These are two different risk response strategies to deal with the risks on the project. The idea behind good risk response strategies is to provide the team with various options and identify the actions that could reduce or eliminate threats to project objectives. Risk management team may use an acceptance strategy for known risks as […]
Known Risks and Unknown Risk The risk is future uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. [PMBOK6] The risk is the effect of uncertainty on objectives, and an effect is a positive or negative deviation from what is expected. [ISO31000] Project risk […]
Negative Risk (threat) and Positive Risk (opportunity) The risk is a future uncertain event which may have positive or negative impact on the Project. PMBOK 6 Risk like changes is unavoidable and integral part of project life. We don’t want to be caught off guard in the event of the risk happening. Thinking methodically about […]
Master Schedule and Milestone Schedule The schedule includes at least the list of work activities, their durations, resources, and planned start and finish dates. PMBOK 6 Master Schedule A summary-level project schedule that identifies the major deliverables and work breakdown structure components and key schedule milestones. PMBOK 6 Master Schedule refers to a plan for […]
The risk is future uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. [PMBOK6] The risk is the effect of uncertainty on objectives, and an effect is a positive or negative deviation from what is expected. [ISO31000] What are Event-based Risk and Non-Event Risks […]
No one can be a master of all; it’s too difficult a task. But you can definitely be a Jack-or-Jill-of-all-trades. As project managers, we wear multiple hats—from being facilitators and problem-solvers to translating corporate needs into actionable plans for teams and supporting assets This exposes our weaknesses on multiple fronts. I strongly believe that when […]
Contract Closure and Administrative Closure Contract Closure Contract Closure is the process of accomplishing all tasks in the mentioned deliverables and on the initial recruiting of the contract. For the contract to be closed, the seller is required to complete each and every component of the deliverables. The products and services must be attained in […]
The risk is a future uncertain event which could have a positive or negative impact on the Project or one of its objective A project issue is a problem that is actively disrupting a project or putting its success in doubt I am sure with the above definitions you have understood that they are different […]
A deliverable-oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables” PMBOK A Work Breakdown Structure (WBS) is a hierarchical structure of things that the project will make or outcomes that it will deliver” Association of Project Management A Work Breakdown Structure […]