Writing a statement of work (SOW) is an arduous task, and many projects were failed because of too vague, broad or generic SOW. The failure to properly develop and execute a statement of work is also the reason why project parties end up in a dispute. Let’s try to understand what SOW means and how to develop it properly.
In Part I, three basic responsibilities of the risk management team have been listed and described. In Part II, the rest two responsibilities will be outlined.
A risk management team (workgroup) is a separate and often independent unit within the project management team headed by the risk manager or the chief risk officer. It helps place a value on the project’s activities (such as procuring, communicating, controlling quality, staffing etc.), works out strategies to mitigate identified risks, applies risk management methodologies and risk analysis tools, and integrates insurance policies of treating prioritized threats with the project management team. The primary responsibility of the workgroup is to ensure that the project is provided with a complete risk management information system that ultimately determines how to control and oversee the project’s effectiveness and fulfillment. The team also approves risk management policies and defines their framework.
The gurus of project management point out that a sound risk management plan can decrease the rate of project failure by as much as 60-70 percent. Such a plan in combination with a well-defined risk management process will help the project manager and senior stakeholders to identify and solve most potential problems and also anticipate and respond to changes occurring throughout the project lifecycle. Planning for risk management appears to be critical to project success, allowing the team to prevent loss and avoid jerk reactions.
In order to succeed in delivering your project, you will need to get an understanding of how to track your project and what items need to be monitored. The given below tips include five pieces of advice that you can use to track and monitor your project.
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