RISK IN PROJECT MANAGEMENT

  • What is Risk Management?

Project risk management is the process of identifying, analyzing and then responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Managing risk isn’t reactive only, it should be part of the planning process to figure out risk that might happen in the project and how to control that risk if it in fact occurs.

A risk is anything that could potentially impact your project’s timeline, performance or budget. Risks are potentialities, and in a project management context, if they become realities, they then become classified as “issues” that must be addressed. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues. Continue reading “RISK IN PROJECT MANAGEMENT”

WHAT IS A PROJECT BASELINE ?

Even new or accidental project managers know that nothing ever goes according to plan. Any deviation from the project schedule or scope, whether it’s for the better or for the worse, throws off estimates and affects resource usage across other projects. That’s why you need a project baseline.

Not only do project baselines help keep the project on track, but they also play a key role in improving the outcome of the future projects by using the historical data.

But let’s take a step back and examine baselining from the ground up. Continue reading “WHAT IS A PROJECT BASELINE ?”