Top 5 Responsibilities of a Risk Management Team (Part II)
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.
Category: PM Tips & Ideas
Top 5 Responsibilities of a Risk Management Team (Part I)
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.
Defining Risk Management Plan and Process Lifecycle
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.
Five Tips on Project Tracking: How to Keep Your Project Moving to Success
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.
Using Project Implementation Plan to Produce Deliverables
As an effective project manager, you always strive at organizing scarce project resources, working under tight deadlines, applying reactive decision making, controlling project change, and generating maximum team performance. All the actions are about implementation of your project. Although the business case for your project has been perfectly developed and you have reached an agreement with the project stakeholders, implementing the project may turn into a complicated task that you are hardy to complete.
