Your Guide to Project Management Best Practices

Category: PM Tips & Ideas

managing project risks

PM Tips & Ideas

Managing project risks – Learning project risk definition and undertaking risk management process

If you start reading project management literature, you may find there various definitions of project risk. The variety of project risk definitions is caused by the fact that each kind of project (e.g. IT projects and construction projects) may have specific kinds of risks that influence project results. However, the nature of project risks is the same for every kind of project, so there should be common definition of risks. In this article the following project risk definition is used: A project risk refers to a combination of probabilities that cause an event’s appearance and the outcomes that the event produces. Project risks can be identified, estimated, assessed and controlled within project risk management activities.

project sponsor: definition, types, role, respomsibilities

PM Tips & Ideas

Project Sponsor – The Role and Responsibilities

Successful initiation of a new project is always based on project sponsorship. If the project is well funded by project sponsors, it has the required financial foundation to carry out works, achieve objectives and produce deliverables.
Project sponsor is a person(s) or an organization(s) that is in charge of driving the project towards directions that will bring the project to successful realization of expected benefits. Project sponsor finances project initiatives and works, takes care of engagement processes, facilitates development of the initial scope and the project charter, and participates in processes of project communications management.

a sample of procurement contract

PM Tips & Ideas

Two Common Mistakes in Project Procurement Contracts

Nearly all kinds of projects require some sort of procurement and inventories, no matter whether it is about IT projects, construction projects, engineering projects, and any other projects. Procurement contracts play a pivotal role in providing a project with all necessary inventories required for producing project deliverables, as well as in establishing mutually beneficial vendor procurement relationships between a performing organization and suppliers. Procurement items, such as hardware, software and services, should be chosen, acquired and delivered according to technical requirements as to project product, budgeting policies and procurement schedules. Therefore, a clear understanding of procurement contracting activities is a critical qualification for project managers

Procurement in PM

PM Tips & Ideas

Organizing Procurement and Purchasing Activities in a Project

Procurement and purchasing activities refer to the aspects of project management regarding acquiring goods and services from outside companies to provide a project team with all necessary inventories to produce the product of a project. Procurement process management refers not only to internal units of an organization involved in project management activities but also to external suppliers and vendors.

Project initiation stage – Project Initiation Document (PID). Duties of project owner and project team

PM Tips & Ideas

Project initiation stage – Project Initiation Document (PID). Duties of project owner and project team

The project initiation is the first project stage which usually entails generation of concept behind a new project (project conceptualization). The primary purpose of the project initiation stage is to establish the scope of project, discover its boundaries and specify what the project should accomplish.