What if? Top 10 Things to Build into Your Project Contingency Plan

TL;DR

Learn 10 tactics for creating contingency plans to effectively handle unexpected events and minimize their impact.

Transcript

a contingency plan is an important part of your risk management strategy and whilst it won't make the risks go away it won't make them less likely to occur nor will it even give them less impact it will equip you to know how to handle the situation if and when the risks do occur this will help you to restore control quickly and limit potential knoc... Read More

Key Insights

• 📅 Creating schedule and budget contingencies provide buffers against unforeseen events.
• 🚱 Identifying non-critical tasks and deliverables helps prioritize efforts during crises.
• ⌛ Utilizing off-the-shelf solutions can save time and provide needed functionality.
• 🌍 Building in test and remediation time accounts for potential failures in the real world.
• ❓ Securing expert evaluators can provide insights and prevent problems.
• 💪 Implementing strong change control ensures proper evaluation of options and prevents chaos.

Questions & Answers

Q: What is schedule contingency and why is it important in a contingency plan?

Schedule contingency refers to allocating extra time in the program to absorb delays or provide a buffer for unexpected events. It is important in a contingency plan because it allows for flexibility and minimizes the impact of delays on the project timeline.

Q: How can off-the-shelf solutions contribute to a contingency plan?

Off-the-shelf solutions, known as COTS, can be used as substitutes for in-house developed solutions, saving time and potentially providing additional functionality. This can be particularly helpful when facing time constraints or needing to quickly address an issue.

Q: Why is it important to identify non-critical deliverables or functionality in a contingency plan?

Identifying non-critical deliverables or functionality allows for prioritization during difficult times. It ensures that efforts and resources are focused on the most important elements of the project, reducing the impact of potential problems.

Q: Why is building test and remediation time crucial in a contingency plan?

Building test and remediation time in a contingency plan acknowledges that tests may not always go smoothly and that components and systems can fail. Allowing sufficient time for remediation ensures that any issues discovered during testing can be addressed without causing delays or budget overruns.

Summary & Key Takeaways

• Create schedule contingency by allocating extra time in the program to accommodate delays or unexpected events.

• Identify non-dependent activities that can be rescheduled to give you more time to handle urgent situations.

• Determine non-critical tasks that can be dropped or deferred without affecting the final completion date.