Prevention seems like a common sense idea, but achieving it does require some thought. Remember that projects are often long and complex and that they involve large amounts of money and other resources. Therefore, it's important to plan your risk management approach so that an "ounce" of risk prevention is in place.
You will use several different types of information and documents as inputs when planning for the management of your project's risks. The inputs used in risk management planning are the:
- project charter and work breakdown structure (WBS)
- organization's risk management policies
- defined roles and responsibilities
- template for the organization's risk management plan
- stakeholder risk tolerances.
The project charter is a document that formally authorizes a project. It includes the business need that the project is undertaken to address.
The WBS is a deliverable-oriented grouping of project components that organizes and defines the total scope of the project.
When it comes to an organization's risk management policies, every organization is different. Some organizations have predefined approaches to risk analysis and response that need to be tailored to match individual projects that are carried out by the organization. It is your responsibility to know whether or not your organization has these predefined approaches. If it does, you need to make sure that you tailor and apply the predefined approaches to risk analysis and response to the project you are managing.
Another input to effective risk management planning is the defined roles and responsibilities. These include the predefined roles, responsibilities, and authority levels of the people that will influence project planning.
Templates for the organization's risk management plan are used as a format for creating the risk management plan. Many organizations have developed templates that are also known as pro-forma standards. Project team members adapt the template to their current project. Companies continuously improve the template based on its application and usefulness to the project.
The final input to risk management planning is stakeholder risk tolerances. Different organizations and different individuals have varying tolerances for risk. These tolerances may be expressed in policy statements or in actions.
The starting point of any risk management planning process must include inputs. Without them, the effect of your risk management planning would be like trying to take medicine from an empty bottle: no inputs, no positive benefits. Understanding the inputs used in planning risk management activities is basic to a sound project management approach at any level of expertise.
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Tag: PM206A57. Let me share all of you about #5 Tips for Project Management Success,, I hope you enjoy it
1. Plan your day using time management techniques
As a project manager, time management skills are essential because you are dealing with a wide range of tasks that demand a quick turnaround time. Planning your day will go a long way in keeping you organized and increasing your productivity. Assist your task planning by using project management software which helps you track the work of you and your team.
If you are not very tech savvy, a simple to-do list can also be a great organizational tool. Prioritize your most important tasks by putting them at the top of the list and less important ones at the bottom. Having a visual plan of your daily tasks helps to keep you on track and aware of time.
Related post: Free ebook 104 secrets to become a great project manager
2. Include stakeholders in important project conversations
While you will have plenty of responsibilities regarding the project, don’t neglect your clients.
Good communication is essential is keeping both parties informed of project progression, curtailing scope creep, and apprised of changing requirements. Some clients may have different expectations when it comes to communication, so make sure to establish the frequency and type of communication (like emails, phone calls, and face-to-face conversations) at the beginning of your project.
Establishing communication expectations early helps alleviate stakeholder uncertainty about communication frequency and delivery.
3. Regularly communicate with your team
Daily team communication helps keep misunderstandings and unclear requirements under control. Keeping your team informed in every step of the project is essential to project management success.
For example, a study published by Procedia Technology found that good communication skills were the cornerstone of project management. The study examined over 300 “construction project managers, architects, construction managers, engineers and quantity surveyors” and their successes and failures on various construction projects.
4. Anticipate project setbacks
Even the best-laid plans often go awry.
Remember that even with a high amount of planning and attention to detail, your project may still encounter some challenges. Pay attention to complaints from stakeholders or colleagues, and other warning signs, like a missed deadline or cost overrun, that there may be a problem.
Preventing a crisis will keep your project running smoothly, save you a lot of time, and keep you, your team, and your stakeholders confident in progressing with the project.
Unfortunately not every complication can be avoided. Crisis management skills are essential for dealing with the unexpected. Project managers need to be flexible and pragmatic. Improvise and make sharp decisions when needed.
Related post: 92 free project management templates
5. Stay focused on the details
A common problem project managers encounter is having the project aims not aligned with the organization’s objectives. A great project manager will strategize a plan for the project to lead back to the overall success of the business.
Know your project’s scope by heart and avoid wandering outside of the project’s requirements. It’s too easy to get lost in minor details and forget what your focus is, so a well-planned project scope is essential for success.
And final, you should use KPI to measure effectiveness of the project, here are full list: 76 project management KPIs
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