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... [Read More]| ProjectEngineer
A Project Management Office (PMO) is a dynamic hub within an organization that empowers project success by supporting project managers and teams. Far from a one-size-fits-all solution, PMO's vary widely in their roles, responsibilities, and structure, shaped by the unique needs of the organization they serve. Whether providing hands-on project management, offering strategic advice, or... [Read More]| ProjectEngineer
PRINCE2 is one of the world's main project management methodologies. It was developed by the UK government and is administered by Axelos, a company partially owned by the UK government. Axelos administers the two PRINCE2 certifications: PRINCE2 Foundation and PRINCE2 Practitioner. The latter is the main certification, and the former is the more basic, "associate"... [Read More]| ProjectEngineer
Effective project team management is the backbone of successful project delivery. It involves guiding team members, aligning resources, and resolving challenges to drive optimal performance. While it’s one of the most critical aspects of project management, it’s also one of the most complex, inspiring countless books and diverse approaches. At its core, however, project team... [Read More]| ProjectEngineer
Effective decision-making is a critical skill that has big ramifications in both personal and professional life. Projects often present complex choices where the optimal path is unclear or every option carries significant trade-offs. How can we navigate these challenges with confidence? This article explores the science behind strong decision-making, offering practical steps to select the... [Read More]| ProjectEngineer
Effective project management is crucial for organizational success, but without dedicated oversight, these practices often fade into obscurity and often become just another fad. Enter the project office—a vital structure designed to sustain and enhance project management excellence. Project offices vary widely in their roles and authority, each tailored to meet specific organizational needs. They... [Read More]| ProjectEngineer
Projects are magnets for surprises—think missed deadlines, budget slips, or that vendor who ghosts you midstream. A Risk Management Plan is the part of the Project Management Plan that plans, identifies, and analyzes project risks. It provides the project management team with a defined plan to identify and manage the risks that can arise and negatively... [Read More]| ProjectEngineer
Experts highlight risk management as one of the most overlooked yet vital aspects of project management. While we often assume we’ve got the main threats handled, a little upfront planning can yield outsized rewards, transforming potential chaos into controlled progress. But effective risk management isn’t just about dodging disaster; it’s about turning potential pitfalls into opportunities... [Read More]| ProjectEngineer
Project risk analysis is too often sacrificed by project managers in the name of time or budget constraints. But while skipping this critical step might save a few hours or dollars upfront, when risks go unseen, they usually don’t just knock—they bulldoze. In this article, we’ll prove the value of risk analysis with a real-world example,... [Read More]| ProjectEngineer
The project plan is like the flight plan filed by a pilot prior to embarking on a journey. It communicates how the project will attempt to reach its destination. The project plan is the strategy that will be used to produce the project's products, services, or results. It is written in sufficient detail to communicate... [Read More]| ProjectEngineer
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 project... [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
Projects don't manage themselves. Professional project management requires the development of a plan that outlines how it will be managed. According to the Project Management Body of Knowledge (section 4.2), the project management plan fulfills this purpose. Although it includes any and all items that define the management of the project, there are certain standard items.... [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
Project risk management is what separates good project managers from great ones. Even when everything has been planned and executed to perfection, an unexpected event can cause considerable duress on the project stakeholders and even cause the project to be considered a failure. Risk management is a three step process: Risk Identification Risk Analysis Qualitative Analysis Quantitative... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
The project manager is the ultimate authority responsible for the successful completion of a project. They establish the critical success factors and take responsibility for achieving them. The buck stops here. Usually the project manager inherits requirements that the project must work with, such as budget, stakeholder concerns, and so forth. These are codified within... [Read More]| ProjectEngineer
Project risk is like an orchestra with many instruments. All elements are crucial to the final result. If even one instrument is not playing correctly, the whole performance can be a failure. Hence, risk management is integral to project management. Since projects have many moving parts and technical knowledge areas, risk management keeps everyone singing the same... [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
Three point estimating is a technique which utilizes an optimistic and pessimistic estimate to determine the ideal estimate value for a project task. It is a shoe-in for PMP exam questions, which is not likely to change anytime soon. It allows known risks to be quantified and built in to the project budget. Formula There... [Read More]| ProjectEngineer