Residual Risk and Secondary Risk The PMBOK® Guide ver 6 defines risk as “An uncertain event or condition that, if it occurs, has a positive or negative effect upon at least one project objective.” Residual Risks The risks that might …
Risk Attitude, Risk Appetite, Risk Tolerance and Risk Threshold Risk Tolerance According to PMBOK Guide 6th Edition, Risk tolerance is the identified range of acceptable outcomes Risk tolerance informs you regarding the sensitivity of the organization or to people’s life. …
Mitigation plan, Fallback Plan, Contingency Plan and Workaround Mitigation plan In risk mitigation, action is taken to reduce the probability of occurrence and/or impact of a threat. PMBOK 6 is used for the risk with high probability and impact and …
Contingency Reserves VS Management Reserves Reserves is a buffer in terms of Schedule or Cost while estimating is added to the estimated schedule and cost to account for risks or uncertainties both for known and unknown risks Padding is unwelcomed practice …
Passive Acceptance of Risk and Active Acceptance of Risk These are two different risk response strategies to deal with the risks on the project. The idea behind good risk response strategies is to provide the team with various options and …
Known Risks and Unknown Risk The risk is future uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. [PMBOK6] The risk is the effect of uncertainty on objectives, and …
Negative Risk (threat) and Positive Risk (opportunity) The risk is a future uncertain event which may have positive or negative impact on the Project. PMBOK 6 Risk like changes is unavoidable and integral part of project life. We don’t want …
8 Common Project Manager Mistakes No one can be a master of all; it’s too difficult a task. But you can definitely be a Jack-or-Jill-of-all-trades. As project managers, we wear multiple hats—from being facilitators and problem-solvers to translating corporate needs …
9 Essential Leadership Traits When we think of project managers, we think of team leaders accountable for delivering the project within the allocated deadline and budget set by the client. In reality, it takes a lot to become a project …
Resign Your Job, Not Your Dignity Most of us would agree that it’s a small world—and even smaller within professional circles. We need to make sure that we leave good impressions on the people we meet—especially where we work. I …