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 […]
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 […]
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 […]
Before embarking on our journey to understand the mentioned terms, let’s understand Decomposition Decomposition as a means of breaking down scope into work package or work packages into smaller activities I understand that for many of us, the project manager it doesn’t make a lot of sense to have two activities as we usually deliver […]
Project Manufacturing vs Operations Project Manufacturing Project Manufacturing is an operation designed to produce unique but similar products. It takes advantage of common manufacturing requirements (and therefore efficiencies), while allowing for customization into “unique” combinations. Unique orders may be managed like a project. Project Manufacturing is a temporary endeavour carried out to develop a unique […]
9 Essential Leadership Traits When we think of project managers, we think of team leaders accountable for delivering the project within the allocated deadline and budget set by the client. In reality, it takes a lot to become a project manager. Achieving a leadership position comes with massive responsibility and requires certain character qualities. Leaders […]
