Key Takeaways
- Consistent discipline prevents the five common failures.
- Schedule recovery: compare delay cost vs. recovery cost.
- Portfolio management enables scaling to a renovation business.
- Continuous improvement is the highest-ROI PM practice long-term.
Review of PM pitfalls and advanced controls from Track 3.
Recap
Five PM failures preventable through discipline. Planning Fallacy corrected by reference class forecasting. Five compression techniques with different cost/risk profiles. Portfolio management with dashboard and resource sharing. Technology justified at 3+ projects. PDCA continuous improvement yields 5-10% return improvement.
Common Pitfalls
Investing in advanced PM tools without established basic processes
Risk: Technology cannot compensate for missing fundamentals; complex tools without basic discipline create overhead without value
Build solid PM foundations (schedule, budget, communication, risk register) first; add technology to enhance proven processes
Best Practices Checklist
Sources
- PMI Construction Extension to PMBOK Guide(2025-01-15)
- NAHB PM Best Practices for Remodelers(2025-01-15)
Common Mistakes to Avoid
Investing in advanced PM tools without established basic processes
Consequence: Technology cannot compensate for missing fundamentals; complex tools without basic discipline create overhead without value
Correction: Build solid PM foundations (schedule, budget, communication, risk register) first; add technology to enhance proven processes
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Test Your Knowledge
1.What is the Planning Fallacy?
2.When does PM technology justify its cost?
3.Improvement from continuous improvement over 10 projects?