Assessing the Risk Factors of Project Planning

Assessing the Risk Factors of Project Planning

Risk planning and management is carried out to avoid losses to wastage of time and expenses. Project managers who are keen on perfect planning and error free completion of projects always complete on time, which saves financially and produces desired results.

On the other hand some times projects hit a road block created from either inefficiency or bound problems. If something goes wrong then everything falls apart. Losses are not only monetary but in the end a complete project failure results in a bad image for the company.

There is a bright side however, following successful example of formulation, implementation and management of a risk free project development is all that matters between success and failure.

Risk identification

Identifying risk before planning. If there are mishaps that occurred in previous projects, then these will be good measure to identify  future risk management considerations. Nothing can be left for tomorrow because tomorrow never comes.

The project management should give a chance to every experienced and diverse members of their team to eradicate possible risks. Feedback should be greeted on every level ranging from human resource, engineering, operations and even supply chain. Marketing perspective should also be considered, they are the ones who have to sell.

Importance should be given to communication during the calculation of risk factor and planning. This can help project manager to analyze risk and eradication. Once risks are identified, planning for Dos and Don’ts become easy.

On completion of planning, calculated risk shouldn’t be ignored but must be reviewed time to time as project goes to completion.

Concerns should be heard at every weekly meeting, there might be a significant development which need to be contained. Monthly meeting present a possibility to review progress and map road ahead. Where new risk factor can be treated as such. This sort of attention focuses issues which are otherwise missed.

Pre-Construction Risks

The identification of risks saves the chances of any possible problems which might create difficulties to complete project on time.

For example accepting contract which was defaulted by someone else, now there are pretty good chances of unknown stumbles which can be identified by thorough investigation of site. Which in turn saves precious time to find the problem at hand.

It’s impossible to determine in advance the cost of project, which in future could be a success or a complete failure. This can be achieved by only using professional understanding, which comes only with hitting deadline for the project, dependency and unexpected cost.

Even well-thought risk calculated plan may often come under great criticism. Avoiding these circumstances is possible with timely, disciplined and informed decision.

Realistic Project Schedules

Set the timeline for the project, which will work. Setting timeline to show competitiveness causes failure, in most cases which happens.

Schedule should be flexible, change is the only thing perfect in this world and always stands true. Make every decision considering possible backup plan. Talk to team members. Project managers should not be amazed by delays. Project requires constant vigilance.

Review of schedule is important from two to four weeks. More frequently in start and end of project. Changing plan doesn’t mean all is lost. It’s natural to happen.

Without strict schedule project can be delayed. Project manager should identify risk at the beginning of project. Constant review of schedule avoids problems. Everyone’s focus on team-work results in a sucessfull project.

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