PROJECT RISK MANAGEMENT This is the third and last in the series of articles on RISK Management. After discussing 4 of the 6 processes, we are left with Plan Risk Responses and Control Risks now. The earlier 4 processes were in planning part and the remaining two now are in action part of risk management process. Let us start looking into them. Plan Risk Responses Plan Risk Responses: Inputs We have planned the risk management, identified risks, quantified and qualified them. What next? We need to have plan of actions ready at hand to act when a risk occurs. For

Stakeholder Management – I Who is a stakeholder? Any person or group or an organization, which is effected or impacted by the project directly or indirectly, positively or negatively is called as stake holder. Even with a slightest interest in the project or on its outcome, anyone and everyone can be taken as a stakeholder of the project. Project stakeholders are individuals, groups, or organizations who may affect, be affected by, or perceive themselves to be affected by a decision, activity, or outcome of a project. They are comprised of persons and organizations such as customers, sponsors, the performing organization,

PROJECT RISK MANAGEMENT If you wish to achieve success in life you need to take risks. Is that what we have heard many times? What does the risk mean here? Is it something to afraid? Is it something that will result in unseen incidents? I should say YES to all the above questions. For instance think risk as challenge. If you have to face a challenge in life, you will have only two choices to make. Either faces the challenge or admits you are lost and leave the game. When you have to face a challenge, you need to plan

Project Communication Management Manage communications Process of Creating, Collecting, Storing, retrieving and disposition of information in accordance to the communication management plan is what we do in Manage Communication process. Inputs Tools & Techniques Outputs Communication Management Plan Work Performance reports Enterprise environmental data Organization process assets Communication technology Communication Model Communication methods Information management system Performance reporting Project communications Project Management plan updates Project documents updates Organizational process asset updates As we need to follow communication management plan, it will be first input to this process. What is to be communicated? In general we communicate project related information like,

COMMUNICATIONS MANAGEMENT: Project Communications Management includes the process required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information. Communication is what we do throughout the day, what is there to manage? This is a very common question we get when we hear “Communication Management” term. One point to remember here is it is not an individual communication we are speaking about here; it is about communication within and outside the organization(s). Of course organizations are made up of people and communication happens between people, but what to communicate, when to communicate, how to