Risk Analysis - The likelihood and Consequences

Risk Analysis is a process of quantifying the likelihood of each risks evolve and their impact on the projects. Risk analysis is done following the below process:

• Categorize Risks

• Risk Probability Impact Assessment – For each risk identified, assess the risk in terms of likelihood of occurrence and its effect on project objectives if the risk event occurs.You can use different scoring system to express the likelihood that a risk will occur. One of them are probability of occurrence, where you express probability the risk to occur in percentage with 100 percent means the risk will always occur. You can use category ranking using Very Low, Low, Medium, High and Very High to represent the likelihood for the risk to happen.

• Prioritize Risks – Risks that meet the threshold criteria will be recorded in the Risk Response Plan.

Plan Risk Management and Identify project risks

The first step toward controlling project risks are identifying them. As part of the risk management plan, identify the project risks that may result from each of your risk categories. Then assess the effect of the risk may have on your project and decide how you want to manage this.

Examples of risk categories: Requirements, Benefits, Schedule, Budget, Deliverable, Scope, Issues, Supplier, Accetance, Communication and Resource.


How to consider potential project risks when you are developing project plan? and How to identify project risks?

• Review past record of problems in similar situations - If unexpected occurrence for particular project risks in the past you definitely want to prepare for it this time.

• Brainstorm with experts and related people who has experience  - Gathering information through brainstorming session from source of experts will reduce the chances of you overlook important project risks. You can include project manager, project team members, end users, other project managers, stakeholders and risk management expert.

• Be specific - The more specifically you describe your project risks, the better you can assess its potential effect. 

Identify project risks is a iterative process because new risk may evolve and become known as the project progresses.

Most teams are subject to constant risk of meeting their objectives. The key to success lies in how you manage risks, by putting in place a clear risk management plan. This process describes the steps taken to mitigate risk as it occurs, helping you to meet your team goals more easily.

Risk management plan template shows you all of the steps you need to take to implement risk management Plan in your organization. By using this risk management plan to monitor and control risk, you can ensure you meet your team objectives. Within this risk management plan, all of the steps need to mitigate risk are described in detail.

Project Management Books

Project Management Books is a Guide to Success


A project books is somewhat better known as project management books. This is a collection of instructions on how to properly manage people in the work place that are part of your team. Knowing how to get the most of your team with the talents they already posses are the key to being a good manager. This includes what motivates them and what discourages them.

The project management books that is followed can make the difference in the outcome of the project, if it is followed correctly. When looking at the different ones available, peek into the table of content to see what is really in it.

There should be a section on:

• people management,
• managing time,
• financial
• and budget management.

 
Other issues that should be covered are communications, risks, issues, problem solving, reports, and how to properly structure a project from beginning to end.






There should be, within project management books, a section on what is basic on managing a project. This would be best covered if there is a step-by-step approach to planning, scheduling, and executing of a project. There should also be ideas on how to properly track the progress of the project at every stage along the way.

Additionally, the project management books should also contain a section on more advanced and complex issues. This should include how and what should be reported during and at the conclusion of a project. Knowing what should be reported and to whom, can make the difference whether you will be given another project, as a project manager, in the future.

The difference between a project management books that helps to guide and one that can really give a manager the edge is when a section on “value to the customer” is present. Knowing how to spot what adds value to a product for a customer can help significantly on improving a revenue stream. The more value a product has to a client, the greater the price it can be sold for to them, immaterial on how much it cost to manufacture a product. This is called price to value. The value a customer receives is how it is priced. This is especially advantageous to a business when they have a unique product or a monopoly on a sector of business.

This is what to look for when examining a project management books for use by yourself or your project managers to learn from.


Project Management Books
Examples of project management books available for lowest cost.

10 Tips for Project Success

Want to improve your project success? In this post we'll tell you how, by listing our Top 10 tips. So here they are...

10 Tips for Project Success

Starting out: Make sure that when you start out your customer defines their requirements in depth. You need to know exactly what it is that must be delivered, to who and when. Make it specific, write it up formally and get them to sign it off. This document will become the basis upon which to measure your success.
Customers: Involve your customers throughout the entire project life cycle. Get them involved in the analysis and planning, as well as execution. You don't have to seek their approval, just keep them informed. The more you involve them, the greater their level of buy-in and the easier it is to manage their expectations.
Timeframes: Keep your delivery timeframes short and realistic. Never agree to lengthy timeframes. Split the project into “mini-projects” if you need to. Keep each mini-project to less than 6 months. This keeps everyone motivated and focused.
Milestones: Break your project timeframe into "Milestones" which are manageable pieces of work. Add delivery deadlines to your milestones and try to deliver on every deadline, no matter what. If you're late, tell your customer about it as early as possible.
Communications: Make sure you keep everyone informed by providing the right information at the right time. Produce Weekly Status Reports and run regular team meetings. Use these Project Management Templates to save you time.
Scope: Only authorize changes to your project scope if there is no impact on the timeline. Get your customers approval to important scope changes first and then get their buy-in to extend the delivery dates if you need to.
Quality: Keep the quality of your deliverables as high as possible. Constantly review quality and never let it slip. Implement “peer reviews” so that team members can review each others deliverables. Then put in place external reviews to ensure that the quality of the solution meets your customer's needs.
Issues: Jump on risks and issues as soon as they are identified. Prioritize and resolve them before they impact on your project. Take pride in keeping risks and issues to a minimum.
Deliverables: As each deliverable is complete, hand it formally over to your customer. Get them to sign an Acceptance Form to say that it meets their expectations. Only then can you mark each deliverable off as 100% complete.
Your team: Great projects are run by great teams. Hire the best people you can afford. Spend the time to find the right people. It will save you time down the track. Remember, good people are easy to motivate. Show them the vision and how they can make it happen. Trust and believe in them. Make them feel valued. They will work wonders.

