article thumbnail

7 Factors of Good Governance

Rebel’s Guide to PM

Projects ideally sit within a governance framework that is bigger than the project team. It’s actually easier to work in an environment where there is governance in place because it gives you boundaries. But what does governance on projects actually look like?

article thumbnail

What Does Project Governance Really Mean?

ProjectManager.com

Projects like anything that involves a lot of people working together need governance. The government runs a nation and project governance in the same fashion runs the project. Consider this your civics lessons in project management. What Is Project Governance?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Risk Management Process in Project Management

ProjectManager.com

It sounds negative, but pragmatic project managers know this type of thinking is preventative. Issues will inevitably come up, and you need a mitigation strategy in place to know how to manage risks on your project. What is Risk Management on Projects?

Risk 423
article thumbnail

Project Budgeting: An Interview with Sol Benady

Rebel’s Guide to PM

Sol Benady is a management consultant, Fintech entrepreneur, and program manager working in the banking sector. I talked to him in the Project Management Club on Clubhouse about project financial management and handling budgets. 5 Tips for Managing a Project Budget.

Budget 288
article thumbnail

The Risk Management Plan

Project Risk Coach

Most of your project problems can be avoided or greatly reduced through risk management. The simple act of identifying and discussing risks goes a long way towards reducing problems in your project. Let’s look at how to start the risk management process. How will you identify risks? How often will you perform risk management activities? Who will own the project risks. If not, check with other project managers.

Risk 183
article thumbnail

Project Risk Audits: What you need to know

Rebel’s Guide to PM

Are you looking for a way to better manage the risks associated with your projects? Risk audits are an effective tool that can help project managers and program managers identify potential issues before they become problems. Who carries out the risk audit?

2023 309
article thumbnail

Everything You Need to Know About Project Management Governance

ProProfs Project Management

One of the major reasons is the lack of project management governance. . This is precisely where project governance comes to the picture. . Meaning & Definition of Governance. The first of which is to have a solid understanding of what project governance is.

article thumbnail

How to Build a Robust Project Risk Culture [8 Steps]

Online PM Courses

A robust risk culture goes beyond having a strong basic risk management process. Some of my readers may hope to influence the risk culture of their whole organization. For you, the right aspiration is to build a positive risk culture within your project. As a Project Manager, that’s entirely within your scope. What is Risk Culture? Risk culture is a shared set of processes, knowledge, attitudes, beliefs and values about how to deal with risk.

Risk 82
article thumbnail

5 Misconceptions About the Project Budget

Brad Egeland

Budget management is a critical task of the project manager and one that can weigh heavily on the success or failure of any engagement. One cannot simply create a project budget and leave it alone, hoping that everything will end well.

Budget 103
article thumbnail

When standard is no longer “standard”

Kiron Bondale

Project management standards such as the PMBOK® Guide, Sixth Edition state that contingency reserves, which are established to offset the cost or schedule impacts of realized identified risks, are considered part of the project budget and cost baseline.

2022 270
article thumbnail

Your Basic Guide to IT Project Governance Framework

Project-Management.pm

IT project governance framework has since been the answer to this equation, but people seemed not to fully grasp its function. This article tackles the importance and significance of IT Project Governance Framework and its impact on the projects in the organization. Project governance is crucial component of every project since the responsibilities that come with it are interconnected with different business cases, as well as the project’s overall success.

article thumbnail

What Is Risk Management and Why Is It Important?

MPUG

It’s easier to ignore the possibility of risks when the business is doing well — but not having a plan for potential unforeseen threats could be the most significant risk of all. Risks can also be positive. Risk Management Structures. Categories of Risk.

2022 63
article thumbnail

What You Need to Know About Governance, Risk & Compliance

Wrike

Perhaps you’ve heard of governance, risk, and compliance, also known as GRC, before, but you aren’t sure how important it is to you or your business. What is governance risk and compliance (GRC)? What is the governance, risk, and compliance framework?

article thumbnail

Supply Chain Risk Management and Its Mitigation Strategies

Techno-PM

As supply chain companies mature with budding scopes and complexity, supply chain risk management becomes inevitable in mitigating unexpected disruptions. What Is Supply Chain Risk Management? Download Project Management Templates!

