Project Management

Steps in Project Risk Management Process

Project risk management as simple as it may seem and less regarded by many is a key component for a better project plan, time management, cost estimation and project scheduling.  Project risk management is a term that encompasses and involves all processes concerned with identification, analyzing and response to project risk. It also consists of maximizing the results of likely positive events and minimization of the impacts of negative events.  An effective project execution is also achieved through inclusion of risk management at all stages of the project starting from the planning, to implementation and finally execution.

Experts have stated that a proper and strong project risk management process can reduce project problems by as much as 75 – 90%, combining it with concrete project management plans, defining a proper scope, managing change and communication, a good project risk management helps in reducing and eliminating surprises and unexpected project risks.… Read the rest

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Project Risk Management Process Steps

Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on at least one project objective, such as time, cost, scope, or quality (i.e., where the project time objective is to deliver in accordance with the agreed-upon schedule; where the project cost objective is to deliver within the agreed-upon cost; etc). A risk may have one or more causes and, if it occurs, one or more impacts. For example, a cause may be requiring an environmental permit to do work, or having limited personnel assigned to design the project. The risk event is that the permitting agency may take longer than planned to issue a permit, or the design personnel available and assigned may not be adequate for the activity.… Read the rest

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Project Scope Management

Scope is the description of the boundaries of the project. It defines what the project will deliver and what it will not deliver. Scope is the view all stakeholders have from the project; it is a definition of the limits of the project. Project Scope Management includes the processes required to ensure that the project includes all the work required, and only the work required to complete the project successfully. Project scope management’s primary concern is with defining and controlling what is and is not included in the project. One of the leading causes for project failures is poor management of the project scope, either because the project manager did not spend enough time defining the work, there was not an agreement on the scope by stakeholders, or there was a lack of scope management which leads to adding work not authorized or budgeted to the project, this is known as scope creep.… Read the rest

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Project Planning

Project Planning is foreseeing with blue print towards some predicted  goals or ends. Project plan is a skeleton which consists of bundle of activities  with its future prospects; it is a guided activity. It is a plan for which resources  are allocated and efforts are being made to commence the project with great  amount of pre-planning, project is a way of defining what we are hoping to do  about certain issue. The project alone is not responsible for what happens during  the course of a planning. Project is a final form of written documents that guides  us as to what steps need to be taken next.… Read the rest

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Social Cost Benefit Analysis of a Project

The foremost aim of all the individual firm or a company is to earn  maximum possible return from the investment on their project. In this  aspect project promoters are interested in wealth maximization. Hence  the project promoters tend to evaluate only the commercial profitability of  a project. There are some projects that may not offer attractive returns as  for as commercial profitability is concerned but still such projects are  undertaken since they have social implications. Such projects are public  projects like road, railway, bridge and other transport projects, irrigation  projects, power projects etc. for which socio-economic considerations  play a significant part rather than mere commercial profitability.… Read the rest

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Characteristics of Project Phases

The completion and approval of one or more deliverables characterizes a project phase. A deliverable is a measurable, verifiable work product such as a specification, feasibility study report, detailed design document, or working prototype. Some deliverables can correspond to the project management process, whereas others are the end products or components of the end products for which the project was conceived. The deliverables, and hence the phases, are part of a generally sequential process designed to ensure proper control of the project and to attain the desired product or service, which is the objective of the project.

In any specific project, for reasons of size, complexity, level of risk, and cash flow constraints, phases can be further subdivided into subphases.… Read the rest

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