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# _How to Measure Anything in Project Management_
> [!quote] [[How to Measure Anything in Project Management - Douglas W. Hubbard & Alexander Budzier & Andreas Bang Leed.pdf#page=112&selection=40,0,41,60]]
> [!quote] [[How to Measure Anything in Project Management - Douglas W. Hubbard & Alexander Budzier & Andreas Bang Leed.pdf#page=112&selection=40,0,41,60|Chapter 4, "Exploration vs. Exploitation"]]
> The analogy of this to project planning is that we can keep trying to design better solutions to a problem before we commit to it.
## Project Options
> [!quote] [[How to Measure Anything in Project Management - Douglas W. Hubbard & Alexander Budzier & Andreas Bang Leed.pdf#page=117|Chapter 4, "Choosing How to Run the Project"]]
> When a project is proposed for budget approval, planners must include a list of additions and reductions... If the project runs out of budget, then deliverables will be removed from the scope.
This is different from alternates,
which are only considered at the time of award.
## Value of Information
[[How to Measure Anything in Project Management - Douglas W. Hubbard & Alexander Budzier & Andreas Bang Leed.pdf#page=118|Chapter 4, "How Models Indicate What to Measure"]]
[Expected value of sample information](https://en.wikipedia.org/wiki/Expected_value_of_sample_information)
## Estimating Impact under Uncertainty
> [!quote] [[How to Measure Anything in Project Management - Douglas W. Hubbard & Alexander Budzier & Andreas Bang Leed.pdf#page=170&selection=40,20,46,58|Chapter 5, "Simple Tools for Measuring Uncertainty and Risk"]]
> There is such a rule, and it is called the "record-breaking probability." It is simply $1/(1+n)$ where $n$ is the number of observations resulting in the various outcomes.