What is the role of Risk Management in agile Project Management?
Risk management is an essential component of agile project management. Agile methodologies, such as Scrum and Kanban, prioritise flexibility and adaptability, and as a result, risk management is an ongoing process that is integrated into the project management cycle. By identifying risks early on, project managers can take proactive measures to mitigate or avoid them before they become significant issues.
Buy why is risk management so critical?
The following 5 steps explain why…
1. You need to categorise and understand risks:
Projects do not always go according to plan, and when they do not, the risk management plan helps to account for and reduce the impact of potential consequences. Project managers are able to list the possible risks into separate categories which may be internal and external; technical and non-technical; and organisational and project management-related.
2. It is important to analyse probabilities of occurrence
Each risk is recorded in the risk register on a centralised server and assigned a probability of occurrence. The risk level may be high, medium or low. Then each is assigned a risk impact: high, medium or low. Companies use mathematical systems to quantify and analyse probabilities, potential impact and levels of exposure.
3. Set stakeholder expectations
Once the risks have been charted and accounted for, project managers communicate their plans to the stakeholders. This ensures that everyone who stands to be impacted by the project’s outcome understands the risks and how they are being mitigated to keep the project on track, and to ensure it meets its intended objectives. This step enables stakeholders to own their respective risks and prepares them to take necessary actions in the event of a risk becoming a reality. Ultimately, the project manager is responsible for managing the aggregated project risks.
4. You need to document risk triggers and develop risk response plans
Risk events that impact a project’s time can undermine its success. In order to minimise these impacts and ensure a project’s ultimate goals are met, the symptoms or warning signs of the risks should be noted. Then a risk response should be planned for each possible risk event, with the highest risks given the most consideration. Responses should be aimed first at eliminating the risk altogether, or else lowering the probability of occurrence and/or the impact on project objectives.
5. It is vital to maximise efficiency and profits
The previous management steps enable project managers to meet budget requirements and fulfil project objectives. Without these measures in place, many projects would veer off course without solutions to keep them on schedule and on track toward objectives. Risk management strategies not only reduce or eliminate these vulnerabilities, they also maximise project management efficiency and profits over the long haul. In addition, they enable continuous monitoring and incremental improvement over time, so that the company’s projects become increasingly productive and profitable.
In conclusion, risk management plays a crucial role in agile project management. It is about understanding and learning from mistakes — from small errors to catastrophic crises. It is an ongoing process that requires a patient, studious approach
As we know, Resource Management is an essential part of any successful project. But why is this tool so important and what are the benefits?
Firstly, what is Resource Management?
It entails identifying, allocating, and handling the resources required complete a project, which includes human assets, equipment, and materials. By effectively managing resources, project managers can enhance project outcomes, minimise waste, and increase productivity.
Three key benefits?
1. Improved planning and scheduling
By figuring out the resources required for every task, project managers can create detailed schedules that consider the availability of resources and any capability conflicts. This helps to ensure that the project is finished on time and that there aren’t any delays as a result of unavailability. Additionally, through tracking useful resource utilization in the course of the project, project managers can quick pick out any problems which may come up and take corrective action to make sure that the project remains on track.
2. Risk management
By identifying the capability of resources and potential conflicts early on, project managers can take proactive measures to mitigate the risks related to those issues. This consists of developing contingency plans and identifying alternative resources that can be used if necessary. Additionally, through tracking resource throughout the project, project managers identify any issues that may arise and take corrective actions to make sure that the project remains on track.
3. Improved communication and collaboration within the project team
By ensuring that resources are allocated and managed in an efficient and effective way, project managers can assist to construct a cohesive and motivated team that works collectively to achieve the project objectives. Additionally, by involving team members in the resource management process, project managers can help to build trust and adopt a sense of ownership and accountability among team members.
In conclusion, Resource Management is an essential piece of project management. By successfully managing resources, project managers can improve planning and scheduling, project risks more effectively, and improve communication and collaboration within the team.
We are so excited to be exhibiting at Project Challenge 2023
So, don’t delay, diarise and book this upcoming event.
We will be showcasing our intuitive Work Management Platform. Take advantage of our unique promotion, exclusively available to delegates of the shows and a fantastic prize draw on the day.
Visit us at stand #72
Project Challenge 27th April QE11 Centre, London
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The UK’s leading independent show for projects, programmes, process and resource. Visitors to this exceptional event will gain real practical value and a very worthwhile learning experience.
It is a one stop shop for the latest developments in portfolio, programme and project management – ideal for practitioners to keep up to date with their profession. The show also features presentations and seminars covering every aspect of portfolio, programme and project management. The show is free to attend.