Risk 36
article thumbnail

Project Governance: Establishing an Effective Steering Committee

Strategy Execution | PMO Perspectives

Within the project management community, the concept of governance is seen as a fundamental project control, which is easy to grasp in principle. Getting the governance piece right requires insight and at times a few honest conversations about roles and responsibilities. Unfortunately, it’s not uncommon that I see projects with one of the following dysfunctions in the governance area: It’s unclear to the project manager who the sponsor is. Project Management

article thumbnail

Vendor Showcase Recap: Triskell Software for Enterprise Governance

MPUG

Please find below a transcription of the audio portion of Rich Murphy’s showcase session, Triskell Software for Enterprise Governance, being provided by MPUG for the convenience of our members. Rich has more than 35 years of experience in the project management field.

article thumbnail

Vendor Showcase Recap: Triskell Software for Enterprise Governance

MPUG

Please find below a transcription of the audio portion of Rich Murphy’s showcase session, Triskell Software for Enterprise Governance, being provided by MPUG for the convenience of our members. Rich has more than 35 years of experience in the project management field.

article thumbnail

Project managers, just say no!

Ron Rosenhead

But use what is in project management system and your people skills. Over the last 18 months I have seen more and more pressure placed on project managers. There is a huge demand from senior managers and stakeholder and clients to deliver quicker, with the same level of quality and of course, on budget! I have seen some pretty stressed project managers and they have expressed it to me in many ways; some direct others not so.

2017 214
article thumbnail

How are you allocating and returning contingency reserves?

Kiron Bondale

Most project managers will include some contingency reserves within their budget to offset the negative financial impacts of realized risks. Allocated as a single lump sum, but returned back at a gradual pace based on the actual realization of risks over the project’s life.

2022 181
article thumbnail

The Ultimate Quick Guide To Building a Risk Management Plan

ProProfs Project Management

Even if you meticulously account for every penny in your project, risks will present themselves, and you will feel like your project is having the rug pulled out from under it. But with this guide to risk management, we can help you prepare for it. . Identifying Your Risks.

2020 72
article thumbnail

Enterprise Risk Management - What is Enterprise Risk Management and it's framework?

Techno-PM

What is Enterprise Risk Management (ERM)? Enterprise Risk Management is the process of understanding, assessing, and managing risks in an organization. Download Project Management Templates! Plans for responding appropriately if the risk materialises.

Risk 36
article thumbnail

Enterprise Risk Management - What is Enterprise Risk Management and it's framework?

Techno-PM

What is Enterprise Risk Management (ERM)? Download Project Management Templates! Enterprise Risk Management is the process of understanding, assessing, and managing risks in an organisation. Plans for responding appropriately if the risk materialises.

Risk 36
article thumbnail

Risk Management Resources

Herding Cats

Risk Management is essential for development and production programs. Risk issues that can be identified early in the program, which will potentially impact the program later, termed Known Unknowns and can be alleviated with good risk management. Effective Risk Management 2 nd Edition , Edmund Conrow, AIAA, 2003. Risk Management is Project Management for Adults - Tim Lister. Risk Management Papers. “A

Risk 35
article thumbnail

How to Develop a Strong Governance Process with These 6 Tips ?

Project-Management.pm

It also means successfully identified the stakeholders and risks and the project are already in the plan, ready for implementation. The two governance processes should be implemented constantly to keep track of the scope creeps, risks , opportunities, and also safeguard the following resources from running out. To stay within deadline means having a governance process that everyone will adhere to. This part must be decided by you and your senior managers.

2017 69
article thumbnail

An Introduction to Construction Management

ProjectManager.com

” They did it with construction management. In order to control all those moving parts, construction professionals use construction management for all project delivery methods. Let’s look at what construction management is and then go into some of the key elements.

2023 267
article thumbnail

Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

Managing Cost, Schedule, & Technical Performance Risk Is The Basis Of Good Project Management. Risk management is essential to the success of any significant project. The emerging risks that can be identified early in the project that impact the project later are often termed “known unknowns.” These risks can be mitigated with a good risk management process. Hope must be replaced with a risk tolerant plan.

2017 37
article thumbnail

Project Cost Management – The Essential Things to Know and Do

Online PM Courses

Project Cost Management often puts people off. But there’s little your project sponsor, your client, or their Finance Director care about more than your budget and how closely you can stick to it. Instead, you must act with determination to understand project cost management and implement all the tools at your disposal to control costs and bring in your expenditure on budget. What is not negotiable is the budget. What is Project Cost Management?

article thumbnail

A Compendium of Risk Management Resources

Herding Cats

This blog page is dedicated to the resources used to manage the risk encountered on software-intensive systems using traditional and agile development methods. Let's start with a critical understanding of the purpose of managing risk on software development projects. Risk Management is essential for development and production programs. Effective Risk Management 2nd Edition, Edmund Conrow, AIAA, 2003. Risk a Feelings,” George F.

