Empower your Teams on importance of Risk Management.
This is vital for Project Success.
Let teams manage risks with grace.
- Brainstorming on PESTLE analysis (P for Political, E for Economic, S for Social, T for Technological, L for Legal and E for Environmental) helps everyone to understand factors to watch that are beyond Project environment that could make or break the project need and project success.
- Involving entire Team while Creating Work Breakdown Structure can significantly reduce the risk of Scope Creep.
- Engaging Teams and Business together in defining the Quality criteria for each WBS dictionary helps Business in defining what they really need and saves team from rework.
There are big problems that change the world. If we are working together, that will make us understand each other, appreciate each other, help each other – Jack Ma
-
Estimating Time and Cost needed for each Activities using Three-point estimation
techniques encourages teams to think on different possibilities (optimistic, most likely & pessimistic). - Identifying Top 5 activities with maximum SD (Standard Deviation w.r.t schedule) on critical path and nearest critical path prepares entire team to manage challenges in a collective manner.
- Identifying Top 5 activities with maximum SD (Standard Deviation w.r.t cost) cautions teams and partners on possible Cost Overrun and come up with meaningful strategies to minimise the cost overrun and predict needed reserves.
- Preparing Stakeholder Register and Stakeholder Engagement matrix with teams align efforts toward producing meaningful outcomes and improved stakeholder engagement (through focused and clear communication).
- Empowering teams on What if Analysis, Decision Trees can help to prepare for the unexpected in graceful manner and minimise adverse effects on Project Success.
- Monitoring remaining Reserve (Contingency Reserve) helps teams to highlight the challenges faced in the field and helps management to take scientific decisions.
-
Using RACI Matrix helps in proactive delegation with ownership and Resource Histograms helps in predicting the resources needed for performing the work.
- Using Earned Value Management system helps every one finds the Gap between expectations and reality at frequent intervals throughout the Project. This could either lead to successful project completion or terminate the project early.
Blog by Sivaram Athmakuri, Founder & Director of LeaderGains Pte. Ltd., an expert Coach, Consultant and Trainer. He has 20 plus years of Managerial Experience with strong technology expertise. He prepares Organisations in embracing latest technology / tools and turn the challenges as opportunities for Growth. He empowers Organisations & People across all levels (C-Suite, Management, Leadership, Program / Project Managers, Functional/ Line Managers, Team members at Projects/ Delivery/ Operations), etc. in areas of Leadership/Executive Coaching, Strategic Planning, Dashboards for C-Suite, Setup Project Management Office (PMO), Agile Transformation, Risk Management and Product Development. He believes in “spending more time listening to Customer and understanding unique strengths of their existing environment helps him to generate the long-lasting results faster with lesser friction”.
