Forum Discussion
Best practices for adding planned slack to a project
AndyGagnon, what you describe is not too far from accepted best practice, as long as you avoid the term "planned slack" (which implies a completely different concept.) Conventional schedule risk management would suggest that appropriate terms like "schedule contingency", "schedule buffer", or "time risk allowance" can be added to a baseline schedule as long as they a) are based on a quantitative schedule risk analysis; and b) are allocated to schedule tasks in a way that reflects the true schedule risks. Ideally, the forecast dates in such a risk-adjusted schedule should reflect a 50% chance of overrun/underrun. Real-life project sponsors and customers typically demand a much higher probability of underrun, e.g. "promised" or "guaranteed" dates. Unfortunately, such guarantees typically drive over-conservative buffers/contingencies and reduce the overall project value.
AndyGagnon, what you describe is not too far from accepted best practice, as long as you avoid the term "planned slack" (which implies a completely different concept.) Conventional schedule risk management would suggest that appropriate terms like "schedule contingency", "schedule buffer", or "time risk allowance" can be added to a baseline schedule as long as they a) are based on a quantitative schedule risk analysis; and b) are allocated to schedule tasks in a way that reflects the true schedule risks. Ideally, the forecast dates in such a risk-adjusted schedule should reflect a 50% chance of overrun/underrun. Real-life project sponsors and customers typically demand a much higher probability of underrun, e.g. "promised" or "guaranteed" dates. Unfortunately, such guarantees typically drive over-conservative buffers/contingencies and reduce the overall project value.
Thanks TomBoyle !!
