Mitigation plan, Fallback Plan, Contingency Plan and Workaround Mitigation plan In risk mitigation, action is taken to reduce the probability of occurrence and/or impact of a threat. PMBOK 6 is used for the risk with high probability and impact and therefore place in action to minimize the impact. Risk mitigation revolves around reducing the impact […]
Reserves is a buffer in terms of Schedule or Cost while estimating is added to the estimated schedule and cost to account for risks or uncertainties both for known and unknown risks Padding is unwelcomed practice as it adds unplanned values or reserve over the output of estimations As explained in the picture, your reserves are […]
Passive Acceptance of Risk and Active Acceptance of Risk 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 […]
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 […]
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 […]
