Question

Projects are often completed late. Describe the techniques you would use as a project manager to improve the accuracy and reliability of your project schedule

Answer 1

Project Management

1. Risk management strategy includes identification, assessment and controlling risks that may arise during the implementation and execution of a given project. In this context, the five common project risk strategies employed to address threats that a project may face can be described as follows:

Financial risk management strategy:- Financial risk management strategy includes the plans and actions that are taken to address the financial risk associated with a project. For example, the uncertainty of funds generated from the execution of a project, availability of funds for completing the project etc.

Strategic risk management strategy:- Strategic risk management strategy includes the steps that are taken in order to mitigate the failure of any strategies that are developed for executing a project. For example, inappropriate use of funds, improper direction for achieving the goals of an organization etc. Poor management of project can result in complete failure of the project. The aims and objectives of the project cannot be achieved due to improper management of project by project manager.

Operational-technical risk management strategy:- This includes the possibility of occurrence of technical failure that may lead to stoppage of project in between or may take longer time for completion of a project. For example, loss of equipment, failure of technological devices needed to complete a project etc.

Operational-safety risk management strategy:- There are many safety risks associated with a project for example, health risk, improper working conditions, hygiene issues etc. Safety risk includes all the measures that are taken in order to ensure complete safety employees during the work.

Data safety:- The loss of data at any stage of project execution is one of the most prominent project risk faced during its implementation. The project may face a temporary stoppage due to loss of data at any stage of the project. The project manager will not be able to plan future strategies for the project growth due to lack of past data on which further planning can be done