Introduction to Adaptive Project Management - 21LV01

Abstract:
Adaptive management is a structured and systematic process for continually improving decisions, management policies, and practices by learning from the outcomes of decisions previously taken. Adaptive management was originally proposed by ecologists more than 30 years as a framework for managing ecological problems. Adaptive management methodology is based on combination of organizational principles and quantitative analysis. Organizational principles, such as iterative decision-making within creative business environment, are widely accepted in project management, particularly as a part of agile methodologies. Quantitative analysis methods help to make better choices based on actual project performance and include:
• Multi-model analysis and hypothesis testing
• Actual performance measurement based on project metrics
• Quantitative project risk analysis

Why many managers are still reluctant to embrace adaptive? The answer lies in human psychology. There are a number of psychological biases that act prevent people from accepting adaptive principles. Among them are tendency to be consistent, sunk cost effect, “guilt of indecisiveness” and illusion of control.

About the Presenter:
Lev Virine, PhD, has more than 20 years of experience as a structural engineer, software developer, and project manager. In the past 10 years he has been involved in a number of major projects performed by Fortune 500 companies and government agencies to establish effective decision analysis and risk management processes as well as to conduct risk analyses of complex projects. He is the author of more than 30 scientific papers and patents. Lev’s current research interests include the application of decision analysis and risk management to project management. His book Project Decisions: The Art and Science has been recently published by Management Concepts (Vienna, VA). Lev Virine received his doctoral degree in engineering and computer science from Moscow State University.