Above all else a project manager is a leader, therefore developing leadership skills is one of the best ways for a project manager to further their career. To that end, one of the most important traits of a leader is the ability to react swiftly and decisively when unexpected events occur. Project risk management is the division of Project … [Read more...]
Projects don't manage themselves. Professional project management requires the development of a plan that outlines how it will be managed. According to the Project Management Body of Knowledge (section 4.2), the project management plan fulfills this purpose. Although it includes any and all items that define the management of the project, there are certain standard … [Read more...]
Putting out fires is rarely a good project management strategy, even though most project managers have so much experience with it that they could take it up as a second career. Suffice it to say that project control is where the project manager earns their wages. Project control is the tasks required to ensure the project is completed on time, on budget, … [Read more...]
Active project risk management is a concept that has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects and give them the appropriate level of scrutiny. Risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more … [Read more...]
Risk is defined as: An uncertain event or condition that if it occurs, has a positive or negative effect on a Project's Objectives (PMBOK). The effect of uncertainty on objectives (ISO 31000). The possibility that something bad or unpleasant will happen (Miriam-Webster) Risk planning is the process of identifying, prioritizing, and managing risk. Every … [Read more...]
Risk is defined as an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. Simply put, it is the possibility of losing something of value. Projects have objectives, that is, a product or service that it needs to be produced, or a stakeholder it needs to satisfy. Risks events are those events that could … [Read more...]
In some industries, risk analysis as a subset of project management is virtually non-existent. Project management is usually focused on cost and schedule, and delivering projects "on time, on budget" sometimes feels like the only criteria. But as a project manager, there's nothing that makes you sleep at night better than knowing you've got the risks to your … [Read more...]
A project manager is answerable for all the success of the project. He is the one who initiates, plans, designs and executes the project. Also, maintaining, monitoring, controlling and winding up the project after completions all are included in the responsibilities of project manager. Project Managers organize Tasks, Time and Budget. The main responsibility is to keeping … [Read more...]
Could your projects use additional risk management? Experts agree that it is one of the most underutilized areas of project management. As project managers we like to think we know the primary risks to the project and know that we have them under control. But a small amount of risk management planning at the outset of every project will reap disproportionate dividends … [Read more...]
In a proper project risk analysis, once the risks to the project have been identified (step 1), their probability and impact given a value and an overall priority (step 2), risk responses are drawn up (step 3). For each response plan, trigger conditions should be identified. These are the conditions that warrant the implementation of the response plan. For example, an … [Read more...]
