Project Risk Management defines strategy and account fors the key concepts in strategic management, strategic vision, objectives, strategy formulation, strategy implementation, evaluation and initiating corrective action, suddenly, without warning, someone taps you on the shoulder and says, surprise. You are now a project manager. Working on a project and leading a project would seem to have a lot in common, so selecting the most competent contributors to lead new projects seems fairly logical. But also, whenever any project is planned it is absolutely vital to have a project plan and although initially it will take a little time to create, a good project plan will ultimately save you a good deal of time and probably money as well.
Time is a valuable resource for the project because once lost, it cannot be recovered easily, successful (usually meaning on-schedule and on-budget) delivery of the Work Product or Project Deliverable is the ultimate goal of your project, and of the Project Plan Execution, especially, for any given project there is likely to be more than one Project Delivery approach that would be appropriate, and there may be one approach that is best suited, depending on the Owners requirements and capabilities.
Balancing the elements of a complex project – time, money, scope and people – is one of the jobs of a project manager, organizational process assets are possible predefined risk management approaches set down by your organization, thus, project manager is the business leader one must establish and manage the collaboration and communication processes for the project including the project team, client, consultants, superintendent, project engineer, administrative assistant and accounting clerk, with increased or.
A budget is integral to the successful completion of any project and the budget needs to be firmly entrenched in the project plan because you need to ensure that you stay within budget, but still manage to deliver all the goals that you are setting, having a project management system in place and following project management practices and methodologies have produced positive results for organizations, then, projects require specific expertise at specific moments in the schedule, depending on the milestones being delivered, or the given phase of the project.
While internal factors will have to be stable for each organization independent of the project, external factors are more susceptible to change and require superior analytical attention from the project manager, in the early years of the development of modern project management practices it was common to see each phase of a project being planned, scheduled, and managed as a separate project, from start to finish of each phase, correspondingly, contract management is the process of managing contract creation, execution, and analysis to maximize operational and financial performance at your organization, all while reducing financial risk.
Management of a project is made easier if it is viewed as small manageable items where the dependencies are visually illustrated, parallel processes are discovered, the overall processing time determined and progress tracked, as project manager, you must take a leadership role by ensuring that the communications plan is followed, as agreed by the project sponsor (or the project board), also, without the right kind of authority to efficiently handle all the project management issues, development teams can easily get into trouble.
Many people assert that as the nature of organizations has changed, so must the nature of management control, risk avoidance usually involves developing an alternative strategy that has a higher probability of success and usually at a higher cost associated with accomplishing a project task. Coupled with, the project manager is responsible for communication, including status reporting, risk management, and escalation of issues that cannot be resolved in the team—and generally ensuring the project is delivered within budget, on schedule, and within scope.
Set deadlines, assign responsibilities and monitor and summarize progress of project, information distribution is one of the most important responsibilities of the Project Manager. For the most part, if you have to handle a team workflow, you can use it in any area of your business, from software development and UX testing to marketing and design.
Want to check how your Project Risk Management Processes are performing? You don’t know what you don’t know. Find out with our Project Risk Management Self Assessment Toolkit: