Proj Risk Mgmt Essay Example | Topics and Well Written Essays - 1250 words

Proj Risk Mgmt - Essay Example Strategies to control the risks are identified, plans are established on how to deal with the risk, and the correct action is taken (PMBOK, 2008, pp 309). Risk audits are also carried out to examine the value of the risks responses when dealing with the cause of the risk, and how effective the risk management plan is. When conducting the risk management, trend analysis is used to monitor performance of the project. Technical measurements compare technical accomplishments during a project implementation to the project management schedule. Moreover, the technical performance can be used to compare the results of the management plan with the targets. In order for the risk management plan to be effective, reserve analysis is carried out to compare the amount of reserve that has remained to the total amount of risk remaining. In addition, the amount of time required to tackle a risk depends on the number of risks identified (PMBOK 2008, Pp 310). Project schedule slippage This term means t he delay in the completion of a project from the estimated time scheduled for completion. A project can be delayed due to various reasons such as; lack of proper planning, re-doing of a particular section of work for some time hence taking over the expected time, lack of enough resources for a project to be completed on time, proper planning and willingness to carry out the task. A lot of time is wasted when resources, tools, and equipments run out of stock, thus the employees have to wait for delivery. Indeed, this wasted time is not accounted for. Another factor to consider is the time wastage due to un-inevitable event, for instant, the illness of a coordinator will require waiting until he gets better or hiring a new one who will take time to familiarize with the project. Schedule delay may cause problems to the owners and contractors of that project in that, the additional time added may amount to many unplanned added costs. Therefore, it is important for every project to be ma naged to a schedule (Hullet, 2009, pp, 1). Diagnostic metrics This metric is used to provide information on a system. Diagnostic metrics assess the situation of a system, detect any anomalies, and forecast on future problems based on the latest date. The root cause of a variance is usually determined via the use of metrics. With the cause of each variance identified, it easy to know what measures to take. After dealing with the main variance problem, it is easier to tackle related problems that will arise in the project (Kendrick, 2010, pp 278). However, â€Å"metrics can be used to detect changes, make performance and progress visible, evaluate progress evaluation, and trigger process improvements† (Kendrick, 2009, pp 237). Since incorrect activity duration estimates may push all personnel into work too early or too late, how can a Project Manager motivate their teams by learning more accurate estimating? First, a manager can match a task to an employee depending on his avai lability, such that, he is sure that the task will be completed within the agreed time. This strategy makes it possible for an employee to dedicate his effort on the assignment since the manager relies on him. Secondly, the manager may reallocate assignments to those employees who have fewer assignments. This creates a sense of equality among employees. A manager can also assign critical part of an