Parkinson’s Law -> It is very easy for any Project Manager to relate to Parkinson’s Law. The most common example is the following: A resource is given a task that takes only a few hours at worst, but was allocated a week of work in the project schedule. Miraculously, the time spent on this task will expand and the task will be finished at the last minute of the last day of the allocated week (and sometimes not).
The definition of Parkinson’s Law can also be adapted to constraints other than time, for example the budget. So another definition may very well be: Total costs expand so as to exhaust the total budget available for the completion of the project.
Again, any Project Manager can easily relate to the above definition: How many projects out there were finished under-budget? Not too many, in fact, very few. Even when the Project Manager adds so much contingency to the budget and accounts for every possible risk and issue, the project is either finished on budget or (more likely) over-budget.
DMAIC process in six sigma: Define the problem, Measure and Analysis, Improve and Control
Point of total assumption - The seller should target that the cost of development should not touch Point of Total assumption (PTA) , if it touched PTA all further cost overrun has to be paid by the seller.
The definition of Parkinson’s Law can also be adapted to constraints other than time, for example the budget. So another definition may very well be: Total costs expand so as to exhaust the total budget available for the completion of the project.
Again, any Project Manager can easily relate to the above definition: How many projects out there were finished under-budget? Not too many, in fact, very few. Even when the Project Manager adds so much contingency to the budget and accounts for every possible risk and issue, the project is either finished on budget or (more likely) over-budget.
DMAIC process in six sigma: Define the problem, Measure and Analysis, Improve and Control
Point of total assumption - The seller should target that the cost of development should not touch Point of Total assumption (PTA) , if it touched PTA all further cost overrun has to be paid by the seller.
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