Risk Identification is the process of determining which risks might affect the project and documents their characteristics. Participants of risk identification activities: project manager, project team members, risk management team (if identified), subject matter experts from outside the project team, customers, end users, other project managers, stakeholders, and risk management experts. While these personnel are often key participants for risk identification, all project personnel should be encouraged to identify risks.
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The effectiveness of software project controls will be revealed to you routinely as a regular part of tracking project activities. One of the primary reasons for systematic project tracking is to gain the earliest possible insight into developing and potential problems and opportunities.
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Risk management approach should be to prevent negative risks and enhancing positive risks. This approach is recomended by PMI (Project Management Institute). Based on this approach, below are some key principles of risk management:
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After a decision is made to enter the initiation process for a project, the collection of input information begins. This is where the project boundaries can be a little unclear, but it is generally accepted that activities starting with the collection of inputs for initiation are part of the project. Remember that the project has not yet been authorized, so all resources required for the initiation processes must be funded explicitly by the project initiator. In other words, someone has to pay for the time required to produce the project charter.
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Generally, the delivery head / practice head determine and allocate the project cost for each project. The project costs are arrived at based on the initial estimate prepared. The project costs shall be used as reference for the project tracking done monthly. For maintenance projects based on the nature, the costing method needs to be modified accordingly
However, the project cost can be calculated as:
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Risk management is an essential activity of project management. It is important to classify risks into appropriate categories. Risks can be classified into following 13 categories:
1. Operational Risk: Risks of loss due to improper process implementation, failed system or some external events risks. Examples can be Failure to address priority conflicts, Insufficient resources or No proper subject training etc.
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Risk Management Planning is the process of developing an approach and executing risk management activities for a project. Inputs to Project Risk Management Planning: The inputs to Risk Management Planning include:
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This is a sample checklist for the review of a Project Plan. The content of Project Plan review checklist depends on the format of Project Plan template defined the in quality system. However, this checklist can assist a reviewer to define an approach for reviewing a Project Plan.
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Project Planning is most important in project management, because the work you are about to complete has likely never been done before. When we talk about project planning process, there are two different kinds of planning processes: core processes and supporting processes.
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The word PROJECT comes from the Latin word PROJECTUM from the Latin verb PROICERE; which means “to throw something forwards” which in turn comes from PRO-, which denotes something that precedes the action of the next part of the word in time and ICERE, “to throw”. The word PROJECT thus actually originally meant “something that comes before anything else happens”.
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