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project risk vs issue example

Project Risks vs Issues: Examples And Definition

A project risk is an uncertain event or condition that can have positive or negative impact on at least one of the project objectives whereas an issue (a.k.a. problem) is something that has already occurred or is currently happening. Risks are uncertain in nature i.e., they may or may not occur. There is probability attached …

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risk management strategy

Change your Project Risk Management Strategy

What is your Project Risk Management Strategy? “Duh! We will deal with the problem when it comes. Is there any other Project Risk Management Strategy?” In my experience “deal with the problem when it comes” is the most frequently used Project Risk Management Strategy (also called Project Risk Response Strategy). Most Project Managers (and other …

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risk management strategies

4 Project Risk Response Strategies for Opportunities

Do you use Project Risk Response Strategies to avail Opportunities? Let us be frank here. Most of us never think about Project Risk Response Strategies for Opportunities. We usually ignore the Opportunities and think only about threats. Many of you would vociferously disagree with me. Well, I am not talking about Life Opportunities. In the …

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optimization bad for projects

Why Optimism is BAD for the Projects?

Pessimist – We are going Down. Optimist – We cannot go down any further. Now the only way is Up. Realist – Let us analyze the current situation and decide what best can be done. Humans, by nature, are usually optimistic. Project Managers (unless they are from another Galaxy) follow the same trait. Recently, I …

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Did You Know That A project Is Scheduled To FAIL?

A project is scheduled to FAIL from start. This is a very strong statement albeit true. I have noticed this phenomenon many times during my experience. Let me explain. Project Managers rarely understand good scheduling concepts/techniques. Even if they understand, good concepts/techniques are rarely used while developing project schedule. What are good scheduling concepts/techniques? These …

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pert standard deviation variance formula critical path method

Using PERT & Standard Deviation For Critical Path Analysis

You would find Program Evaluation & Review Technique (PERT), Critical Path Method (CPM) and Standard Deviation in complete detail this post. IT describes how they are related to each other and how they can be used together for project schedule analysis. This article assumes that you are already know how to use PERT Formula for …

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pert formula variance standard deviation

Variance And Standard Deviation In PERT Formula [PMP]

You might be looking to understand the usage of variance and standard deviation in PERT formula. PERT is an acronym for Program Evaluation and Review technique. This technique is used to determine duration and cost estimates of a task. In this technique, a weighted average (mean) of three different estimates is used to determine the …

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pert formula three point estimation calculations

How To Use PERT Formula For Three Point Estimating?

PERT Formula is one on the ways for doing three point estimation. It calculates expected duration by finding the weighted average of three different estimates viz. Optimistic (O), Pessimistic (P), and Most Likely (M). E_PERT=(O+P+4×M)/6 The three point estimation can also be done by using simple average formula. E_SA=(O+P+M)/3 PERT (Program Evaluation and Review Technique) …

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types of contract and risk

Which Type of Contract Is Most Risky In Procurement [PMP]

The PMBOK Guide (A Guide to Project Management Body of Knowledge) describes three basic types of contracts in procurement management. There is a cost risk associated with each contract type. Cost Plus (CP) contracts are most risky for the buyers and Fixed Price (FP) contracts are most risky for the sellers. Some books suggest that …

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