Statiscally, the odds do not favor your next big project
Remember the last time your company launched a big, complex project knowing it could easily cost five times its budget, suffer massive delays and even fail?
No? You’re not alone.
Most large, expensive initiatives begin with full confidence they will succeed without a hitch.
Yet the statistics are sobering:
- 80% of big, complex projects blow past their deadlines
- 56% do not deliver the benefits they promised
- 71% exceed their budgets, with an average overrun of 103%
- 15% fail completely or they demand 400% to 600% additional capital to limp across the finish line
Why such a big gap between lofty project assumptions and cold reality?
The bigger the project, the more variables involved, which means more places for corrosive risks to hide.
Risks like “gut-based” assumptions, stakeholder biases, budget crunches and schedule delays. Not to mention the new inefficiencies, labor shortages and supply line interruptions courtesy of Covid.
In other words, the odds of success weren’t great before the pandemic. They are even worse now.
Unless you spot and prepare for these risks in time, they will eat your big, expensive, carefully planned project alive.
Introducing Project Simulator
Project Simulator gives you the power to spotlight and mitigate unseen hazards to your project before moving forward.
How does Project Simulator reduce risk?
Here’s how it works:
- Collect and integrate key project variables
First, all data related project variables like goals, estimated duration, budget, costs, number of stakeholders and even outside influences like the current pandemic are collected and integrated into the model.
- Simulate project execution
With all the key variables integrated, the model simulates the execution of the project thousands of times within seconds.
- Determine the most likely outcomes
Thanks to the massive amount of data created by the simulations, project outcomes like costs, duration and the achievement of business goals can be predicted with up to 95% confidence.
The result is an easy-to-understand, easy-to-configure forecast of:
- The likely project durations and costs at each of the risk levels you select
- The likely pandemic end date for each project location
- The impact of the pandemic on your project schedule and budget, combined with site/task level information captured from field supervision
The three Project Simulator deliverables
- Schedule Predictions – A risk-adjusted project plan incorporating:
- Variability levels by task
- Tasks organized by their probability of missing deadlines
- Expected average delays by task
- Most likely project completion date
- Budget Predictions – A risk-adjusted budget which shows:
- Total expected project costs by selected risk percentiles
- Predicted maximum and minimum project costs
- Project Risk Mitigation Plan
A list of identified risks rank-ordered from most to least likely, along with a plan for minimizing their impact