Project Manager| AWR Development (BD) Ltd. Cox's Bazer , Bangladesh
Upon my return in January, following the holiday break from December 15th to 30th, I discovered that certain known risks, as well as some unknown risks, had escalated into significant issues. Which pertains to both the office and the client.
I seek guidance on the appropriate process for effectively addressing and resolving these issues.
Any advice will be highly appreciated. Saving Changes...
Given that these are issues and not risks, you would need to triage and manage the issues so as to minimize the project impacts while keeping your stakeholders apprised of those impacts and the steps your team is taking. The specifics will depend on the nature of the issues themselves. In some cases, for identified risks which were realized, you might use contingency reserves or schedule buffers to offset the impacts whereas for unknown unknowns you might have to request access to management reserves to offset the financial impacts.
Once the dust has settled and the project is back in control, a review of what worked and what didn't work and harvesting lessons should be done.
Project Manager| AWR Development (BD) Ltd. Cox's Bazer , Bangladesh
Hi Kiron,
An issue log could be a clear picture for the project team.
Contingency reserves or access to management reserves is subject to approval to offset the financial impacts. It's very difficult to obtain approval.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Golam, why are contingency reserves subject to higher management approval? This reserve should be under the project manager's control unlike the Management reserve.
On another note, since those risks were identified in your Risk Register and were known risks, did you not have Risk Response Plans setup for them? When a risk materializes, we normally follow the risk response planned for that specific risk.
...
1 reply by Md. Golam Rob Talukdar
Jan 03, 2025 12:22 PM
Md. Golam Rob Talukdar
...
Dear Rami
I totally agree with you that project managers typically have more discretion when utilizing contingency reserves as they are tied to specific risks. At the same time, senior management usually controls the management reserve. But in reality, vice versa, some companies or organizations. Not clearly communicating the purpose and usage of the contingency reserve can lead to confusion and mistrust among stakeholders. They are like cost control, not increase.
The risks associated with the Rami construction project site are very critical when there is a lack of adequate resources. you know better .
PMO Leader | Speaker & Mentor | Content Leader – PMOGA Latin America
Hub| Catholic University of UruguayMontevideo, Montevideo, Uruguay
Key recommendations for managing problems in projects: 1. Clearly identify the problem: Find the root cause with tools such as the 5 Whys. 2. Open communication: Foster an environment where everyone can share problems. 3. Prioritise and assess impact: Focus on the most critical problems first. 4. Action plan: Define clear steps, responsibilities and deadlines. 5. Risk management: Anticipate future problems and record lessons learned. 6. Seek consensus: Align solutions with objectives and get approval for changes. 7. Use technology: Lean on tools such as Trello or Asana for follow-up. 8. Evaluate and adjust: Monitor results and adapt the plan if necessary. 9. Continuous improvement: Use problems as learning to strengthen processes and teams.
Project Manager| AWR Development (BD) Ltd. Cox's Bazer , Bangladesh
Jan 03, 2025 10:37 AM
Replying to Rami Kaibni
...
Golam, why are contingency reserves subject to higher management approval? This reserve should be under the project manager's control unlike the Management reserve.
On another note, since those risks were identified in your Risk Register and were known risks, did you not have Risk Response Plans setup for them? When a risk materializes, we normally follow the risk response planned for that specific risk.
Dear Rami
I totally agree with you that project managers typically have more discretion when utilizing contingency reserves as they are tied to specific risks. At the same time, senior management usually controls the management reserve. But in reality, vice versa, some companies or organizations. Not clearly communicating the purpose and usage of the contingency reserve can lead to confusion and mistrust among stakeholders. They are like cost control, not increase.
The risks associated with the Rami construction project site are very critical when there is a lack of adequate resources. you know better .
...
1 reply by Rami Kaibni
Jan 03, 2025 1:12 PM
Rami Kaibni
...
Golam, I didn’t quite understand your last statement “the Rami construction project”?
When risks are very critical, we assigned a contingency reserve and risk response for each. Was this not the case?
Project Manager| AWR Development (BD) Ltd. Cox's Bazer , Bangladesh
Jan 03, 2025 11:53 AM
Replying to Fabian Crosa
...
Key recommendations for managing problems in projects: 1. Clearly identify the problem: Find the root cause with tools such as the 5 Whys. 2. Open communication: Foster an environment where everyone can share problems. 3. Prioritise and assess impact: Focus on the most critical problems first. 4. Action plan: Define clear steps, responsibilities and deadlines. 5. Risk management: Anticipate future problems and record lessons learned. 6. Seek consensus: Align solutions with objectives and get approval for changes. 7. Use technology: Lean on tools such as Trello or Asana for follow-up. 8. Evaluate and adjust: Monitor results and adapt the plan if necessary. 9. Continuous improvement: Use problems as learning to strengthen processes and teams.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Jan 03, 2025 12:22 PM
Replying to Md. Golam Rob Talukdar
...
Dear Rami
I totally agree with you that project managers typically have more discretion when utilizing contingency reserves as they are tied to specific risks. At the same time, senior management usually controls the management reserve. But in reality, vice versa, some companies or organizations. Not clearly communicating the purpose and usage of the contingency reserve can lead to confusion and mistrust among stakeholders. They are like cost control, not increase.
The risks associated with the Rami construction project site are very critical when there is a lack of adequate resources. you know better .
Golam, I didn’t quite understand your last statement “the Rami construction project”?
When risks are very critical, we assigned a contingency reserve and risk response for each. Was this not the case?
...
1 reply by Aung Sint
Feb 02, 2025 1:03 PM
Aung Sint
...
I believe he tried to insert your name in the middle of the sentence but missed the punctuation. I can't imagine there was a Rami construction project, by any chance!
Back to the discussion topic, ideally, the contingency reserve should be available for the known risks. However, depending on the project/organizational environment or governance structure, this might not always be the case. I agreed that a good place to start would be the risk register and check what risk response was put in place for those known risks.
Golam, I didn’t quite understand your last statement “the Rami construction project”?
When risks are very critical, we assigned a contingency reserve and risk response for each. Was this not the case?
I believe he tried to insert your name in the middle of the sentence but missed the punctuation. I can't imagine there was a Rami construction project, by any chance!
Back to the discussion topic, ideally, the contingency reserve should be available for the known risks. However, depending on the project/organizational environment or governance structure, this might not always be the case. I agreed that a good place to start would be the risk register and check what risk response was put in place for those known risks. Saving Changes...
Community Champion
