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.
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.
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.
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.
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