There are two ways to recognize new risks. The first is identifying additional risks during project management processes. The second is identifying new risks caused by changes to the project scope. Your initial risk management plan and risk response plan will not account for these new risks, which is why additional risks and scope changes are important inputs to the risk monitoring and control process.
As the project team members go through their normal project management processes like weekly meetings or status reporting, they may identify additional risks. You must add these additional risks to the risk log. The risks listed in the risk log are inputs to the risk monitoring and control process.
Once a project scope change has been approved, the change log becomes the input. The project team will then review the approved changes to see if any new risks emerged as a result of the scope change.
To identify priorities and triggers and to plan responses, you must input the information about additional risks and the approved scope change into the cycle of risk management processes. There are six main risk processes.
- risk management planning
- risk identification
- qualitative risk analysis
- quantitative risk analysis
- risk response planning
- risk monitoring and control
Risk management planning addresses how the additional risks and scope changes will be approached in regards to risk management. Depending on the magnitude of the risk or scope change, it may or may not affect how you conduct risk management for the project as a whole. For example, a new risk or scope change may be important enough that the budget for risk management of the project is increased.
A project team should consider any changes that may need to be made to the risk management plan before moving on to risk identification.
Risk identification determines which risks are most likely to affect the project. The project team will examine scope changes to identify any new risks that may threaten the project. The team will then take these new risks, or the additional risks that were already identified, and document their details and characteristics. From this point on, new risks will refer to both additional risks and risks identified from scope changes.
After examining the risk management plan and identifying new risks, the next logical step is to find out the potential impact of each risk and how likely it is that each new risk will occur. To do this, you must implement the next two risk management processes: qualitative and quantitative risk analysis.
Qualitative risk analysis assesses the potential impact of new risks and determines the likelihood that each will occur. Qualitative risk analysis prioritizes the new risks based on their potential impact on project objectives. This helps determine which risks are most likely to threaten the project.
Quantitative risk analysis is a numerical analysis that determines the probability that the new risk will occur. It also explores the consequences that the new risk will have on project objectives and on the project as a whole.
The first four processes direct the project team to the risks that are most likely to threaten the project. Risk response planning is the process where specific actions are planned in response to these new, threatening project risks. During this process, project managers assign individuals or groups ownership of particular risks. Common risk responses include avoidance, transference, mitigation, and acceptance.
Risk management planning and risk response planning will help you monitor and control risks effectively. The risk management plan and the risk response plan provide the details that a project team needs to carry out the risk monitoring and control process.
By inputting additional risks and scope changes into the cycle of the risk management process, you will be able to identify priorities and triggers and plan responses. This will help you monitor and control your project effectively.
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Tag: PM206A55. 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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