The traditional approach to resolving project delays by throwing resources at the problem is full of issues. Unless we find a more effective way of managing resources, our success will always be limited.
Planning, Assessing, Analyzing and Monitoring Country and Political Risk During the PMI Risk Management Processby
Pursuing overseas or cross-borders business requires an understanding of the country and political risk—it is, indisputably, a key consideration. The author demonstrates how PMI risk management processes and best practices can be customized to expand the picture of country political risk assessments, identification, analysis and monitoring.
Managing while creating reserves is both a habit and an art. To prevent potential problems, it helps to follow five useful principles.
The project workflow framework enables even the inexperienced project manager to use detailed step-by-step guidance, examples, tools and practical advice, freeing experienced project managers to manage programs and portfolios and promoting better use of project resources to reduce the cost of projects across all industries.
The risk we take in swearing allegiance to a specific approach is that following the approach often becomes more important than achieving the goal of the project. Let’s explore the merits of using the best of different approaches—and how marrying them into a hybrid model impacts the way projects are planned and managed.
Project managers must ensure that projects are aligned with business strategy and value creation for their company and its shareholders. The author demonstrates the importance of the bridge between the business and project worlds, even when there is not a clear link between their objectives. But one objective always remains the same: to create economic value.
Nuclear technology and project management have a long standing relationship. The River Corridor Closure Project was a finalist for the PMI Project of the Year award in 2015. As a large-scale project that dealt with significant hazards and large budgets successfully, there is much to learn from this project.
How can something that is fundamentally quite simple be so difficult to understand? How can a skill that is the foundation of project management, and in fact all business, become so difficult so quickly? And why do we often make it so challenging to do something so easy?
Organizational values, project boundaries and performance expectations are all important areas that exist within every organization with varying degrees of thought and implementation behind them. Here we look at how organizational rules and norms are presented and communicated to employees and project team members, and how they can be interpreted.
No matter how much money or people are thrown at a project, it will not be successful without the proper amount of preparation. There is much that can be accomplished prior to the work beginning, and throughout the project there are key activities that must be done in order to support the project correctly.
|A.||Long-term projects are challenging and offer a great sense of accomplishment, but there are some risks and procedural modifications to layer onto your usual processes if you hope to be successful. Thinking ahead is crucial, as any errors or missed estimates are magnified.|
|B.||Large projects are scary at first, but because you have so much time and such a large budget, it is easier to balance small errors and still come out within your original metrics. Just be sure the team is signed to a contract of at least six months past the estimated completion date.|
|C.||Projects that will take more than six months and exceed $1 million dollars need more than one project manager. The escalation metric is simple: each quarter on the corporate calendar and each quarter of a million dollars added to the budget equal one additional project manager.|
|D.||Create a rolling staff plan for this endeavor, as people will get too bored and lose their ability to find creative solutions when a project drags on. Perhaps manning it with team members from a third-party staffing service is the most efficient choice.|
Document a business case to persuade upper management to fund your project. Keep it short and succinct enough that the busy executive management audience will read and digest it. It should directly convey the information they need to know with salient, hard-hitting, supporting evidence that addresses the bottom line. This is a basic instructional framework of the information you should include in your business case. Enhance it as you wish!
Finding sponsors to back your project is an art. Make a compelling case for the project to gain sponsor support when you are pitching your business case to executive management. Here is an example of a brief, direct project concept designed to lure sponsors into your camp.
This checklist is a quick and dirty way of weighing risk factors against project criteria to discover level of risk.
Formulating a business case and proposing your project to senior management for buy-in can be tricky. Don't dive right in and start writing. Begin with a solid checklist of guidelines to ensure a business case that's more than buzzword hype.
Mission-critical projects need to be well-justified, with clear goals that can be referenced throughout the life of the project. This business case template offers an excellent approach to goal-setting and a way to communicate those goals effectively.
This is a high-level example of a Project Charter for implementing a methodology, but the structure and approach will work for many projects. This example is heavy on risks and assumptions, light on budgeting, role descriptions and conflict resolution.
The project sponsor is your project's champion. This guideline will help you pick the right person for this important job.
The attached tool has been developed to assist you in generating some solid payback data to be used to evaluate the return potential of your proposed method. Not only will it help the gods of finance see the light, but will also help you to understand whether your project is a winner or loser before you ever put your signature on the purchase requisition.
This excellent project justification guide will provide sophisticated advice to maximize the impact of your business case, making it accurate, complete and persuasive. In addition, learn some handy tips, techniques and strategies to complement existing procedures, templates and spreadsheets that you already use.
Presenting a winning business case with the right amount of the right information for the right audience is the key to getting approval and funding for your project! Here is a presentation that will give you the fine points on how to do just that.
No project was ever completed on time and within budget. Identifying risks associated with a project and mitigating them is a crucial activity of project planning. Managers need to not only analyze project risks, but also must develop contingency plans to address those risks.
The project sponsor checklist describes ways for the project sponsor to provide commitment and project support in an effective, visible manner.
Building an application? This checklist outlines 52 potential risk areas in application development, defining low, medium and high risk levels for each. Classifying your project risk in each of these areas will not only guide you in forming mitigation strategies, but really help you focus your management attention during the course of the project.
What's the first step in looking at the risks you face in delivering your project? Before performing a full-blow assessment, you may want to ask yourself a few simple questions. This 10 minute, 27 question worksheet will help you quickly identify a number of risk factors common to many projects. It's a great first step in looking at the risks you may be facing at a macro level.
This template outlines a classic Project Charter with a focus on project definition and strategic ties. Risks and stakeholder needs are covered, but not in granular detail. It is appropriate for fairly low-risk projects where the goal is to get everyone on the same page up front.