Project Risk Management

Risk management is at the heart of good new product development. Good project risk management in new product development requires substantial organizational capacity to handle technical, risk-related information and data, and to calculate schedule, quality, and cost impacts of various risk events. As projects become more and more complex, risk management requires an effective project management software program—and supporting network systems to allow for exchange of data and analysis. Microsoft Project provides a good base for project planning and control, and for scheduling and costing out risk mitigation actions. But the organization needs a network system with a workable directory so that project teams and stakeholders can access and communicate timely risk data.

In addition to its usefulness in documenting contingency tasks as a part of the baselined schedule, MS Project's PERT analysis allows for estimating alternative scenarios and impacts on schedule and cost. The PERT analysis provides a template for placing weights on three scenarios: expected, optimistic, and pessimistic, as well as estimating durations.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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