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Of all the project-management-related measurements a firm could make, there are three that are particularly critical and yet almost never measured. Each of these are measurements my team have made many times across many types of projects even though some might consider these to be “immeasurable.”
None of these measurements are new. Mature quantitative methods exist and have been applied to for each of these measurement problems. Also, each of these methods can be done using nothing more than the statistical functions available in Excel spreadsheets and the methods are simple enough that we cover them in a training course that takes one day.
Pop quiz: which of the following statements about decisions do you agree with:
- You need at least thirty data points to get a statistically significant result.
- One data point tells you nothing.
- In a business decision, the monetary value of data is more important than its statistical significance.
- If you know almost nothing, almost anything will tell you something.
According to our recently completed “Measurement Challenges” survey, project risk and project management-related issues are the #1 most frequently identified measurement challenges, followed closely by change management and organizational transformation. The survey also showed that while only half have received training to address these problems, the majority feel they need training in statistical methods or even the analytical methods provided in Excel. This is a brief summary of the findings of that survey. (more…)
Given the current pricing of wolf hunting licenses in Wisconsin, it is unlikely that revenue from the wolf licenses offset the negative effects wolves have from killing deer, livestock, and dogs. However, there are two caveats to this statement: first, to make this assessment definitive depends on accurately estimating the worth of the life of a deer in Wisconsin, and may depend on more accurately estimating the monetary equivalent loss for a family who has had a dog killed by a wolf. (more…)