- The forth part is the risk monitoring to determine how effective the risk responses are. RISK ASSESSMENT METHODOLOGY - Risk assessment process -- Risk models define the factors such as threat, vulnerability, likelihood, impact, etc. to be assessed. Definitions of each factor needs to be defined before assessing to clearly define the risk. -- Assessment approach can be quantitative, qualitative, or semi-qualitative.
In this way, the plan contributes to managing potential threats that make it difficult to achieve project objectives and how to exploit the opportunities for better project performance. To make it more effective, the risk management plan includes specific roles and responsibilities team members assume towards handling the threats. Also, the plan also details the responses to be employed once the anticipated threats occur as well as the opportunities. The risk management plan is a course of action for the better management of project threats and exploitation of its
To estimate the completion time must be more realistically and efficiently. The time frame is to define a work package and milestone to achieve targets. The costs are budgeted and keep tracking to ensure the project cost within the budget. It should not be fixed as baseline until after the completion of the engineering phase. Project manager must be able to exert interpersonal influence, excellent communication and strong leadership skills.
It provides basis for control and it is needed for effective control. Planning is cost effective and helps in coping with crisis. It makes goals and objectives achievable and it is based on past and future activities. Planning helps in prioritising work, and helps in clearly defining objectives. It promotes actions that are flexible and realistic in terms of personnel, equipment, facilities and time.
Earned Value goes one step further and examines actual accomplishment. This gives managers greater insight into potential risk areas. With clearer picture, managers can create risk mitigation plans based on actual cost, schedule and technical progress of the work. It is an “early warning” project management tool that enables managers to identify and control problems before they become insurmountable
Knowledge management is a process to ensure that knowledge developed through individuals and group work activities is effectively captured and made available to those who may benefit from it. An example would be to build into project plans the time for review and to identify at the outset how information, knowledge and experience will be captured, stored and shared with other individuals and/or areas of the organisation that may have an interest in the experience and knowledge gained as a result of the project. The importance and value of knowledge management has been brought into sharper focus in the current climate of financial constraint and the need to do more with
Clients often need to be made to realize that if a project is to be completed at a certain level of quality, then a certain amount of time and money need also to be invested in the project. Projects that have time restrictions will need to increase the resources assigned to it or have the quality or scope reduced. The well known triple constraint formula is Cost * Schedule=Quality. The Right Balance By understanding the triple constraint and the ramifications associated with adjusting any one of its components, you will be able to plan your projects better, analyze project risks and protect the company from the problems of unrealistic client expectations. You will also be properly equipped to balance out the triple constraint when any adjustment has been made to one or more of its elements.
A project plan specifies the resources required for implementing an ERP system, the timeline for completion of the implementing process, the targets that need to be achieved by implementing the ERP system, etc. In addition, the project planning phase involves developing a contingency plan, identifying control measures, and deciding methods for the evaluation of the ERP system. IV. Gap Analysis: In this phase, an organisation develops a model that states its current status and future targets. Using this model, the organisation can anticipate any functional gaps and cover them.
Change management should be carried out in conjunction with other management activities. Leveraging Change Leadership (vision for change), change management (enables people pursue a common goal) and project management (structure for change) would potentially create the highest value to the