Question

Understanding project risk is vital to the successful completion of the project.

Read the following passage below and answer the following questions in approximately 150 words

Communicate About Risks

Failed projects show that project managers in such projects were frequently unaware of the big hammer that was about to hit them. The frightening finding was that frequently someone of the project organisation actually did see the hammer, but didn't inform the project manager of its existence. If you don't want this to happen in your project, you better pay attention to risk communication.

A good approach is to consistently include risk communication in the tasks you carry out. If you have a team meeting, make project risks part of the default agenda (and not the final item on the list!) This shows risks are important to the project manager and gives team members a natural moment to discuss them and report new ones.

Another important line of communication is that of the project manager and project sponsor or principal. Focus your communication efforts on the big risks here and make sure you don't surprise the boss or the customer! Also, take care that the sponsor makes decisions on the top risks because usually some of them exceed the mandate of the project manager.

1a. How do you accomplish the rule?

1b. What does success look like?

1c. Why is this rule important?

Answer 1

Answer 1 a:- In order to accomplish the rule, I would like to implement the regular meeting with the key individuals of the project every weekend. In this meeting, I will ask everyone for their inputs about the various critical events which they noticed in the project This will help me to find out something unusual in the project and thus can focus on the issue in hand

Answer 1B:- For me, the success will be achieved when the various unforeseen issues pertaining to the projects are addressed and identified before the actual happening of that event. The success of any contingency plan lies on early detection and management of thee risk

Answer 1C:- This rule is significant as it will help in managing the unforeseen issue and thus help the project manager to deal with those events which can be fatal for the project development. This will help the project to complete on time, within the specified budget and resource allocation