Project Management Fundamentals

Projects don't manage themselves. Professional project management requires the development of a plan that outlines how it will be managed. Although it includes any and all items that define the management of the project, there are certain standard items. These are the components that provide the core regardless of the industry or type of project. 

Module 2 - LO3 Primary components of the project management plan

The importance of a risk is defined by which factor?

Above everything else a project manager is a leader and one of the most important traits of leadership is to prepare for the unexpected. Taking fast, decisive action when things go wrong is one of the most important traits of a leader, and therefore a skill you need to learn if you want to be a top notch project manager. The Risk Register means a listing of the most important risks to the successful completion of the project. Any item that can negatively influence the success of the project is considered a risk.

Clearly it is not feasible to attempt to identify all risks to a project – Maybe a plane will crash into your office. But the importance of a risk is defined by two factors:

- Probability

- Impact

An analysis

A response plan – this is where you develop a plan to deal with the risk. What are the action steps that will be followed when the trigger is deemed to have occurred? Who will perform those actions, and who are all the stakeholders that need to be notified?

  • Probability
  • Analysis
  • Trigger