As a result, Marina is trying to develop risk responses that will eliminate or reduce the impact of these identified risks. Do you think it is possible for Marina to address two or more of her project risks with the same response?
Yes! By addressing more than one project risk with the same response, Marina will be able to deal with risk threats and risk opportunities more quickly, which will maximize the likelihood of a successful project completion.
Every project will encounter numerous risks. Many of these risks will be driven by a common risk cause. A common risk cause is an event or situation that produces more than one project risk.
As a project manager, you can identify common risk causes during the risk identification and risk analysis processes. It is important to take advantage of these opportunities whenever and wherever possible.
It is important to remember that every project is unique. Therefore, you cannot expect to identify the same common risk causes in every project that you manage. However, there are some causes that may occur more frequently than others. These common risk causes include:
- unavailability of resources
- inadequate quality standards
- lack of communication
- inadequate tools or technology
Another common risk cause is inadequate quality standards. Identifying this common risk cause early in the course of a project is especially valuable because this risk cause has the potential to create several project risks that can adversely affect the promised consumer deliverable.
As a project manager, it is important to remember that if quality standards are not properly set or are not specific enough, your project will either fall below the expected standard or aim for a standard not required by the client.
Marina, from Outback Retailers, is beginning the risk response planning process for her current project. After studying the results from her project's other risk management processes, she finds that some of the quality procedures that concern the new product are not clearly detailed. In addition, phase three may be short by two people due to a recent staff reduction. Marina hopes that the identification of these two common risk causes up front will help make her risk response planning process more efficient.
A lack of communication is another example of a common risk cause. In daily life, whether at home or at the office, people often suffer the unpleasant consequences of not giving or receiving adequate or accurate information. This is especially true in project management. If clear and open lines of communication are not firmly established, a project may be put in serious jeopardy. Such things as change requests and project plan modifications may not be properly carried out if there is a break in communication.
Inadequate tools or technology is a common risk cause that can severely impact the outcome of a project. It is difficult to develop a product efficiently or according to its established standards if you do not have the adequate tools or technology to complete the product as specified in the project plan.
It is also possible that a project may suffer a complete failure if critical tools are not readily at hand when needed. This common risk cause may also result in project deliverables not meeting widely accepted industry standards.
As a project manager, it is important to remember that some of your project risks may be driven by a common risk cause. As a result, the identification of these common risk causes is a valuable input to risk response planning because it may allow you to address more than one project risk with a single response. This will help eliminate the creation of redundant risk responses and make your risk response planning process more efficient.
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Tag: PM206A51. 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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