How Does Probabilistic Estimation Reduce Project Uncertainty?
Missing your deadline is one of the biggest hits a project can take. But it happens so often—one in six projects has a schedule overrun of almost 70 percent—it’s easy to think that delivering late is just the cost of doing business. Well it shouldn’t, and it doesn’t have to.
When you replace fixed-date deterministic scheduling with probabilistic estimations, you’ve got a whole new ball game. And it’s a lot better! For one, uncertainty is built into your plan, which is a necessary reality. We all know about the unexpected “surprises” that naturally unfold over the course of projects, but most of our tools and processes continue to work toward a fixed-point deadline—continuously in denial of reality.
Probabilistic estimation is one of the reasons LiquidPlanner is the most realistic project management tool in the world. When co-founders Jason Carlson and Charles Seybold created a PM software with a reliable schedule, they knew the single-point deadline wasn’t going to work.
Listen to LiquidPlanner CTO and co-founder Jason Carlson talk about the positive impact of using probabilistic estimation when creating schedules.
This is the fifth blog in a 9-part video series featuring LiquidPlanner CTO and co-founder Jason Carlson. These short clips tell the story of creating LiquidPlanner, and share Jason’s insider expertise on creating the only resource-driven scheduling engine on the market and what makes our unique Dynamic Project Management unique.
What to learn more about how our cool scheduling engine works? It’s cool because LiquidPlanner is the only predictive scheduling engine on the market. And managing uncertainty is our specialty. To learn more read our white paper, “Managing Risk and Uncertainty in Technical Projects: The LiquidPlanner Approach.”