2012 33
article thumbnail

Managing Projects in Education: Specific Challenges and Ways of Addressing Them

Epicflow Blog

Project management in education is meant to make the process of managing educational institutions’ projects seamless, efficient, and up-to-date. However, like in any other sphere of human activity, educational project management has its specific challenges. Budget constraints .

2021 83
article thumbnail

A Real-World Success Story: New Zealand Government Improves Project Delivery

Planview

Meeting the demands of ever-changing priorities within a government can lead to inconsistent processes, departments with limited visibility into what is being worked on, and no ability to monitor investments. New Zealand Government, like many other government agencies, was tasked with overcoming these obstacles to develop and manage project and investment portfolios to grow the economy to deliver greater prosperity, security, and opportunities for all citizens.

2018 84
article thumbnail

10 Project Meetings to Guide Your Project Management Team

ProjectManager.com

If you’re not working from an agenda or you don’t manage those meetings, that can be true. Let’s take a look at 10 different types of project management meetings and define them, and we’ll start with the definition of what a project meeting is.

2023 332
article thumbnail

Future-proofing Your Business with Cyber-Security & Risk Management

Brad Egeland

Here is how to future proof your business against ever-evolving cyber threats: Establish an Effective Risk Management Plan ​ A risk management plan helps to improve the visibility you have into your threat landscape. It points out the number of risks that you face, the best ways to cater to them, and whether the risk treatment options you chose are working. Why Risk Assessment Matters 1.

2019 91
article thumbnail

Are your project management success rates improving?

Ron Rosenhead

For the first time in the last five years of this research, we see that more projects are meeting original goals and being completed within budget.”. Use of a standardised project management practices are used by over 50% of companies within the survey. Standardised project Management Practices. Risk management strategies. There needs to be more conversations about project management, more focused activity to continue to drive the success rates.

2017 109
article thumbnail

What Is a Capital Improvement Plan & How to Create One

ProjectManager.com

That creates a dilemma: how to spend their budget. Can project management software facilitate this work? A capital improvement plan (CIP) is used by organizations to make smart budgeting decisions on which large projects or purchases to pursue.

2022 299
article thumbnail

What Is Lean Portfolio Management? A Quick Guide

ProjectManager.com

Having many projects to manage in a portfolio can be daunting. There are many ways to do this and one of which is lean portfolio management. Let’s first define lean portfolio management and then delve into how it works. What Is Lean Portfolio Management? Manage Demand.

Lean 299
article thumbnail

Webinar Recap: Risk Management Life Cycle in the Context of Project, Program, and Portfolio

MPUG

Please find below a transcription of the audio portion of Satya N Dash’ session, Risk Management Life Cycle in the Context of Project, Program, and Portfolio, being provided by MPUG for the convenience of our members. Satya N Dash: So first, the framework for risk management.

2021 52
article thumbnail

15 Free IT Project Management Templates for Excel, Word & More

ProjectManager.com

These IT project management templates are essential to get those jobs done properly. Try these 15 free IT project management templates today. With our free IT project plan template , IT project managers can organize tasks, costs and resources with scheduled deadlines and deliverables.

2023 195
article thumbnail

Event Management: A Quick Guide

ProjectManager.com

Just like a project, event management is the way you make sure everything seamlessly comes together for your stakeholders. Event management can be anything from a birthday party for your kid to a business convention and everything in between. What Is Event Management?

2022 318
article thumbnail

Transport for London’s Signal Failure – £886m more than planned*

Ron Rosenhead

The above costs come from a report published by Budget and Performance Committee of the London Assembly. As late as June 2014, TfL’s senior management continued to claim that the project could still be delivered by 2018 despite rail experts suggesting that this was impossible. Horrible headlines and a horrible situation. Some of the statistics and comments in the report are astounding and some are below: · ….TfL

article thumbnail

8 Essential Project Management Documents You Need to Know About

Epicflow Blog

Project management involves creating lots of documentation. If you look into project management standards, you will find at least a dozen of various plans, multiple types of reports, and numerous other documents. Read more: A Business Case in Project Management: Why Start a Project?

2022 52