Podcast
Questions and Answers
Risk reduction is like eliminating the risk entirely.
Risk reduction is like eliminating the risk entirely.
False
When you can't avoid a risk, the next step is to transfer it to someone else.
When you can't avoid a risk, the next step is to transfer it to someone else.
True
Mitigating a risk involves taking actions to increase the potential damage to your project.
Mitigating a risk involves taking actions to increase the potential damage to your project.
False
Project risk management involves identifying, analyzing, and ignoring potential risks.
Project risk management involves identifying, analyzing, and ignoring potential risks.
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Risk evaluation involves assessing the likelihood and impact of identified risks.
Risk evaluation involves assessing the likelihood and impact of identified risks.
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Risk monitoring is implemented after project execution to detect any risks that occurred.
Risk monitoring is implemented after project execution to detect any risks that occurred.
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If all risks are successfully mitigated, there is no need for risk control strategies.
If all risks are successfully mitigated, there is no need for risk control strategies.
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When you accept a risk, it means you have not considered any alternatives.
When you accept a risk, it means you have not considered any alternatives.
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Identifying risks in project risk management involves examining only external factors like market conditions.
Identifying risks in project risk management involves examining only external factors like market conditions.
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Accepting a risk is always the first step in managing project risks.
Accepting a risk is always the first step in managing project risks.
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Study Notes
Project Success
- Achieving specific objectives is the primary measure of success.
- Additional indicators of success include user/client satisfaction, operational efficiency, lessons learned and documented, team development and morale, and alignment with strategic goals.
Project Failure
- Project failure can occur due to poor project and program management discipline, lack of executive support, no linkage to business strategy, wrong team members, no measures for evaluating success, and lack of robust risk strategy.
Project Phases
- The 5 Process Groups or Phases are: Initiating, Planning, Executing, Monitoring and Control, and Closing.
- Initiating phase defines the mission and objectives of the project through the Project Charter.
- Planning phase develops the project plan, including scope, schedule, budget, resources, and quality requirements.
- Create WBS (Work Breakdown Structure) breaks down the project scope into smaller, manageable work packages.
- Validate Scope formally confirms with stakeholders that the defined scope meets their expectations and objectives.
- Control Scope ensures ongoing project scope management by monitoring changes, assessing their impact, and approving or rejecting them through a formal change control process.
Effective Project Scope Management
- Clearly defined scope avoids confusion and keeps the project team on track.
- Improved cost and schedule control: Scope determines project resources and effort, making it easier to manage costs and timelines.
- Reduced risk: Controlling scope helps prevent unplanned work and mitigate risks associated with scope creep.
- Increased stakeholder satisfaction: Delivering agreed-upon deliverables leads to satisfied stakeholders and Project success.
Controlling Scope
- Key tools and techniques include Scope Management Plan, Scope Statement, and Work Breakdown Structure (WBS).
- Scope Management Plan outlines how scope will be defined, validated, and controlled throughout the project.
- Scope Statement defines project objectives, deliverables, constraints, assumptions, and acceptance criteria.
- Work Breakdown Structure (WBS) is a hierarchical decomposition of project tasks and deliverables into manageable components.
Development Modes
- Choosing the right development mode is crucial for accurate effort estimation.
- Factors to consider include project complexity and size, development team experience and skillset, technology maturity and level of integration, development process and methodology, and quality and reliability requirements.
- Development modes include Organic, Semi-Detached, and Embedded, each with different characteristics and effort multipliers.
Risk Management
- Project risk management is a systematic process to identify, analyse, prioritize, and mitigate potential risks that could affect project success.
- Key steps include Risk Identification, Risk Analysis, Risk Evaluation, Risk Control, and Risk Monitoring.
- Risk control strategies include Mitigate (reduce the impact of a risk), Reduce (lower the likelihood of a risk), Transfer (pay someone else to accept the risk), and Accept (accept the risk and its consequences).
- Risk monitoring involves implementing measures to detect risk occurrence during project execution.
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Description
Learn about the key indicators of project success, including achieving specific objectives, user/client satisfaction, operational efficiency, and documenting lessons learned. Understand how to measure the success of a project based on these important criteria.
