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:... [Read More]| ProjectEngineer
The project sponsor is an integral part of the project management organizational chart. In fact, every project has a sponsor in one form or another. It is a central cog in the wheel in the existence of a project. The project sponsor is NOT a personal financial contributor to the project. Think of it this... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
Project Management is a field that spans all other fields. Although it is true that the project management field contains its own body of knowledge (technical subject matter), you cannot simply pluck a project manager from, say, a construction site, and drop them into a biotechnology research project and expect to receive the same results. ... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks In an effective project risk management system, the project managers must focus their attention on the highest priority risks. Thus, upon determination of the primary risks to a project, this step seeks to sort the list into priorities and... [Read More]| ProjectEngineer
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks 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 more project objectives. Risk management is the process of identifying, analyzing,... [Read More]| ProjectEngineer
A SWOT Analysis is a simple but effective tool used to examine an organization's business prospects determine the strategy that an organization will employ to achieve its goals. It is normally plotted on a simple 2 x 2 matrix. Scroll down for an example. SWOT stands for: Strengths Weaknesses Opportunities Threats Strengths This refers to... [Read More]| ProjectEngineer
In project management, identifying risks to a project is a primary part of risk management. When brainstorming for risks that affect a project, a checklist is an invaluable tool. To that end, I will post the following list of risks. I don't anticipate it will include everything (maybe your office will be hit by a... [Read More]| ProjectEngineer
The Project Management Institute's (PMI) definition of a project is considered by many to be the official definition: A temporary endeavor undertaken to create a unique product, service, or result. Two words within that definition are the key to understanding what a project is and isn't: Temporary: A project has a distinct beginning and end. The muddier... [Read More]| ProjectEngineer
The largest projects in the world, from the summer olympics to big petrochemical projects, have one major thing in common at the project management level: A relentless focus on risk. What happens if there is a riot? Or a catastrophic explosion? What if protestors disrupt the project, or regulatory agencies reject it? These large megaprojects must allocate... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control 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 the foundation built here. A comprehensive list of potential risks to the project must be... [Read More]| ProjectEngineer