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Project Management Blog
Blogs

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Saturday, 27 January 2007 17:15

Risk Identification

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PMI defines risk identification as determining which risk events are likely to affect the project and documenting the characteristics of each. This process involves identifying three related factors: (1) potential sources of risk (schedule, cost, technical, legal, and so on), (2) possible risk events, and (3) risk symptoms.

The timing of risk identification is also of vital importance. PMI® advocates that risk identification should first be accomplished at the outset of the project and then be updated regularly throughout the project life cycle. 

Last modified on Thursday, 10 December 2009 22:15
Saturday, 27 January 2007 17:09

Risk Factors

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One of the first inputs to risk management is the project charter. The charter is needed in risk management planning because it identifies the business need of the project and the overall product description. Risks that can prevent the project from satisfying the business need of the project must be addressed. The product description must also be evaluated to determine what risks may be preventing the project work from obtaining the acceptable product description. 

Last modified on Thursday, 10 December 2009 22:16
Saturday, 27 January 2007 17:06

Risk Planning & Analysis

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Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. This technique also helps define preventive measures to reduce the probability of these factors from occurring and identify countermeasures to successfully deal with these constraints when they develop.

Last modified on Thursday, 10 December 2009 22:16
Saturday, 27 January 2007 17:05

Project Risk Management

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Risk Management is the process of measuring, or assessing risk and then developing strategies to manage the risk. In general, the strategies employed include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. The Risk Management Plan (RMP) is the document prepared by a Project manager to foresee risks, to estimate the effectiveness and to mitigate them.

 

Last modified on Thursday, 10 December 2009 22:16
Saturday, 27 January 2007 16:53

Performance Reporting

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PERFORMANCE REPORTING

Performance reporting involves six things:

  • Status reports How’s the project right now?
  • Progress reports How complete is the project? How much more work remains?
  • Forecasting Will this project end on schedule? Will the project be on budget? How much longer will this project take? And how much more money will this project need to finish?
  • Scope How is the project meeting the project scope?
  • Quality What are the results of quality audit, testing, and analysis?
  • Risks What risks have come into the project and what has been their affect on the project?

The goal of performance reporting - The purpose of reporting is to share information regarding the project performance with the appropriate stakeholders. Performance reporting is done on a regular schedule.

  • Performance reports - These are the results and summation of the project performance analysis. The Communications Management Plan will detail the type of report needed based on the conditions within the project, the timing of the communication, and the demands of the project stakeholder.
  • Change requests - Results of performance may prompt change requests to some area of the project. The change requests should flow into the change control system for consideration and approval or denial.

 

Forecasts - Have a basic understanding of Forecasts. Forecasts are updated and reissued based on work performance information provided as the project is executed. This information is about the project’s past performance that could impact the project in the future, for example, estimate at completion and estimate to complete.

Communicating change - Performance reports and change requests are an input to the following Change Control Processes:

  • Integrated Change Control
  • Scope Change Control
  • Schedule Change Control
  • Cost Change Control

 

Note: The project plan is one of the key inputs to performance reporting. The project plan contains the WBS, the project scope and requirements, and other documentation that can be used to measure project progress and performance. Other inputs to performance reporting are the work results. Work results can be examined and measured for quality, time spent completing the work, and the monies required to complete the work results. The work results, as progress reports or completion of work results, can be measured against the estimates and expectations to reveal variances. The Communications Management Plan will detail how values are measured, for example EVM, and at what point variances call for communications to the appropriate stakeholders. The last inputs to performance reporting are other project records, such as memos, product description, and other information relevant to the project. For example, a customer may request project status updates every quarter, regardless of where the project is in its timeline. Or a project may have multiple vendors whose contracts require differing levels and types of reporting from the project staff. This is a communication requirement that would be in the Communications Management Plan.

 

 

 

 

Last modified on Friday, 11 December 2009 02:29

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