Mix of methods for project success

Experience shows that companies create their project plans too often in Excel and PowerPoint - they invest enormous manual effort and yet lose sight of things. Dr. Michael Kirchhof, Partner at mm1 Consulting & Management, points out in an article for the magazine IT Director, how complex projects can benefit from unloved but best practices.

In the June issue of the magazine IT Director, Dr. Michael Kirchhof identifies the four key success factors for professional project planning and successful implementation:
• an integrated project planning tool for activities, dependencies, resources, and associated risk
• an add-in for the stochastic-based risk assessment
• a planning campus
• a strong interdisciplinary project manager

As the recipe for success, the combination of resource planning as well as qualitative and quantitative risk analysis is presented. To evaluate a project plan best, the Monte Carlo simulation is recommended for identifying the probabilities of various project durations. With the help of appropriate tools, a subsequent sensitivity analysis then provides information about planning elements which require special attention.

The procedure described above combined with the use of a centralized planning tools offers the decisive advantage that all relevant information related to the project is managed in one place. This allows very conscious decisions and optimizations based on a consolidated data base.

The full article appeared in the magazine IT Director 6/2014 on June 27, 2014, p 41, and is also available online (both in German only).