Project Objectives when obtained/achieved by the application/use of processes, methods, knowledge, skills and experience leads to Project Management.
Project management is the handling of separate & distinct discrete packages of work to obtain the project targets / objectives. The process of work depends upon numerous factors.
Why do we use project management?
An effective project management is beneficial to both organization and the people engaged in the project handover.
It will provide:
- High possibility in accomplishing the anticipated result
- Optimum utilization of resources.
- Fulfilling various necessities of the project's investors.Work break down structure (WBS)
Work Breakdown Structure: Means "breaking the work into different parts". It divides the entire project into its component elements in order to establish a framework for effective management control of the project.
To develop any project schedule we have to break down the project to a certain detail on information (Level of Planning - WBS) to allow us to control the Project. This detail is decided based on the information we need to produce in the control phase. It has been agreed that we can reach till level 4 of Planning.
Risk management
Project risk management is an integrated process which includes activities to identify project uncertainty, estimate their impact, analyze their interactions, control them in the execution stage, and even provide feedback to the maintenance of collective knowledge asset. Risk management based on consensus in the literatures, used the following three-step approach:
- Identify Risk & Risk Allocation Issues
A growing awareness of risk led to the development of traditional risk management. This discipline includes any systematic approach to manage insurable and non-insurable hazard exposures.
- Evaluate risk analysis
- Information gathering
Undertaking a market survey, or research and development to obtain more information.
- Business continuity planning
Creating and testing a practical plan for how an organization will recover and restore partially or completely interrupted critical functions within a predetermined time after a disaster or disruption
- Probability or statistical analysis
Managers may gauge the probability (or likelihood or chance) of some event occurring by assigning a range of numeric probabilities.
- Risk Mitigation
The instruments/risks each trader is entitled to commit the firm to should be well defined, with particular attention being paid to a proper and sound delineation between traders and desks; such "trader mandates" should be properly documented and communicated.
Attachment:- Work break down structure.rar