How to Execute Perfect Project Management

March 5, 2013 - PRLog -- La Harba, CA, February 2013 /ProjectManager/ -- Risk management, considered as one of the most important matters a project manager should work on with his team. On a 5:45 minute video presentation release by Project Manager Ltd. from one of their Whiteboard Sessions, Devin Deen (Content Director) explained the risk management allocation required for each project.

As what many project managers say, the first and best step on risk management is the Reckon stage, which was described by Deen as the “Get the List” stage. This is when the whole project team confer together with their clients and vendors and share insights and experiences about possible risks on the proposed project. This is where camaraderie and teamwork starts.

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Creating a risk register was advised by Deen to better get the risks and allocations recorded as well as the possible action plans from all different inputs be jotted down. Just like a regular meeting, notes are really important for accuracy of project execution.

The second part was about assigning the likehood and impact amongst team members. Deen also added that it is better to put colors each assignment to easily distinguish between time, resourcing, budgetary and scope functionality risks.

After assigning the likehood, developing of mitigation techniques would be easier to handle. Distinguishing Low likehood from Middle likehood and High likehood is also developed in this phase. Starting with the high impact risks makes the mitigation easier, as well as defeats procrastination.

Once the mitigation techniques are developed, the stage for quantifying costs and impact of the risks takes place. It was also said that it is better to use dollars as the currency to these costs for universality. “Now, you think once you’ve gone through all these steps in getting your risks together and identified at the start of the project that you’re done. Think again. You want to go back and do all these steps again and revisit them at least weekly. In your project meetings, make sure you bring that risk register out. Assess if there are any new risks that are coming up from the project team. Or look at those risks and maybe change the likelihood of occurrence or the impact as they come out.” Deen added.

About Project Manager

Founded in 2008 by 4 guys who wanted to create a better toolset for managing projects. In just 12 months of going live, they grew to 25 staff and a healthy revenue stream. Project Manager now has customers in more than 100 countries and is one of the fastest project management service providers on the net. More than 70% of their customers are based in the USA with organizations like NASA, United Nations, Boeing and Volvo all managing projects on their platform.

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Resources

The Project Management Video:
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