategies is the developer of ViewPoint a service that dramatically simplifies managing projects, enabling project teams to rapidly improve project performance.
Pinnacle Strategies also is the creator of the RABIT methodology, a proprietary approach that is concentrated on implementing quick response solutions with rapid results. The RABIT methodology culminates years of practical experience and expertise in continuous improvement; it consistently delivers dramatic increases in process output to deliver solutions to industrial and manufacturing firms worldwide. Industry leaders using this approach have realized 20% more output in just two months.
Pinnacle Strategies offers results-driven consulting solutions in the areas of performance management, project management, operations management, and supply chain.
Annette Hamilton, Director of Marketing