And that's it. With these 10 tips you can boost your project success. And here's one last tip that will save you time and effort - use Project Management Templates to produce deliverables faster and easier than before. Download the Project Management Kit of templates today.



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10 Tips for Boosting Team Performance.There are lots of different ways that you can boost your team performance. We’ve listed here our Top 10 Tips. We hope they help you… 

The Project Management Template – Guiding the Way to a Successful Project

Using a project management template not only saves time, money, and effort; it also ensures that all aspects and phases of a project are included in the project plan.

A good template includes the following:

• Defining Project Responsibilities
• Stakeholder Analysis
• Milestone Chart
• Milestone Report
• Variation Form
• Risk Log
• Business Case Form
• Project Definition Form or PID
• Project Reporting Form
• Highlight Report
• Change Control Form
• Change Control Log
• Actual Vs Planned
• Project management check sheet

Defining project responsibilities identifies two aspects of project management: tasks and team members.
A Business Case is a documented, structured proposal for business improvement.  It is prepared to facilitate a selection decision for a proposed project.  The Business Case:

• Illustrates reasons and justification in terms of business process performance, needs and-or problems, and expected benefits.
• Identifies the high-level requirements that are to be satisfied
• Provides analysis of proposed alternative solutions (with reasons for rejecting or carrying forward each option)
• Includes assumptions and constraints
• Details risk-adjusted cost-benefit analysis
• And has a preliminary acquisition plan.

It may seem like a daunting task to create a business case, but it doesn’t have to be an issue when using business case templates.  One of the best ways to evaluate the viability of a business model or to demonstrate the potential of your proposed business solution is to write a business case.


Business case templates take the stress out of developing a business case and are available pre-formatted for many industries and for grant proposals/applications.  Whether using a paid template or a free one, they help a project manager produce a well-organized and compelling business case.


Just as projects vary, templates are not “one size fits all.”  It is up to the project manager to identify the right business case template for the individual project.  There are internal and external, corporate and not-for-profit business cases.


If providing business cases is a common occurrence it makes sense to develop a customized template.  A standard format for business case templates:

• Title
• Table of Contents
• Executive or Project Summary
• Mission Statement
• Objectives
• Needs Assessment
• Technical Analysis
• Project Work Plan
• Financial Plan
• Appendix

Typically, the Title, Table of Contents, Mission Statement, and Summary are added to the business case after the other sections are completed.  The information from the Objectives, Needs Assessment, Technical Analysis, Project Work Plan, and Financial Plan will help determine what goes into the other sections.
By developing a business case template, a project manager has full control over the layout and information, as well as the presentation of the case.


The Title, Table of Contents, and Mission Statement are one page each.  The Summary should not be longer than two pages; ideally, one page.


The other sections require detail and documentation, and so will generally be at least two pages each.
Using one or more business case templates can be of good use to the project manager, providing examples and guidance to ensure the manager’s final template is both easily to use and professional looking.


Developing business case templates means absolute control over the case document, with no need to modify or remove information that is not applicable to the project.


A customized business case template eliminates unneeded sections or text, making it easy for a project manager to utilize over and over again.

Other articles on Project Management Templates:

Project Management Templates and Their Benefits 
Project Management templates are an excellent tool for any project, large or small.  They reduce the time necessary for documentation, and can ensure no steps of the project are neglected.

10 Tips for Boosting Team Performance
10 Tips for Boosting Team Performance.There are lots of different ways that you can boost your team performance. We’ve listed here our Top 10 Tips. We hope they help you…

Managing Project Management Template Risks
If all of our projects just smoothly followed our project schedule we’d have it made.  No issues, no budget overruns, no cranky customers, no scope changes.  But that’s not the case. 

Why Project Management Templates are an Essential Tool for Project Managers
The reason why project management templates are an essential tool for project managers is simple. 

Why Project Management Templates Are Useful
Knowing why project management templates are useful when carrying out large projects is the first step to a smoothly-running project.