QUESTION (from LinkedIn): Forecasting the same as prediction? Which one is more realistic and easier to do?
ANSWER: Forecasting is different from predicting. Predicting is much easier but far less accurate.
Predicting is when you start making guesses about things. For example, you predict that laying sheet-rock will take 45 hours to do and you guess that it will be done in 2 weeks.
Forecasting, on the other hand, is when you take information from past jobs and apply it to a new job. For example, if you have seen that laying the sheet-rock for a 3,000 sq ft space takes 65 hours and it usually done in 4 weeks then the next time you have to quote out the same job you’ll be able to forecast how much its going to cost and how long it will really take i.e. when it will really be done after work starts on it.
The big difference is predicting is based on your best guess from experience. Forecasting is based on data you’ve actually recorded and tracked from previous jobs.
As it relates to Vertabase
project management software, predicting is when you first enter in your best guess of estimated hours on a task and your estimated start and end dates for that task. Forecasting is when those estimated hours are based on actual hours tracked on those type of tasks and actual duration (the amount of time between the start date and actual end date) of that type of task. All that data is tracked automatically in the project management software and easy to report on - making forecasting a snap (and far more accurate than predicting).
I’m happy to announce that Vertabase 4.5 launched today (official press release).
This is the biggest launch of our project management software to date. It includes a totally new interface and tons of great new features.
It was built entirely with a rich internet application approach powered by ColdFusion. To me this means:
- An intuitive, immersive user experience
- Enabling quick visibility and access to information
- Facilitating sharing, data portability and data visualization
- Integration with the user’s eco-system.
You can see how Vertabase 4.5 adheres to these principles in the 2 minute Quick Tour. To read about specific new features check out the Vertabase 4.5 Release Notes.
Along with the version, there’s a new, searchable video learning center and we added customer support via instant message using Skype (search for Vertabase Support).
We’re getting ready to launch the latest version of Vertabase project management software. As always, before a launch, I spend time writing down the message behind the software. When we release a new version its not just about adding new features. Each release encapsulates our specific approach to technology and its application to managing projects.
This time around, it struck me how intertwined our approach is with the continued development of rich internet applications (perhaps because of MAX) and how core ColdFusion has been to the evolution of RIA’s and to our product. In putting the message down on paper/pixels I hope to describe why ColdFusion is so powerful for rich internet application development.
From the very beginning, we’ve relied on ColdFusion for the external releases of our professional product. The main reason at that time was the speed at which we could build a high-grade web-based application. The first wave of RIA development, remember, was getting applications to run on the web. There were numerous “thin client” approaches that would serve desktop applications over a network. But that was simply changing the deployment/delivery method of accessing the same old software. Web-based applications were fundamentally different.
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Its been a whirlwind week and I haven’t had a chance to blog about three other events that took place this week in the world of Vertabase. Here is a summary.
1. Vertabase Project Management Software -we publicly launched the pre-release version of Vertabase 4.5. Clients are already using it and raving. Here is a link to the full release notes (on the pre-release). Some significant changes are:
- New interface, new look and feel
- Resource Calendar view of projects, tasks, resources, etc. across calendar days and weeks
- Change request system with change logs
- Faster timesheet entry
- Enhanced MS Excel import for even faster template and schedule creation.
We launched the next version of the Vertabase site to go with it and a new Vertabase Video Learning Center.
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The tickler file is a classic time management tool. But it has its limits. Understanding how a tickler file works, and its drawbacks, is a great way to appreciate the benefits of an online project management system.
The classic tickler file is a filing system used to keep things in order by due date. A conventional tickler file consists of 43 files: 12 folders for each month of the year plus 31 files for each day of the month. The files are organized by month and then by dates of the month. Your tickler file can be created using anything from a box to a crate, or you can buy a plastic file box from your local office supply store. This classic format generally allows you to plan for tasks up to one month ahead. The difference between a tickler file and a planner is that the tickler file allows you to place documents in the file.
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We are pleased to announce the acquisition of Accomplice task management software and to welcome the over 30,000 registered users to the Vertabase community.
Accomplice has been called the “Nirvana of Organization” and reaching “Holy Grail Status” of task management.
Here’s a link to the press release on the acquisition and there’s a ton of information on the product on the Accomplice site.
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Question: As an IT Consultant with people already working as many hours as they can, how can I make more money without adding overhead or needing to find new clients?
Answer: The short answer is -bill faster.
Most IT Consulting shops have thousands of dollars of free cash bottled-up in unbilled time. The problem is either:
- Technicians have been on-site, done the work but haven’t reported their time or
- Their time has been entered but it takes a long time for someone to re-key that time in Quickbooks or another accounting package so that it can be billed to the client.
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We are happy to announce the release of the Vertabase Timer v. 1.5 to track time on projects and track time on clients. This sleek desktop widget runs on MAC and PC (-its been tested on Leopard and Vista).
New Features include:
1. Addition of a PAUSE button.
2. Making the SHOW TIME time usage report editable.
3. Export to CSV for use in applications like MS Excel and Google Spreadsheets.
4. Export to XML with meaningful node names.
5. Easier autosuggest.
To make this all possible, the Vertabase Timer was entirely rebuilt in Flex.
Join the more than 3,000 people who have already downloaded the Vertabase Timer. You can download the latest version of the time tracking application for free at the Vertabase Timer homepage.
The application runs on Adobe’s AIR.
By the way, all these features came from feedback from our Community. Join now and be heard!
Tell us what you’d like to see in Vertabase Timer to make it easier and more useful for you.
Question: How can government be made more efficient with project management software or by using project management in public administration?
Answer: Project management software provides a clear structure in which all steps of a public works project can be spelled out.
A basic break-down of the steps in a project can provide an effective operational overview of municipal or Federal government projects. This gives executives or public sector employees a clear way to track progress, identify bottlenecks and learn from past projects -because the tasks involved and people or departments associated with those tasks are clearly identified. This level of visibility in public administration can breed increased efficiency and transparency in the use of government resources.
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The popular Vertabase Timer now runs on AIR 1.0.
Visit the Timer download site to get this handy widget to track time on clients or on projects. It runs on both MAC and Windows (because its AIR).
The current version is 0.9 and we’re still collecting feedback via the forum on what you’d like to see in the widget.
