Taking Risks in Project Management

Risk is always a part of doing business. Whether it is deciding to move manufacturing operations to another country or pursuing a television advertising rather than print, every decision carries a risk. The key to emerging from problems relatively unscratched is risk management. In this article, we’ll take a look at your options:

Contingency planning

Basically, this option entails having a Plan B or a “just in case” plan. If you have a good contingency plan, you’ve already significantly minimised the risk if something goes wrong in the original plan. For example, choosing a preferred supplier is one thing but it is also important to have the contact details of other suppliers who offer the same product even if they charge slightly higher rate.

Risk Mitigation

If it is possible to reduce risk, it is important to do so. Risk mitigation involves making a judgment based on the probability of success of failure of a project. This method also foresees the consequences for the project or company if something goes wrong. It can be the loss of time, loss of money, or loss of manpower. Risk mitigation tries to minimise the losses associated with these.

Risk Monitoring

Having an adequate system that tracks risks probability can be highly beneficial. In order to be effective though, the system should also be flexible enough to evaluate the probability at different stages of the project. Monitoring entails accepting a level of deviation from the initial plan; in essence, the project manager determines whether the variance is acceptable.

31
Aug 2011
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POSTED IN Steven Macdessi
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Methods of Being Organised at Work

Majority of people will tell you that being organised is one of the most difficult challenges they face. Procrastination, excuses, and lack of priority are just some of the reasons why people fail to organise their work and even their life. Fortunately, there are methods that can help you stay focused and complete the tasks at hand.

  • Plan – once you know which tasks have to be given priority, the next step is to plan on how to accomplish these. This involves getting all the necessary resources including team members, tools, and equipment for the task to push through.
  • Delegate – if you’re in a position to delegate, do it. Routine tasks can be handled by your subordinates, which will give you time to think, strategise, and focus on the things that really matter.
  • Set Deadlines – this is especially important in project management. Whatever task you’re working on, having a deadline will ensure that the project will be completed with some time to spare.

People with certain personalities, especially the creative types, may sometimes lack organisational skills. With these tips though, it shouldn’t be a hindrance in letting you achieve your potential.

29
Aug 2011
POSTED BY
POSTED IN Steven Macdessi
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