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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

Six Simple and Effective Team Management Techniques

Having an organization is only one part of the corporate world. The most tedious and tiring job comes when you have to manage a team. There is a lot of work on your plate before you can even think that your day has started. There are so many works at the same time and you have to meet all the requirements whether it is of clients or of your team. It is very important to have a team that can be managed and you are able to motivate them to accomplish their objective. That is the time when you are a leader and being so is very demanding and tiring. As a leader and manager, you need to practice that to ensure effective team management. There is a list of tips that can help you to make your team management simpler and rewarding. 1. Forming the Right Team It is very important to hire the right people for your team because creating the right team is key to success. Having the right talent helps your project’s productivity to the maximum and motivates others to work effectively. Select team members in such a way that they complement each other. They can work as strength for someone else weakness. Initial interview sessions are very helpful to gain in-depth knowledge about the candidate, such as their skills, strengths, and talent. These details are very crucial when you hire someone and give them roles and responsibilities. 2. Set an Achievable Target The objective should play the main role in your strategy. Every team member should be clear about the objective for which they are putting in their efforts. They should be clear-headed and know what are the short-term and long-term goals they have to achieve. Before setting any deadline discuss it with your team and include every team member in the brainstorming. 3. Provide Valuable Feedback It is one of the important ways to motivate and help your employees to develop personally as well as professionally. Sincere praise boosts their morale and helps them to work more dedicatedly. Any negative feedback helps them to understand the areas where they are lacking and the scope for improvement. Make the feedback process two ways. Always ask your team members if they want to give any valuable suggestions to you regarding your leadership or any other related to your work. 4. Maintain Open Communication and Transparency There is a channel of communication that is unbiased and employees can feel free to discuss their problems or any challenges faced by them. It is very helpful to have such as channel where you can even share your personal problems with professionals. This helps to reduce stress and increases productivity. Being transparent removes all the barriers that may affect communication negatively. 5. Delegate the Work Delegating some of the important projects to team members as it helps to build their confidence and highlights your trust in them. It plays a major role in building trust and a healthy relationship between you and your employee. Be in a loop and assist them in the work that provides them confidence that you have their back and want them to learn and grow more. 6. Resolve the Team Issues as Soon as Possible When different people with different mindsets and with different working styles work together there may be chances of a conflict. The team should work together but differences may impact teamwork. So as a manager or a leader it is necessary for you to resolve the conflicts as soon as possible and try to ensure that such things won’t happen again. Organizational issues and conflicts cannot be solved by them. You need to step in and find a solution to the problem then and there only. There are some small things that are ignored in an organization sometimes but it is an important quality or role of a leader or a manager. Some of them are to keep positive vibes in the organization, celebrate the wins as it motivates the employees, motivate and cheer your team, and organize events that can hold up on your team. There are so many other ways that can help you to manage your team effectively. You just need to find one which suits you best. Conclusion: Being a leader or a manager just not gives you a position it comes with a lot of responsibility and with an opportunity to lead your workplace which you dreamt of. The team is one of your resources that helps you to achieve the objective so it is very important to manage the team effectively. Effective team management increases productivity and ensures your business growth. Make your team your family and witness the moment both will grow together with each other’s support.

April 29, 2017