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...]
The Risk Management Process
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...]
Creating Risk Response Plans
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...]
Project Risk Analysis
Risk analysis is an often omitted area of project management, probably because you can't see its results in a direct way. On top of that, small projects just don't seem like they have the time and budget to justify the time spent. But I would argue that analyzing risk is one of the easiest ways to prevent major headaches later on, and it pays for itself in costs that … [Read more...]
Identifying Project Risks
The first step in a good risk management plan is the identification of risks. The other phases of project risk management are built on this foundation. It involves developing a list of the potential risks to a project. This list is called a Risk Register. A good risk register might have the following six columns: Name/Description of … [Read more...]
Project Risk Management 101
Risk management is not a new concept but 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. Definition Project 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 … [Read more...]
Risk Planning Basics
Risks are the wild cards of any project—those sneaky “what ifs” that can turn a smooth ride into a rollercoaster. Risk planning isn’t about eliminating all risk. That would be impossible. Rather, it’s about knowing potential negative events are coming and having a plan to deal with them. Whether you’re launching a product or renovating a basement, mastering the … [Read more...]
How to Write a Risk Management Plan
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Risk Management Plan Components
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Day 8: Mitigate Project Risks
Risk management,as a subset of project management, is not a new concept but 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. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a … [Read more...]