Analyzing Uncertainties by Tehzun Kachwala, Kettan Sharma, Pratik Patil, Gurjinder Singh (top reads TXT) 📖

Risks are the integral part of project life cycle and can introduce itself at various points of project life cycle. Proper risk planning is the key to minimize the negative impacts and enhance/exploit the opportunities. Project manager should invest enough time in planning so that the dependence on the workarounds could be reduced. Monitoring the project risks throughout project life cycle is using appropriate data analysis techniques which involves technical performance analysis and reserve analysis to keep the project on track and readjust the project baselines, if necessary. Timely audits to check the effectiveness of risk management process however; it is project manager’s responsibility to ensure that required frequency of audits as a part of regular project management meetings and risk review meetings, provided that the objectives should be clear before it is conducted. Meetings also, no doubt are the regular tools used throughout the project to discuss the status/ progress, find out solutions if there is any untreated or unresolved issues or risks. The very basic approach a project manager should follow is understanding the nature of organization he/she is working for under a project. It will help him to understand the framework, processes and procedures followed for risk management, utilization of organizational process assets and understanding the risks thresholds of the organization. Once these factors are understood by a project manager, they can tailor the risk management to deal with uncertainties. Communication is the key to success, so it is in risk management. Better communication in terms of appropriate formatting style of reporting in required frequency and tracking the risks throughout the project life cycle using the matrix used in the organization will build and strengthen the trust between higher management and project manager, which will benefit the project team getting more flexibility in using reserves. Outputs obtained in monitoring risks will generate work performance information, updated risk register, change requests to be sent to integrated change control, updated organizational process assets and other project management plans, is an integrated tailoring of the planning process without getting deviated from the project objectives.

Project management is not only an art it is also simultaneously science which requires vast knowledge and take years of experience learn and master.

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Publication Date: 04-15-2020

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