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Project HEADWAY - Risk Tips Overview
Introduction
Headway is a project management methodology that defines the crucial activities necessary to define, plan and manage a project. They are not the only activities that need to be conducted – there is also the work of building the project results – but Headway defines what it takes to manage a project, regardless of type or size.
One of the challenges in planning any project is estimation. The estimates for a project – how much the project will cost, how long it will take and the resource effort involved – very much depends upon the nature of the project itself. As projects get larger, more complex and more uncertain, the schedule and costs typically grow, often exponentially.
The greatest factor that influences how projects are delivered is risk. We plan projects based upon what we know will and won’t happen. Where we aren’t sure of something happening is where complexity gets factored in. Understanding the risks a project faces – and being able to define strategies to manage those risks – is essential to successful project delivery. Defining and managing risks requires clear focus on:
- Identification of what could go wrong in managing the project – the factors that could be an issue for the particular project we are looking at.
- Defining the probability and impact of each risk factor – how likely to occur is the factor, and what is the impact on the …
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"Imagination is more important than knowledge, for knowledge is limited while imagination embraces the entire world." - Albert Einstein |