by Kiron Bondale | Jun 21, 2022 | communications, improving project management, project management, Risk Management, Stakeholder analysis
I’ve often referenced Dr. David Hillson’s definition of risk as “uncertainty that matters” in my articles about project risk management. The last word in that short sentence is critical. If stakeholders don’t feel that the information presented to them about a risk...
by Kiron Bondale | Jun 5, 2022 | governance, improving project management, project management, Risk Management
Most project managers will include some contingency reserves within their budget to offset the negative financial impacts of realized risks. Determining how much to put aside for a rainy day might be done from a top-down method such as using a flat percentage derived...
by Kiron Bondale | Mar 13, 2022 | improving project management, project decision making, project management, Project scheduling, Risk Management
There are three commonly referenced approaches for reducing schedule duration: crashing, fast tracking and scope reduction. Crashing is the addition of labor or equipment to effort-driven activities in the hopes of shortening their durations. Fast tracking involves...
by Frank Miller | Mar 5, 2022 | Risk Management, Strategic Project Management, Strategy, swot
Gary David Cohn once said, “If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.” Project manager or not – professionals on all levels have to interact with researching, identifying, and resolving risks....
by Kiron Bondale | Feb 27, 2022 | improving project management, project management, Project performance, Risk Management, Stakeholder analysis
Similar to my previous article, this topic stemmed from a discussion I had with the learners of the PMP preparatory course I taught this week. While presenting the project risk management knowledge area from the PMBOK framework, when I indicated that while in our...
by Kiron Bondale | Feb 20, 2022 | governance, improving project management, Process Peeves, project decision making, project management, Risk Management
Project management standards such as the PMBOK® Guide, Sixth Edition state that contingency reserves, which are established to offset the cost or schedule impacts of realized identified risks, are considered part of the project budget and cost baseline. As the project...