The economic downturn is truly upon us and we need to prepare for the challenges to come. As we near the end of 2022, sales leaders need to start working on their pipeline now to give their teams the best chance of success in the new year.
Below are six tips to help sales leaders set their pipeline up for success in 2023
1. Be focused on the “right” prospects
Don’t waste your time on people who aren’t interested in buying right now. Instead, focus on high-potential market segments and buyers who are actively searching for your product. However, make sure to stay in touch with other prospects so your product remains top of mind.
2. Turn raw data into actionable insights that pack a punch
The success of your business depends on your ability to generate leads and convert them into customers. By examining your data and understanding how to use it, you can make small changes to your prospecting strategy that will have a big impact on the quality and performance of your pipeline.
3. Anticipate recession specific objections
It is crucial that you take the time to understand your buyer’s persona and what they need, during these challenging times. This includes their mindset and any potential objections they may have. By doing this, you can adjust your communications to include a more personalised approach. Asking the right questions will help you understand your prospects’ current concerns and buying readiness. From there, it will be easier for you to demonstrate how your product can solve their pain points now, rather than at some point in the future.
4. Boost your productivity with a savvy tech stack
According to a recent Forrester Sales Survey, fewer than half (46%) of surveyed sales managers agree that their overall operating model is predictable, scalable, and repeatable. In other words, their sales environment isn’t geared for maximum and consistent productivity. Whether you’re among those 46% or not, optimising your sales operations during is a must. Having the right tech tools will help you work more efficiently and fill your pipeline with qualified leads. This might include software that captures better prospecting leads, assists with real-time conversation guidance, automates repetitive tasks, and provides shared access to customer data between departments.
5. Instead of doing “more with less”, turn “what you have into more”
Customer retention is crucial during tough economic times, as it costs 5 to 25 times more to acquire a new customer than to keep an existing one. Focusing on upselling and cross-selling can be a great way to boost revenue and keep your business afloat.
6. Work side by side with Marketing
It’s important to have consistent messaging across all your marketing channels – inbound and outbound. Make sure your marketing team is aware of your revised goals, so they can create targeted lead-gen campaigns that support them.
Businesses always have winners and losers during global recessions. As a sales leader, you will face many challenges. However, if you stay cool-headed, strategic, and agile, you can empower your team to not only hit their quotas, but exceed them.
We are so excited to be exhibiting at two trade shows in the next few months.
So, don’t delay, diarise and book these upcoming events.
We will be showcasing our amazing Work Management Platform. Take advantage of our unique promotion, exclusively available to delegates of the shows. We will also have daily fabulous prize draws.
Project Challenge 27th September QE11 Centre, London – Visit us at stand #72
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The UK’s leading independent show for projects, programmes, process and resource. Visitors to this exceptional event will gain real practical value and a very worthwhile learning experience. With leading exhibiting organisations, and 24 inspiring FREE high-quality presentations to choose from this unmissable event provides an unparalleled opportunity to learn from leading industry experts.
IOT Tech Expo Global 1st – 2nd December. Olympia London – Visit us at stand #146
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This show brings together key industries from across the globe for two days of top-level content and thought leadership discussions across 6 co-located events covering IoT, 5G, Cyber Security & Cloud, Blockchain, AI & Big Data, Edge Computing and the newly added Digital Transformation track. In addition to cutting-edge content, the IoT Tech Expo enables key networking opportunities from virtual meetings to on-site lounges and the official networking party.
Why is Project Governance so important to a business?
What is Project Governance?
The term governance was derived from the Latin word “gubernare” which means to steer highlighting the dynamic mechanism in front of an everchanging environment.
However, Project Governance is defined differently across industries and enterprises. The Association of Project Management (APM) states that “Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios”.
What should your governance system include?
• Balance – providing the right equilibrium between control and coordinating in order to allow for growth.
• Actions – appropriate insight of all the responsibilities of the business so that they can be properly carried out.
• Flexibility – organise the enterprise to suit the current needs and then adapt and evaluate over time.
• Rewards – create the right incentives so that employees properly motivated
What should you look for when searching for an effective cloud-based Governance solution?
1. It should set out an internal and external governance framework. There should be a portfolio and program management approach to projects overseeing the initiatives of the organisation or project management stage-gate processes tackling the project itself.
2. The project manager should be able to assign and allocate resources respectively to their roles and structure.
3. The ability to engage with the stakeholders with an all-encompassing system that ease communication.
4. The facility to add and manage risks dynamically across the project lifecycle.
5. A reporting system that has the ability to extrapolate different reports at different times in the project lifecycle including budget, risks, issues, project status and timesheets.
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