You've probably heard of the Army Reserves. The Reserves are made up of citizens who are trained as soldiers and who can be called upon in situations that demand extra resources.
Similarly, reserve time is added to project activity durations to provide the extra time that may be needed based on identified risks. Risks can affect the project schedule and cause delays. Reserve time helps offset such delays.
Reserve time should be documented along with other data and assumptions relating to the project. Reserve time, like other assumptions, is contingent on project results and subject to change as the project progresses. Two methods you can use to determine reserve time are discussed below.
1. As a percentage of activity duration
Reserve time is normally calculated as a percentage of the estimated activity duration. Using this method, reserve time can be calculated by simply adding an extra percentage to each activity duration estimate.
Reserve time can be reduced or eliminated as specific project information becomes available. Its use is at the discretion of the project team and is normally guided by expert judgment or historical information.
Consider this example. You are managing a road construction project and you have estimated that it will take you 50 days to build an overpass. After consulting with one of your lead engineers, an expert on highway construction, you decide to add an additional 20 percent to the duration estimate as reserve time.
To calculate the reserve time as a percentage of the estimated activity duration, you simply multiply your duration of 50 days by 20 percent. The reserve time for this activity is 10 days.
2. As a fixed number of work periods
Another approach to creating reserve time involves simply tacking on an additional fixed number of work periods to the current estimates for each activity. Work periods are often measured in days, but may vary by project.
Let's say you're managing a similar road construction project and you have estimated once again that it will take you 50 days to build an overpass. This time, though, after reviewing historical information on similar projects, you decide to calculate the reserve time by adding five additional work periods, or days, to your estimate.
If you take into account your reserve time of five work periods, your adjusted activity duration estimate for building the overpass would be 55 days.
Whether you decide to determine reserve time as a percentage of the estimated activity duration or as a fixed number of work periods, make sure you consult with a team member who is familiar with the given activity. This will help ensure that the reserve time you decide upon is as accurate as possible.
When performing activity duration estimates for your project, remember to allow for reserve time to accommodate circumstances that could interrupt or delay the progress of your project activities.
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Tag: PM206A51. Let me share all of you about #5 Tips for Project Management Success,, I hope you enjoy it
1. Plan your day using time management techniques
As a project manager, time management skills are essential because you are dealing with a wide range of tasks that demand a quick turnaround time. Planning your day will go a long way in keeping you organized and increasing your productivity. Assist your task planning by using project management software which helps you track the work of you and your team.
If you are not very tech savvy, a simple to-do list can also be a great organizational tool. Prioritize your most important tasks by putting them at the top of the list and less important ones at the bottom. Having a visual plan of your daily tasks helps to keep you on track and aware of time.
Related post: Free ebook 104 secrets to become a great project manager
2. Include stakeholders in important project conversations
While you will have plenty of responsibilities regarding the project, don’t neglect your clients.
Good communication is essential is keeping both parties informed of project progression, curtailing scope creep, and apprised of changing requirements. Some clients may have different expectations when it comes to communication, so make sure to establish the frequency and type of communication (like emails, phone calls, and face-to-face conversations) at the beginning of your project.
Establishing communication expectations early helps alleviate stakeholder uncertainty about communication frequency and delivery.
3. Regularly communicate with your team
Daily team communication helps keep misunderstandings and unclear requirements under control. Keeping your team informed in every step of the project is essential to project management success.
For example, a study published by Procedia Technology found that good communication skills were the cornerstone of project management. The study examined over 300 “construction project managers, architects, construction managers, engineers and quantity surveyors” and their successes and failures on various construction projects.
4. Anticipate project setbacks
Even the best-laid plans often go awry.
Remember that even with a high amount of planning and attention to detail, your project may still encounter some challenges. Pay attention to complaints from stakeholders or colleagues, and other warning signs, like a missed deadline or cost overrun, that there may be a problem.
Preventing a crisis will keep your project running smoothly, save you a lot of time, and keep you, your team, and your stakeholders confident in progressing with the project.
Unfortunately not every complication can be avoided. Crisis management skills are essential for dealing with the unexpected. Project managers need to be flexible and pragmatic. Improvise and make sharp decisions when needed.
Related post: 92 free project management templates
5. Stay focused on the details
A common problem project managers encounter is having the project aims not aligned with the organization’s objectives. A great project manager will strategize a plan for the project to lead back to the overall success of the business.
Know your project’s scope by heart and avoid wandering outside of the project’s requirements. It’s too easy to get lost in minor details and forget what your focus is, so a well-planned project scope is essential for success.
And final, you should use KPI to measure effectiveness of the project, here are full list: 76 project management KPIs
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