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 […]
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 […]
Before going forward with the clarification of the definitions mentioned above, we need to understand the WBS, and work breakdown. “A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. Each descending level of the WBS represents an […]
Project Cost Management No Initiative will be approved and no project will get into execution until the Project Manager or Project Management team provides the project schedule and the project budget. These are baselined during the Planning process Group so that can be used for measuring the progress of the project against a Project Management […]
Project Manager and Business Analyst??? An argument that I have with myself daily on the job is whether I am a project manager or a business analyst. Should I advise on the solution, or should I stay in the PM lane and let the solution architect and the business side deal with it? Many of […]
In today’s world where we are experiencing massive changes in all facets of life (the largest ever after the third industrial revolution), project management has become quite pervasive. In this era of Industry 4.0, the methodologies we learn in this field are being used in almost every other industry around the world. It’s thought-provoking to […]
Estimation Techniques and how to better estimates keeping in view the cone of uncertainty Project estimation, development, and monitoring go hand in hand. Effective project management requires consistent and repeated estimation methodologies to manage the limitations of scope, time, finance, and quality to ensure project success. This video from Project Management Series presented by Mudassir […]
