Basic Steps for Project Risk Management

Basic Steps for Project Risk Management

RISK is an uncertain or unknown events that can occur any time of project execution and has an positve or negetive impact.Risk Management is a crucial part of Project Management.It aims to attract oppurtinities that has positive impact and decrease the probability of threat that has negetive impact to project.More oppurtinities and less threat signifies a stable project in term of scope , time , Cost and quality.Risk can be of 2 category: Known , Unknown.

Project Risk management contains 6 steps:

1.  Plan for how to manage a RISK both known & unknown in davance.It says the overall process on how to
     plan,manage for a risk depends on Priority and Impact(Probability & Impact Matrix).Its basically conducted
     at the time of Project planning. It defines following :

              - Define which tool and method to be used.
              - Define roles and responsibilty of Risk Management Teasm.
              - Look on budgeting for resources for risk management.
              - Define the threshold for time frame for the risk to be resolved.
              - Define RISK Ctegories and prepare RBS- Risk breakdown structure.
              - Prioritize Risk by Risk by Risk&Impact Matix.
              - Find stake holder tolerance.

2. Identify a Risk by following method:
              - Brainstorming
              - Delphi
              - SWOT Analysis
              - Checklist Analysis
              - Assumption Analysis
              - Process flow chart
              - Cause & Effect Diagram

3. Qualitative Risk Analysis by following method:
              - Probability &Imapct Matrix
              - Categorization method.
4. Quantitative Risk Analysis by following method:

              - Probability Distribution
              - Expert Judgement
              - Sensitive Analysis
              - EMV Analysis( Expected Monetary Value)
              - Decision Tree Analysis
              - Simulation
5. Risk Response Planning by following method:

              - Negetive Risk --> Avoid / Transfer / Mitigate
              - Positive Risk --> Exploit / Share / Enhance
              - Acceptance

6- Risk Monitor & Control



For further clarification please email us :

pratap.sahoo@project-agile.com  
project.agile2011@gmail.com
info@project-agile.com

Thanks, -Pratap Kumar


Or Visit us at  
http://project-agile.com

Basic steps for Project Procurement Mangement

Basic steps for Project Procurement Mangement:

Procurement means acquiring.But what we need to acquire or purchase for the project? This might be a product or a services from outside to complete the project task.From organization prospective it manages both party who buys a product,service or sell a product, service .

Procurement Management is a process which plans whether to purchase or not. What to purchase when and from whom to purchase.It has 6 following steps:

1. Define what and which part of the project service need to be purchased or acquired
    when and how as per project requirement.

2. Document the baseline or criteria for the product or service to be  acquired.

3. Request for Proposals, bids from sellers, and make sure ALL potential seller well
    understood the service requirement.

4. Use evaluation system as per organisation process asset to select potential seller.

5. Establish the relationship between buyer and seller through Contract administration,
    which is alegal binding between two.

6. Close the contarct upon successfull delivering or acquiring product or service else
    accpet teminating contract on failiure as per contract.


Before we plan for Purchase & Acquisitions we need to use techniques of

1. Make -Buy Analysis - Whether to Produce or Buy.
2. Expertise information from Experts.
3. Decide to go for either FP or Reimbusable contracts(CPF,CPFF/CPIF)
4. Time & Material contractual engagements.

Contract Administration plays a crucial Role in ensuring both the seller and buyer are performing according to terms in
the contracts..


For further clarification please email us :

pratap.sahoo@project-agile.com  
project.agile2011@gmail.com
info@project-agile.com

Thanks, -Pratap Kumar


Or Visit us at  
http://project-agile.com

12 basic Steps for better stakeholder Mangement

12 basic Steps for better stakeholder Mangement:

1. List out all stakeholders both Positive & Negetive Stakeholders.
2. Group them.
3. Find objectives for each stakeholders , their issues and concern.
4. Check if any conflicting objectives between stakeholders.
5. Plan on how to meet the expectation of each stakeholders with a gain or profit to the project and align to meet project req.
6. Find each stakeholders level of Responsibility as well authority over a project.
7. Find the extent of influence of each stakeholder on project and find how it vary over a period of time.
8. Donot always overlook the negetive stakeholders.
9. Give a balance management to both positive & negetive stakeholders.
10. Give priority on social environment,Corporate environment for better stake holder management.
11. Have Stakeholder Analysis, stakeholder communication and stakeholder assessment in hand always.
12. Engage top management and executives in front for stakeholder management on addressing oppurtinities.


For further clarification please email us :
pratap.sahoo@project-agile.com  project.agile2011@gmail.com
info@project-agile.com

Thanks, -Pratap Kumar


Or Visit us at  
http://project-agile.com