How to Calculate Expected Monetary Value (EMV) with Examples
How do you quantitatively prioritize a risk? Would you prioritize the risks with the highest probability of occurrence or the risks with the greatest …
Continue ReadingThe Role of Statistics in Process Improvement Projects: Lean Six Sigma and Statistics
Let’s review the role statistics plays in decision making during a Lean Six Sigma project. It’s vital to know how to apply statistics …
Continue ReadingHow to Respond to Negative Risks in Project Risk Management Strategies
Soccer commentator: “Helen’s got the ball. She dribbles past a few players. She’s headed straight for Jessica – the star defender. Jessica tackles…oh …
Continue ReadingBusiness Process Management System, Part 1: Vision Statement, Mission Statement, and Operating Values
The first component of your Business Process Management System (BPMS), creating your vision and mission statements and clarifying your guiding values, …
Continue ReadingConducting Effective Design Reviews and Action Item Lists in the Auto Industry
Design reviews and their effective operation are critical to the automotive industry. A car is a very complex product. Even those that have been …
Continue ReadingForming and Leading Project Teams in the Automotive Industry
Project management has become an essential part of almost every industry. In the automotive industry, the emphasis on project management did not …
Continue ReadingHow Failure Mode and Effects Analysis (FMEA) is Used in the Auto Industry
FMEA stands for Failure Modes and Effects Analysis. It is a tool that is used to analyze all of the potential failure modes within a component, …
Continue ReadingMicrosoft Project vs. Open Workbench - What Are the Real Differences?
Open Workbench is often described as a free alternative to MS Project. In this article, the similarities and differences of the two applications are …
Continue ReadingRisk Mitigation Strategies and Risk Mitigation Plan: Tips for Documentation & Implementation in Project Management
Get a clear perception of risk mitigation strategies & its concept; as we furnish descriptions of the procedures performed to come up with a risk …
Continue ReadingTypes of Communication Documents Used in Project Management
Proper communication is key when managing any project. This article describes different types of documents (meeting agenda, meeting notes, status …
Continue ReadingUnderstanding a Six Sigma Gap Analysis
Six sigma projects feature performance metrics and a statistical analysis approach to solving problems. The statistical methods involved can …
Continue ReadingVarious Kinds of Risks Associated with Software Project Management
This article describes the various kinds of risks which are associated with Software Project Management.
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