In project management, risk vs. reward refers to the relationship between the potential benefits of a project and the potential risks associated with it. In other words, it involves weighing the potential gains against the potential losses. I believe to…   Read more»

I think there  are some steps that can be taken to speed up the problem-solving process in a project team: The first step can be encouraging open communication to make sure team members are comfortable sharing their concerns and opinions….   Read more»

Working in the industry has taught me that most projects that are associated with high risk will take time and resources to mitigate that risk. In many instances, low risks are often accepted. For example, one of the projects I…   Read more»

Being a part of a team that handles various projects at a time, I have encountered and discussed many risks associated with my projects as well as my team’s. One key aspect is to have all the projects, the stage…   Read more»

I think @mb698 explains it really well as to the importance of the Risk Management Team being the same as the Project Management Team. I also believe that @ jl959 points out an important aspect of the delays that this…   Read more»

One instance where poor planning caused downstream difficulties in a project was during my senior design capstone project. My team grouped together because we were friends but did not account for our individual skillsets. The project was a multidiscipline project…   Read more»

Ideally it is advised to have a good team from the start. Having members that are competent and can work well with one another. Although even with a good team there can be times where the teams can underperform. In…   Read more»

As stated by a few of the previous participants, generally, in this situation, I think the most useful skills would depend on the project you have been assigned. However, there are some skills that are useful regardless of what your…   Read more»

Hi all, 
My name is Paul Davila and I am a graduate student at NJIT. Here is my linkedin page
http://www.linkedin.com/in/paul-davila-7151a3153

I don’t work in the industry before. I only have a little working experience in academics as a research assistant. My job was to find the most stable method to condense the polymer. I need to optimize the process by…   Read more»

I used to be one of the research assistants in an academic lab a few years ago. It was the most severe period of the pandemic then. Our university asked us to limit members to less than four a day…   Read more»

Suppose that the idea is perfect and nobody has funded it yet. I think the company will apply for a patent first. Even though the company doesn’t have enough budget to initiate this project, applying for a patent can prevent…   Read more»

In this situation, I believe it depends on how viable the project is. In a perfect world, all projects would be able to be funded, but as there are limited resources, companies must carefully scrutinize what they invest their time…   Read more»

I agree with your concerns regarding the potential risks associated with this combination product. The fact that it is both a device and a drug and collects sensitive personal information makes it a potential target for hacking, which could lead…   Read more»

As a project manager, ensuring equal contributions from all team members is crucial for the success of the project. One approach to achieving this is to clearly define each team member’s role and responsibilities, and regularly check in with each…   Read more»

@sanam  I couldn’t agree more with your perspective on investing in a project. It is indeed crucial to have a clear understanding of the target market and the potential for the idea to become a viable business. The company should…   Read more»

@gingeranderson I completely agree with your views on the composition of an ideal team. Having a technical expert with formal education is indeed essential, as it provides the team with a strong foundation of technical knowledge. The presence of someone who…   Read more»

Hello, Both large and small teams have their own unique advantages and disadvantages. In a large team, there is a division of labor and specialization of skills, which can increase efficiency and result in a higher quality output. A larger…   Read more»

As @pv223 mentioned I would say that it is extremely probable for a budget change to occur to accommodate for additional testing. In my own personal capstone project we had an initial design which we wanted to use and following…   Read more»