Today we are talking about Project management, The Definition, the importance to have a good plan and lastly how to manage your risks.

The need for project management has been greater than ever most companies will pay and do anything to have a great project manager that can make their projects a successful one and drives them to success and more profit. Project manager these days are more risk-taking than ever before, so it is important to know the consequences of the risks and how to avoid them and how planning could save your project and save your money and possibly be the cause of increasing the profit of the company and could be the start of your journey to PMP certificate. (Kinicki and Williams, 2013)

First of all, we have to define project management.

Definition:

 

 “–Project Management- is the dynamic process that utilizes the appropriate resources of the business in a precise and controlled manner, to accomplish some clearly defined goals known as strategic needs. It is always guided within a defined set of restrictions.”

 (Kinicki and Williams, 2013)

The importance of planning in project management.

A detailed project plan ought to be produced and closed down by the Steering Committee.

(Gale, 2016)

It gives the following advantages:

1. Interprets the high-level business goals into a described ‘roadmap’ of actual deliverables.

2. Delivers a detailed list of resource necessities.

3. Provides an accurate calculation of project timescales.

4. Allows expected project costs to be further authenticated.

5. Allows for problems to be recognized early on, such as tasks taking longer than anticipated, slippage in target dates and team members not being beneficial.

Construct the plan on recognized metrics, how long did a previous comparable project take?

Include all colleagues, not simply senior management.

develop a plan in duplicates over a period of time, by counseling colleagues and drawing on their experience. (Watt, 2011)

Common Mistakes:

 

• Having no project plan.

• Having an incorrect project plan. 

• Do not be persuaded by a sexy looking project plan that has been produced to give the Steering Committee a warm, comfortable feeling, but which is not based on reality. 

• An incorrect project plan is worse than having no project plan at all. 

• As with all practices, a little bit of common sense and practicality is required. 

• Do not be too committed, for example, a 3-day project does not need a detailed project plan. (Watt, 2011)

• Do not lose vision of what the project is trying to attain. 

• Old-style project management techniques can urge over planning and an extreme focus on macro-level tasks at the cost of the general objective. 

• Obligating to, or baselining project strategies too early. (Gale, 2016)

 

How to manage the risks of your project?

The role of the project manager is to recognize the most extreme risks and plan to limit them.

All through the project, you should keep on concentrating on the significant risks confronting the project, which will change after some time. (Watt, 2011)

This maintains the attention on areas that need to be addressed.

 You should consider using a risk mapping approach:

• Recognize the project goals.

• Priorities the goals.

• Detect the key risks to neglecting those objectives.

• Take protective actions.

• Track and update risk once-a-month using a risk log. (Gale, 2016)

There are four risk management techniques you may use to manage the risks to your project:

1. Avoiding using an alternate approach that does not have the risk.

This is not always potential. There are programmers that purposely involve high risks in the anticipation of high gains. This is the most effectual risk management method if it can be applied. (Watt, 2011)

2. Control

Monitoring risk includes evolving a risk reduction plan and

then following that plan. A key feature is the planning by

skilled people. The plan itself may involve similar

development programmers. (Gale, 2016)

3. Assumption

Simply accepting the risk and continuing. There can be a

propensity within organizations to slowly let the supposition of

risk take on the atmosphere of controlled risk. (Watt, 2011)

4. Risk Transfer

This means causing another party to accept the risk, typically by contract or by supporting. Risk among development or other contractual workers is frequently exchanged along these lines. “Never expect to start risk management intends to be impeccable. Practice, involvement and real misfortune results will direct changes in the arrangement to enable diverse choices to be made in managing the risks being confronted. With the goal for organizations to prevail in the twenty-first century, they need to exceed expectations taking all things together parts of their business, which incorporates risk management so they can satisfy their own and their client’s objectives.” (Gale, 2016)

Common Mistakes:

 

• The unwillingness to focus on the risks.

• The Committee not wanting to know about the risk or the project failing.

• Delaying and taking a sensitive approach to the risks. (Gale, 2016)

In conclusion,

Finally, trying to deal with an extensive and complex project without a project plan resembles trying to cross the street blindfolded, you are running visually impaired. Also, not confronting the risks you face could be the number one cause of the death of your project and sometimes even your company, planning will save you time and money while managing risks the right way will save your project. It is important to apply these tips in everyday work and see how much your work will develop and thrive. And remember to always choose the alternatives that have fewer risks. High risk does not always mean high gain. So, be patient to have more effective and efficient results.

Read more about Project management:

Project Management

TOP 10 QUALITIES OF A PROJECT MANAGER

Also, watch:

A sixth sense for project management | Tres Roeder

REFERENCES:

Gale, S. (2016). the executive guide to project management. 4th ed. [ebook] new york: Project management institute, pp.36-43-23-45-32. Available at: https://www.pmi.org/-/media/pmi/documents/public/pdf/publications/pmi-executive-guide.pdf [Accessed 31 Oct. 2018].

 

Watt, A. (2011). Project Management. 3rd ed. [ebook] Available at: http://www.opentextbooks.org.hk/system/files/export/15/15694/pdf/Project_Management_15694.pdf [Accessed 31 Oct. 2018].

 

Kinicki, A. and Williams, B. (2016). management a practical introduction. 7th ed. NY 10121: McGraw-Hill Education,

*All the photos used in this blog are my own creation*