Project risk Management helps to identify the knowledge gaps and assist in plugging those gaps 4. It helps to ascertain the risks which may be encountered during the day to day operations. It also helps in identifying the environmental, financial, technical, legal and other such miscellaneous risks which may be encountered depending on the nature of the project. 5. Merely identification of the risks is fruitless unless and until a mitigation plan is in place.
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.
4. Tailoring PRINCE2 to the Project Environment - This chapter addresses the need to tailor PRINCE2 to the specific context of the project. PRINCE2 is not a 'one size fits all' solution; it is a flexible framework that can readily be tailored to any type or size of project. This methodology stands for projects in a controlled environment. PRINCE2 shares more of the functional and financial authority with senior manager and not solely with project manager.
It ensures that there is enhanced coordination and transparency with functional units, which facilitates early identification of critical risks. Risk management should not be regarded as non-essential cost to be cut in the difficult times. Instead, organizations should use the insights offered by the risk process to ensure that they can handle the inevitable circumstances & uncertainties and emerge with a best possible solution in the
INTRODUCTION Project management methodology was firstly introduced in the 1960s as many companies were in the search of a more efficient method that could make things easier when realising the welfare of business and organising the work into order. Joint effort and communication were the main measures for inaugurating productive work connections among the teams and departments between one and the similar group. From that moment, there have been an evolution and changed several moment, new classifications was made, different basics and purposes was annex. These days project management methodology is recognise as a set of broad rules and principles to govern an explicit project that has an absolute commencement and termination. Project Methodology
The Project Manager figures a risk assuming to spend plan suitable for the venture a financial way to deal with the appraisal of task risks that is the assessing their effect and probability, and the appropriate responses (Lianying, Jing, & Xinxing, 2012). The risk management technique prescribed by PRINCE2 includes five stages: Identify Context • The initial step in the risk management strategies is to obtain the information regarding the project that includes the risk management policies of the company. • It further clarifies the objectives of the complete objectives that help them to identify the risks and help the project manager to formulate the Risk management strategy in order to control the negative side of the project and enhance the positive side (Sanchez, Robert, Bourgault, & Pellerin, 2009). Risks • It aims to identify the risk, threats and opportunities that might affect the internal and external environment and assets of the organisation. It further intents to analyse even minor details that might affect the company in any term and plan contingency plans to control the
A clear project plan describing the process, roles and responsibilities of various partners for identifying, assessing and understanding the country’s ML/TF risks may therefore be useful. In addition, an appraisal of likely resource requirements needed to undertake the ML/TF risk assessment may be beneficial. 25. There are a variety of processes through which a country may reach an informed understanding of the risks it faces – in a particular situation or overall. This includes top-down approaches (resulting from a single, co-ordinated framework or system) and bottom-up (building a national assessment from a patchwork of assessments with a smaller scope).
CHAPTER 1 INTRODUCTION 1.1 About project Managers now find that they are frequently involved in projects so can being managed using a formalized and managed through project management methodology. Communications is an important part of such projects and if you are going to mange as a successful manager. It is essential for understanding of project management different terms, the way of processes and its procedures. Collaborative project management is a form to used to plan, and coordinate, and control, and monitor distributed and complexity of projects. It helps the project teams to collaborate across departmental, corporate, and national worldwide and to highly growing project complexity.
Once the risk analysis and evaluation process has been finalized, the appropriate actions are taken to achieve the project objective. The project’s schedule, budget, scope or quality is revised through the mitigation of risk. An integral part of managing a project is risk management. Specific action
These include work breakdown structures, client information sheets and project plans, among others. As the most important factor in achieving success, the early developments of strategies, philosophies and methodologies of project implementation have been stressed by (Kumar). It is possible to tailor strategies and methodologies which are specific to a certain situation by gathering sufficient site information and being aware of project considerations and constraints. Such well-defined strategies will assist in providing a agreeable and successful implementation of a project.