I don’t believe that a risk management leader should opt for that as investment requires a lot of money. I think it would be unethical and unprofessional to go through with a project knowing well in advances that the risks are enormous for the company.

Unfortunately with project management, things tend to go wrong at the most inconvenient time unexpected changes are unavoidable. However, I do think that when briefing the management personnels about the progress of the project, PMs should try to be as factual as impossible, avoid vague promises and provide reports reflective of the actual…[Read more]

Schedule Variance and Cost Variance are two essential parameters in earned value management; helps you to analyze the project’s progress, i.e., how are you performing regarding schedule and cost. Schedule Variance helps to determine if you are behind or ahead of schedule, and Cost Variance helps determine if you are under budget or over budget. I…[Read more]

I think the answer to this question depends on the nature of the project itself. For instance, while engineers are important for the building part and setting of the project, limitations on what can and cannot be done, when it comes to designing something like a prosthetic the ideal personnel to tackle this design would not necessary be the…[Read more]

With every project, the importance of the monitoring and controlling process is highly stressed to review the progress and make changes in it to eliminate chances of future setbacks and to increase the workflow. This process involves tracking the actual project performance with the planned project management activities. It can mainly be looked as…[Read more]

Although time is an important factor in any project because extending a project not only makes it more expensive but could also lead to a competitor putting out a similar product before you could, product quality should be more important than avoiding delay in time. It will be preferable to a project which is delayed but somehow still manage to…[Read more]

The Project Planning Phase is the second phase in the project life cycle. It involves creating of a set of plans to help guide team members through the execution and closure phases of the project. The plans created during this phase will help the team to manage time, cost, quality, change, risk and issues. They will also help in managing staff and…[Read more]

There are various risk comes associated with project management. Although, project risk the most understood one, product risk also play a tremendous impact in the feasibility of the project. Project risk involve such things as going over-budget, missing key milestones or deadlines, issues of resource availability, scope-creep, lack of support from…[Read more]

A successful project manager lays out the communication requirements and how information is shared through the team before the start of a project. However, despite the effort of the project manager to enhance communication among the team members, there are bound to be some issues arising still relating to communication. For instance, inability to…[Read more]

There are a wide range of challenges that project mangers face. The most prevailing one is plausibly coordinating conflict and communication between its team members ( without become part of the conflict themselves). Another problems lies in their ability to tactfully address the problem of poor performance ( or laziness ) of certain team…[Read more]

Logging work is essential for the progress of the project as it provides a mean to analyze the feasibility of the project within a timeframe. For my capstone project, my team opted to log every single details of the project. It was very helpful in situating our progress within the capstone milestone as well identifying possible setbacks and…[Read more]