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
I was once part of a project which went behind schedule and over budget. In response the project manager asked the project team to come up with reasons why the project was late. Naturally the team produced several reasons, and a change in schedule and budget was approved. Everything sounded like it was back on... [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
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
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
