Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 1 00:00:01,183 --> 00:00:03,162 One of the most important jobs of the project 2 2 00:00:03,162 --> 00:00:06,245 manager is to manage Parkinson's Law. 3 3 00:00:07,246 --> 00:00:11,682 "Work expands so as to fill the time available." 4 4 00:00:11,682 --> 00:00:14,501 The project management solution is Critical 5 5 00:00:14,501 --> 00:00:16,610 Chain Management. 6 6 00:00:16,610 --> 00:00:19,063 The most efficient method for managing the risk budget 7 7 00:00:19,063 --> 00:00:22,403 and greatly improving schedule performance over the 8 8 00:00:22,403 --> 00:00:26,280 old style of adding buffer throughout the project. 9 9 00:00:26,280 --> 00:00:28,490 How do you do it? 10 10 00:00:28,490 --> 00:00:33,332 First, ensure all deliverables have unpadded estimates 11 11 00:00:33,332 --> 00:00:36,428 without any internal buffer. 12 12 00:00:36,428 --> 00:00:39,403 That is, specifically ask the leads to 13 13 00:00:39,403 --> 00:00:43,012 (a) Make the deliverable estimates realistic. 14 14 00:00:43,012 --> 00:00:46,092 But (b), please scrub the estimates to make sure there is 15 15 00:00:46,092 --> 00:00:49,493 no padding within the deliverables, since we will have an 16 16 00:00:49,493 --> 00:00:52,022 overall buffer to deal with anything that happens in the 17 17 00:00:52,022 --> 00:00:55,849 whole project, and don't want to double count. 18 18 00:00:55,849 --> 00:00:58,794 You have to actually vibrate the air waves 19 19 00:00:58,794 --> 00:01:02,886 and tell your team members both of these pieces of direction. 20 20 00:01:02,886 --> 00:01:04,964 If you don't tell them to make sure their estimates are 21 21 00:01:04,964 --> 00:01:08,337 realistic, you'll end up with an unrealistic plan. 22 22 00:01:08,337 --> 00:01:09,879 And if you don't tell them to make sure their estimates 23 23 00:01:09,879 --> 00:01:12,658 don't have any extra padding in them, risk will be double 24 24 00:01:12,658 --> 00:01:15,117 counted, and the total cost and schedule will be 25 25 00:01:15,117 --> 00:01:18,367 significantly more than they should be. 26 26 00:01:20,111 --> 00:01:23,595 Then, the key feature of critical chain management, is to 27 27 00:01:23,595 --> 00:01:27,774 place the entire risk time buffer at the end of the project, 28 28 00:01:27,774 --> 00:01:31,280 just before the key customer event whose schedule 29 29 00:01:31,280 --> 00:01:33,524 dates you want to protect. 30 30 00:01:33,524 --> 00:01:37,941 Now, the entire time buffer can be used for any schedule 31 31 00:01:37,941 --> 00:01:40,767 problems at any point earlier in the project, 32 32 00:01:40,767 --> 00:01:45,075 not only for the risks on the risk register. 33 33 00:01:45,075 --> 00:01:48,602 And if a risk does not happen, the time for that risk is 34 34 00:01:48,602 --> 00:01:51,862 not built into the schedule and guaranteed to be used, 35 35 00:01:51,862 --> 00:01:55,009 and instead, is still available for any other problems 36 36 00:01:55,009 --> 00:01:57,925 that occur on the project. 37 37 00:01:57,925 --> 00:02:01,965 You end up with a shorter overall schedule, and more 38 38 00:02:01,965 --> 00:02:04,370 flexibility to use the risk buffer to protect the customer 39 39 00:02:04,370 --> 00:02:07,287 date from anything that goes wrong. 40 40 00:02:08,388 --> 00:02:09,221 Win Win. 41 41 00:02:11,202 --> 00:02:15,203 Having said that, rarely, only when really necessary, 42 42 00:02:15,203 --> 00:02:19,293 you do add some time buffer earlier in the project schedule, 43 43 00:02:19,293 --> 00:02:21,960 just before very critical dates. 44 44 00:02:22,835 --> 00:02:26,180 Such as, before externally scheduled events that 45 45 00:02:26,180 --> 00:02:27,896 cannot be missed. 46 46 00:02:27,896 --> 00:02:31,065 For example, a trade show or international meeting, 47 47 00:02:31,065 --> 00:02:35,401 and before critical resource bookings, that if missed, 48 48 00:02:35,401 --> 00:02:39,235 you won't be able to get the resource again for some time. 49 49 00:02:39,235 --> 00:02:43,020 For example, a high demand analyst or piece of equipment. 50 50 00:02:43,020 --> 00:02:46,304 These three elements together, make critical chain 51 51 00:02:46,304 --> 00:02:49,812 management the best method we have for managing 52 52 00:02:49,812 --> 00:02:54,312 the risk budget and the schedule buffer in particular. 4851