Critical Chain Project Management has been with us for some time, championed by companies such as Prochain and to a much lesser extent individuals like myself. This videos gives a good overview of Critical Chain Project Management.
Basic Risk Management is about understanding and managing the risks which exist in the project or operations you are monitoring and is outlined well in the quotation below.
“Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary”
Risk Management is the focus on things that will change the outcome of the project (I will discuss this in the setting of Project Management). From a purist viewpoint these results can have a positive or negative outcome on the project, in most cases it is only the negative elements that people focus on.
The Feasibility Study will help in the company understanding the projects viability by looking at several factors to gain a full picture of the project in the current environment. With this information an informed decision can be made on whether the project will go ahead or change in scope and time frame or be left until the situation changes.
Many Feasibility studies are based on TELOS which will cover most of the areas that are required to fully understand the projects viability.
Risk Management is a critical part of the management of any project or in many cases an ongoing process. Defining the risk as early as possible in the life of the project is important, the ongoing process of Risk Management is equally critical to the success of the project.
Risk Management is important, so lets have a look at the basic process that are involved.
Working in project recovery it very quickly becomes apparent that the majority of these projects are in their present situation as a result of misinformation and the mistrust that grows from it. If there is an intention to save the project there are some fundamental steps that need to be taken
RT @ianburgess Facebook as a Collaborative Knowledge Management System http://bit.ly/c748hE #UOKM
@DiscoverTheKey love the new brand, good to see its all working for you coffee soon? Working on "Makeup of Consultancy Industry" for Edinburgh Uni MBA consultancy panel tomorrow.
