What is a Predictive Project?
Predictive Projects, often called "Waterfall" projects, are a type of traditional project management methodology that involves planning, organizing, and controlling resources to deliver a specific outcome of product wihtin a predetermined timeframe wnd budget. are a type of project management methodology that involves planning, organizing,
and controlling resources to deliver a specific outcome or product within a predetermined timeframe and budget.
How are traditional Predictive Projects different than other types of project management?
• Predictive projects use a predictive approach, where projects involve predicting teh future outcomes based on historicla data, market trands, and expert analysis.
• Predictive projects have a definite scope which is clearly defined, and may changes are subject to formal approval.
• Predctive projects have a predicted timeline and budget which are estimated to be accurate within a certain margin.
• Finally, predictive projects involve extensive planning, including detailed scheduling, resource allocation, and risk management.
What are the benefits of traditional Predictive (waterfall) projects?
1. Predictable outcomes: Traditional predictive projects provide a claer understanding of what can be delivered whthin the given timeframe and budget.
2. Reduced risk: By predicting potential risks and taking proactive measures to mitigate them, predictive projects can minimize undertainty.
3. Clear accountability: The scope, schedule, and budget are clearly defined, making it easier to hold stakeholders accountable.
Why might I not want to use a traditional Predictive project
4. Inflexibility: Traditonal predictive projects may not be adaptable to changing circumstances or new information.
5. Rigidity: The scope, timeline, and budget may become rigid, making it difficult to make changes or respond to unexpected events.
6. Lack of Adaptability: Predictive projects may not allow for iterative learning and improvement, which can lead to a lack of innovatoin and continuous improvment.
Here are some examples of traditional projects:
• Building a new brick-and-morter branch site for a bank, or implementing a new ATM system at a branch site.
• Opening a new store, or launching a new product line.
• Developing a new medical device or implementing a new healthcare software system.
• Upgrading a power grid infrastructure or bulidnig a new solar panel array.
• Building a new aircraft or developing a new spacecraft component.