PROJECT RISK MANAGEMENT THROUGH ‘THINKING INSIDE THE BOX’ & ‘CG-CC-CR-CV CONCEPT’
“The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome”. (Peter L. Bernstein)
Risk in Project Management
1. It is per se unanimously accepted fact that all projects, regardless of size or subject matter, tend to have some level of risk. Risk can include anything that may threaten the goals, objectives or deliverables of a project. No matter how well a project has been planned to cater any risk that could impact the project, yet risks could prevail in any phase of the project. Hence,
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Project Risk management is the heart and soul of project management. If failed to apply in the right direction it can have dire consequences on successful completion of any project. Though the risks are usually identified, categorized and evaluated during the initiation and planning of the project, however the chances of risks actually increases during the execution phase of the project. Thus when the projects are handed over to project directors or managers it is essential that risks have to be re-evaluated and categorized. Categorizing risks is a way to systematically identify the risks and provide a foundation for awareness, understanding and elimination of such risks. However, the biggest dilemma for most project managers is how to manage the risks on its arrival? Sadly, no evaluation is carried out to determine the expertise, experience, capabilities of their team that would be required to deal with or manage those risks, on its occurrence. Too often the responsibility for risk identification, assessment and management, are left to the project team, especially once the project has started. However, the onus of responsibility should be controlled by the project manager himself as being the leader. Moreover, each one has a responsibility, to a greater or lesser degree in managing the risks associated with the project.
6. In order to justify how to approach, plan and execute risk management activities for a project. The two step concepts have been proposed which can proactively identify, analyze and plan for anticipated risks, before risks can derail or destroy a project. The projected methods, those can effectively anticipate and manage project risks are ‘thinking inside the box’ and ‘CG-CC-CR-CV concept” which are defined in detail in subsequent
PROJ 586: Project Management Systems Week 5 Risk Management Plan Name: Ra. Jayapandiyan Email: rajayapandiyan@gmail.com Instructor: Mr. Terry Printz February 7th 2016
WEEK 3 COMPLETE: RISKS Jequilla Jones Bethel University Organizational Theory II Dr. Willis January 15, 2023 WEEK 3 COMPLETE: RISKS This essay will explain the importance of a baseline budget, management of project risks, closing project activities, and the importance of feedback. Businesses depend on contractors and project team members to estimate, perform activities, and complete tasks involved in the specific project. Project team members and contractors aim to perform the agreed-upon tasks and activities to complete the project for the customer. Certainly, satisfying the customer is the main goal, and learning while performing tasks is knowledge gained for future projects. BASELINE BUDGET
Vortex Consulting recommends that CanGo must perform marginal and cost-benefit analysis for decision-making on growth, employee utilization, and making rational decisions. Our client could benefit by these approaches and avoid issues such as thinly stretching their employees, unhappy employees, and costs with little benefits. The suggestion is to research top competitors such as GameStop and other industries that have the same market that CanGo wants to utilize in order to make smart decisions about their growth. They should also do an employee analysis to ensure that employees are not over or
This step provides the project manager and project team to look back and evaluate the risk involved, assumptions, and remedies for those risks. Similar was the case with the Space Shuttle Challenger. McDonald mentions that the engineering team at NASA gave the warning based on their last mission, where the temperature was the major issue. The management team ignored the warning and put the stakeholder's satisfaction above the safety of the
13 PROCUREMENT MANAGEMENT PLAN Under the Monrovia Ultra-Modern Market (MUMM) the Project Manager will be responsible for the oversight and supervision for all procurement related activities. For a successful end of the MUMM project the Project Manager will coordinate with the team to identify items to be procured. The office of the Project Management will review the list of items to be procured and further submit to the supply chain department. Supply chain than review the listing of items to be procured and coordinate with the program team to begin the procurement processes.
In summary, I believe that the model can help guide reading for life program needs assessment and planning, monitor the process of implementation, and provide feedback and judg¬ment of the program’s effectiveness for continuous improvement. These unique features include context evaluation, ongoing process evaluation, and the model’s emphasis on engaging participants in the evaluation process to assess the quality of implementation and progress toward meeting specified goals; and use evaluation results for improvement and sustainability. The CIPP evaluation model can help provide adolescents with good habits of reading experiences and sustained interests in reading which in the long run, impacted positively in their academic performance across
Risk responses are guided by our established risk tolerance. In setting these goal one of which was to finish six months eelier than the project actual did we all see the project management description of coming in on time and budget with projects.
Leading the risk management team is the PMO risk manager. The risk manager and his/her team control the risk management process. Overall team responsibilities include: • Creating the risk management plan and ensuring alignment with organizational standards • Providing a template for risk reports, including how to use mathematical analysis of trends and metrics for project team meetings • Providing methods for identifying, consolidating, documenting, and analyzing risks • Crafting templates for the maintaining and monitoring of data in the risk
The risk management process establishes the methodology for risk enterprises framework for the of many businesses (Fraser & Simkins, 2010). A retail business such as Target needs to do a risk assessment to establish the types of risks being faced by the organization. The risk assessment process starts with the identification and categorization of risk factors. High customer interaction of the retail businesses like Target, need to identify risk as a continuous basis effort over the lifetime of the business (Mandru, 2016). It important that the business leaders, set goals and priorities for the risk management system.
Olde Glory Contractors, Inc. is a general contractor that is located in Littlestown, Pennsylvania. Olde Glory Contractors, Inc. was founded in the year 2003. The founder of this company, William P. Dell has been in the general contracting industry for more than 40 years. Olde Glory Contractors, Inc. is an expert in storm restoration, remodeling, energy, roofing, siding, and gutters. Their roofing specializations include residential roofing, commercial roofing, and roof repairs.
By being fully aware of its function and implications is an important aspect of the project manager’s role and responsibility. The triple constraint is meant to be an asset to the project manager’s arsenal and should not be viewed as a hindrance. This assignment has shown about how and the importance of comprehensive evaluation on the Triple Constraint (Time, Cost, Scope) in a project under uncertainty situation. We introduce an index called as Project Reliability.
Every project manager potentially faces countless mistakes that affect projects, cause delays and, in some cases, contribute to complete project failure. Here are a few common mistakes in project management and how to avoid them: 1. Employing a Project Manager Lacking Experience Knowledge of running status meetings, developing a project plan, managing risks and issues, and dealing with stakeholders is crucial to the successful outcome of the project. Solution:
However, the rule of authority according to Fayol’s principles and Mary Parker Follett is not supposed to be messed with rather mutual counsels and evaluation of projects should be in one mind. This assure focus to ease the achievement of goals. In addition, each person or individual leading a project or part of a project should be given leadership in a part of interest to mentor others in handling projects. This will give continuity of a leadership and nurture of new leaders to lead projects just in case the present leaders will not available. References:Lester, D., & Parnell, J. (2006).
At the same time, as a Scrum Master(SM), a project manager is also responsible for ensuring the team obeys to its processes, ensuring resolution/escalation of inadequate or ill-defined user stories, Product Owner accountability and removing barriers and at the same time, shielding the team from external interference. Different types of project managers will be required by different firms, but some of skills are inborn. When it comes down to it, Leadership [3] assumes to be the most important inherent skill of a project manager. The project manager is highly responsible for the project's success or failure of a project. It may be a burden for him/her, but it is essential for this wisdom of possession to occur in order for the project to have a right direction.
Danni Chen 383677 To tell or not to tell? Introduction After almost two years of studying at the Erasmus University, my surroundings constantly serve as a reminder that I am an economic student. Cost and benefit analysis, rationality, utility …these terms seem to be engraved in my brain.