Known Risks and Unknown Risks – PMP/CAPM

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 […]

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Negative Risk (threat) and Positive Risk (opportunity) – PMP/CAPM

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 […]

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Master Schedule and Milestone Schedule – PMP/CAPM

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 […]

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Change Management and Configuration Management

Change Management and Configuration Management Change Management Change Management is a collective term for all tactics and methodologies to organize, support and help individuals, teams, and corporates in making a managerial change. It is a systemic strategy to deal with the changeover of a business’s objectives, procedures, and technologies. A Change Management Plan is a […]

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Event-based Risk and Non-Event Risks

Event-based Risk and Non-Event Risks 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] Event-Based Risk […]

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Organizational Governance and Project Governance

Organizational Governance and Project Governance Good governance is a synonym for ‘good business’, structuring the organization to deliver high levels of achievement on an ethical and sustainable basis Governance refers to the guidelines, operations, and processes that assist activities in a project, program and portfolio management. In Organizational Project Management, governance ensures management and decision-making […]

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Contract Closure and Administrative Closure

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 […]

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Change Request

Change Request “Change Request. A formal proposal to modify a document, deliverable, or baseline” PMBOK ver 6 Changes are not bad. They are Inevitable. What is bad is how you manage it. A change request is a documentation comprising of a requirement to adjust the system. It’s of great significance in the change management process. […]

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Issues and Risk

Issues and Risk 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 […]

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