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...]
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...]
Change is the only constant thing in life. - Heraclitus, Greek Philosopher Human nature is such that, if you ask me to do something for you, you expect me to have a plan and, following your approval of that plan, to adhere to it. That's why project management involves the development of a project management plan, which includes the budget, schedule, stakeholder … [Read more...]
Project team management is the process of tracking team member performance, providing feedback, resolving issues, and managing project resources to optimize project performance. It is one of the central cogs in the wheel of project management, and also one of the most difficult. No wonder why many books have been written about it from many perspectives. But … [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...]
Risk is inherent in all projects because projects, by definition, represent a one time improvement to an operational process. There is usually some sort of primary risk factor under which the project was defined, such as market risk for the development of a new product, or technical risk for an assembly line improvement project (will it speed up the line, etc?). After … [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...]
