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How your project risk management can be successful AtliQ

Good Techniques to Implement Project Risk Management

Risk management in project management plays an important role so that the project can be executed properly in a smooth manner. By keeping an eye on the risks before, during, and after helping to manage the project lifecycle, it assists in proper communication and building the trust and bonding between the team members. It allows minimizing the risk and loss associated with the project. It also enables the employee to handle the projects and handle all the risks properly and efficiently. So these are some important that depict the importance of risk management. Importance of Project Risk Management 1. Better Planning Planning before the time of the actual project allows for a better outcome as compared to the project executed without planning. It helps by creating the list of potential risk factors that can be internal and external. It shows the relationship between these risk factors and their impact on the budget. It helps to align smaller project goals with the final objective. 2. More Proactive Projects turn out uncontrollable when any of the team members interfere in between and try out to fix the problem in the middle of a project. It is the action taken to avoid the wastage of time and money and results in incomplete or project having many flaws. Risk management and being proactive allows you to handle the problems systematically and you have enough time to manage things. 3. Supports Future Projects After the completion of your project when you perform the analysis you also consider how risk management played its role. If your project risk management proved itself useful, then you can implement the same in the next project. Using the same does not mean that you have to use the same project management plan. You can tweak your process or improve your project risk management plan. 4. Increased Communication Project management when it includes risk management plans it helps in having better overall communication. The process of analyzing risk allows stakeholders to understand the process in a better way and through communication convey the message to the project team about the expectation i.e what is expected out of them. It gives a clear picture of how much and why money is being allocated and the duration of the project. 5. Deadlines Maintained Project risk management provides the proper planning that includes a timeline in which the work needs to be finished. It also saves time when things do not go according to the plan as a proper strategy has been planned. It allows us to predict risk to some extent and identifying risks from the very beginning gives some space to discover and eliminate the project risk before it occurs. OIt is one of the effective ways to complete the project before the deadline. What Are the Steps in the Risk Management Process? 1. Risk Assessment Project management and the analysis starts with having clear and transparent communication with the project team. It includes talking about their concerns and challenges faced by them followed by the potential upcoming risks or challenges in the project. The communication can be effective only if it is kept casual as the team will feel free and will be able to share their honest feelings and concerns. This enables the organization to uncover risks, as well as build a stronger team. Risk assessment includes all the risks related to technology, budget, quality, suppliers, people, and legislation. 2. Risk Analysis Once the risk has been identified, categorize them into positive risk and negative risk, and then analyze the impact of each of them. List down all the risks that help to remember and analyzing becomes easy. It can be done on a pen-paper, excel sheet, or any other model that suits you. 3. Rank Risk Rank all the uncovered risks and then rank them. Once you rank them, it’s time to focus on the ones that are on the highest positions in all the terms. If you will rank them it becomes easy to find the solution for each of them. Figuring out the main issue decreases the chance of project failure. 4. Calculate the Cost The next step is to identify the cost to address each of the risks. 5. Assign Team Members Every team member should be assigned to various projects and every potential risk should be covered by a point person. Every team member should handle the team properly and that team should be capable of handling the potential risk. An appropriate plan of action should be outlined and it should be assigned to the right people. 6. Track Risk Through the Project Once the project gets started, keeping an eye on them regularly is necessary. Having proper communication and taking steps to manage the risk before it becomes too big to handle is the key. Risks are not something that can be ignored while panning or to forget once planning has been done. It should be constantly on your mind so that the proper tracking can be done. 7.Summarize Risk and Plan Ahead Once the project is complete, discuss with it your team members and the other stakeholders. Communicate what were the issues that took place and what are the things that can be improved in any further project. Create a report so that the same mistakes do not happen again and the learnings can be implemented in further projects.

July 1, 2020

Community

Tips for Boosting Workplace Productivity of the Employees

For any business, whether it is small or big, nothing is more important than the employees. The growth of the workplace takes place only when the employees are productive. The primary focus of the organization should not be on how to increase productivity, they should focus on employee satisfaction. Employee satisfaction is the key to increase workplace productivity or to boost productivity. It helps in getting quality work in good quantity. It also helps in saving time and resources. So, here are the eight tips that will help to boost employee productivity at your workplace: 7 Tips for Boosting Workplace Productivity 1. Provide Your Team With All the Essential Tools The skills of your employees are an important aspect of the growth of the business but what is more important is to provide them with the right and essential tools. Hereby tools, we mean the right technologies. The right software makes the work streamlined and easier for your employees. Some of the software that is helpful is time and productivity tracking apps, collaboration tools, communication apps. 2. Improve the Recruitment System Having a strong and clear focus on culture will save a lot of money, time, and effort. Hiring an employee that fits your culture will motivate and energize other employees. Hiring a culturally appropriate person is the most important part. Any person that does not fit the organization’s culture wastes a lot of resources of the organization. 3. Training Employees at Regulate Interval of Time Once you have hired someone the real job starts from there, training is the crucial part to get the maximum productivity. Time to time training helps the employees to develop their skills and also provide them with the opportunity to learn about new technologies. The training can be of smaller tasks or the bigger ones but they do matter. 4. Decrease Micromanagement, Increase Autonomy The team will be more productive when your employees take charge of their ownership. Boost productivity by encouraging them and letting them manage their time and resources to complete their task. Micromanagement does not allow you to get the best result out of your employees. Whereas granting them to do their work in their way gives them the freedom to work and increases productivity. 5. Keep the Objective Clear and Transparency in the Communication Having a clear objective and keeping transparency in communication plays a major role to boost productivity. Effective two-way communication makes businesses work. Communication also helps develop a positive corporate culture and managers get encouraged workplace productive employees. Clear objectives define the direction in which the employees have to work. 6. Increase Productivity by Boosting Self-care Any organization can have productive employees only if they are mentally and physically fit. Healthy employees are the motivated ones and are encouraged to find the solution of every problem upcoming in their way. They use their past failures as learning and implement what they have learned. 7. Provide Good Perks and Keep Your Employees Happy Providing good perks to employees increases their job satisfaction and they try to put all their efforts to be productive. Workplace productivity always comes with the satisfaction of the employee. The stressful workplace does not bring out positive results. The continuous stressful environment results in employee disengagement and distractive. To be productive, employees need to be happy. 8. Delegate the Work Delegation is always associated with the risk but it also comes with positivity and productivity. When any responsibility is assigned to any employee it makes them feel that they are an important and acknowledged person in the organization. Delegation helps to motivate the employees to build trust and perform the task efficiently and effectively. It works for both the organization and the employees. If you want to have a successful business, try out some of the tips and notice the change. Your business is in your hands and it grows along with the growth of your employees.

June 24, 2018