Risk Management Plan Importance and challenges

So Starting this week I will be covering about risk, risk management plan and how to manage risk management plan.

This week we will be talking about Risk, Risk management plan’s importance and cover few challenges:

Importance:

Risk management is one of the crucial aspects of project management. As we know that is a risk is an unexpected event that has either positive or negative impact during project execution. The risk that has materialized becomes an Issue which is one of the main cause that may or may not lead to failure of the project. So, it is necessary to identify risk and develop a plan to counter risk when the event happens. You can say that risk management plan is like a prediction of all the unexpected event or finding out all possibility that project may go off track.

Challenges:

Few of the challenges faced during the project work specific to risk management work are described as follows:

  1. Ambiguous project plan: Having undefined goals leads to scope creep leading to unclear scope definition. This results in series of an unexpected problem throughout the course of the project. This is caused due to
  • Improper requirement plan.
  • Undefined goals
  • Scope creep and gold plating.
  • Poor Assumption.
  1. Poor communication: One of the major reason that the project tends to fail is that of not having a proper communication plan. The term poor may not only refer to a lack of communication but also miscommunication.
  • Not having well-defined responsibility
  • Group conflict
  • Lack of accountability
  • Poor communication
  1. Limitation on resources: Now when we talk about limitation, Limitation may be due to lack of skilled worker. And resources may also refer to material resources, Human resources, and workspace etc.
  • Inadequate Skilled worker.
  • Impossible deadlines and budget.
  1. Task Dependency conflicts: After the WBS for the project is defined it is crucial to find the dependency of the task. For example, if you want to construct a building you cannot start the construction from the top floor. Here the task depends on the construction of the base, floor plan and so on …. Misidentifying this task dependency can cause delays in the project.
  • Using Schedule compression technique such as fast tracking and crashing.
  1. Project managers approach: Although during the initial phase of project planning such as collecting requirement, stakeholder plan, developing the project charter, team contract, and WBS etc. Consumes a lot of time. So, sometimes project managers are either are negligible or don’t put extra effort in managing risk plan. But it all depends on the scenario of the project. (Shenoy,2017)

However, there are many challenges than what is explained please refer to the link below for detailed explanation.

 

Let me know your views,

I am your friendly Project Manager!!

Shenoy

Reference:

1.Typical Project Management Challenges Faced By Businesses. (2017, February 18). Retrieved April 12, 2017, fromhttps://www.keyedin.com/keyedinprojects/article/10-typical-project-management-challenges-faced-by-businesses

2.Bisk (2017). Retrieved April 12, 2017, from https://www.villanovau.com/resources/project-management/top-10-challenges/#.WO1yKdLyvD4

3.Project Management Institute. (2013). A Guide to the Project Management Body of Knowledge (PMBOK Guide)(Fifth ed.). Newtown Square, PA: Project Management Institute

 

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