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strengths and weaknesses of project planning
principals of risk management
inputs,tools & technique and outputs of project planning
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Recommended: strengths and weaknesses of project planning
Task and Risk Management Tasks and Milestones Milestones are important checkpoints or interim goals for a project. They can be used to catch scheduling problems early. The project manager plan will evolve so he should be flexible and update on a regular basis. It also helps to identify risk areas for project, for example, things that are unknown but will have to learn. These are risky because there may not be a good sense for how long the task will take. Or, you may not know how long it will take to receive components you purchased for a project. (W. & T. Chase, 2003). The specifics task and milestones required for your project plans Project accepted Hardware/Software installed Preliminary design/configuration Being able to make the first request Development/Training instances deployed Closing the testing period Going live Risk is a combination of the probability of a negative event and its consequences. If an event is inevitable but inconsequential, it does not represent a risk, because it has no impact. Alternatively, an improbable event with significant consequences may not be a high risk. These two factors are combined in what we experience as the possibility of loss, failure, danger, or peril. An easy way to reduce risk is to have less ambitious goals. After evaluating risks, one can choose a path of risk avoidance or risk mitigation and management. If we understand the risks on a project, we can decide which risks are acceptable and take actions to mitigate or forestall those risks. If our project risk assessment determines risks are excessive, we may want to consider restructuring the Project to within acceptable levels of risk. Risks that do not offer the potential for gain (profit?)should be avoided. Risks associated with achieving challenging and worthwhile goals should be managed. One way to reduce risk is to gather information about relevant issues to lower the level of uncertainty. Then we can look for ways to reduce probabilities of failures or to reduce their consequences (Chapman, 2005) Risk assessment and mitigation Skill and Competency Gaps The fact that there is a new suit of software to be learned by the system annalist is a challenge that represents a risk. This is a new application that would have to be learned by the system analyst. The lack of expertise could cause some delay. In order to mitigate the risk associated with facts we are going to Schedule project activities in such a way that there is plenty of time for the critical task and ensure the availability of progress report from the team to detect any possible gap in the process.
Risk is characterized as an occasion that has a probability of happening, and could have either a positive or negative effect to a project ought to that risk occur. A risk may have at least one causes and, on the off chance that it happens, at least one effects. For example,
Risk is a factor of everyday life. From driving a car to work to cooking dinner for the family, there is a certain level of risk associated with most of the daily tasks completed an individual in their daily routine. However, most of the daily risks taken by an individual does not affect their daily routine because the individual understands the risk associated with each task and has a contingency plan, which was developed through life experiences. The same is true for project and program managers.
The milestone serve as a checkpoint which is a very important part of the project manager and sponsor as they work toward the completion of the project.
In the majority of all project activity, it entails some kind of risk of which may overall impact the successful project completion. Upon the completion of the project with its scope, tasks, budget and timeline, it is imperative to make an overall risk assessment to access any risk that may be considered impactful in the project (Lock, 2007). Any associated risk assessment is well-thought-out
According to Baccarini and Collins (2004), the likelihood of project success is improved by reducing the impact of potential risks. Al-Rousan et al. (2010) stated that “If a project is successful, then it is not successful because there were no risks and problems, but because risks and problems were handled successfully”. Bakker et al (2010) suggest that risk management activities contribute to project success via four different effects: action, perception, expectation and relation. Action refers to the stakeholders’ ability to cause and
Since the concept of Project Management is broad, many different aspects of a business rely on successful Project Management. “Projects” can include product line development, attaining company goals, boosting employee morale, and product costing, to name a few. This area of business is important because it determines every minute detail required to get the product produced and to the consumer. There are several steps required to assure project success. These steps are briefly outlined in the following paragraphs.
Milestones are the dividing point between the phases of the project. It involves project health evaluation, corrective and preventive action decision. It is best way of providing concise high level view of assigned project status to stakeholders and management. As the requirement of the project changes, the milestone schedule may change.
Planning Phase: identify and evaluate risks, develop a strategy, and identify risk activities (Indian Health Services, 2013). Execution Phase: execute risk activities, track and report progress, and review and reevaluate risk periodically (Indian Health Services, 2013). When evaluating risks, the project team should conduct an assessment to determine the importance and impact of the risk to the overall project (Indian Health Services, 2013). This can be done by using a rating system: Identify risks as either high, medium, or low for both probability of occurrence and the potential impact. Next, the risk should be assessed by using a numerical score to identify the likelihood of the occurrence by its potential impact (Indian Health Services, 2013). Using these techniques can prevent and/or mitigate those risks listed above. According to Michael Stanleigh, CEO of Business Improvement Architects “proper risk management will reduce not only the likelihood of an event occurring, but also the magnitude of its impact” (Stanleigh, n.d.) He also talks about how the outcome of the risk can either be acceptable or unacceptable thus, the project team can identify which risks must be mitigated or accepted (Stanleigh,
Here we will discuss risk management in the construction sector and in execution of construction project, project risk management is one of the most critical phase for successful completion of the construction project. Risk can be both negative and positive for the project. Negative risks are considered as threats and positive risks are taken as opportunities.
Risk mitigation is also the process of controlling actions, which are identified, and selecting the suitable ones to reduce risk according to project objectives (Pa, 2015). Risk mitigation is important in IT organizations in so many ways. According to Ahdieh, Hashemitaba, Ow (2012), mitigation of risk provides a mechanism for managers to handle risk effectively by providing the step wise execution of the risk handling (as cited in Pa, 2015, pg. 49). Some risks, once identified, can readily be eliminated or reduced. However, most risks are much more difficult to mitigate, particularly high-impact, low-probability risks. Therefore, risk mitigation and control need to be long-term efforts by IT project managers throughout the project lifecycle. There are three types of risk mitigation strategies that hold unique to Business Continuity and Disaster
Finally, we may say that it can be difficult to clearly separate risk from uncertainty. This is because the uncertainty is one part of the scope of risk. In other words, risk and uncertainty are closely linked to the context of risk management frameworks. Thus, it can be inferred that the effective use of risk management process frameworks particularly the COSO and the SHAMPU framework seem unlikely to rely on the ability to differentiate between risk and uncertainty. Although if the framework is able to perfectly differentiate between risk and uncertainty, it seems certain that an organization can appropriately deal with the potential issues.
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.