Increase Your Project’s Success by Assessing Risks

Risk management as a best practice is critical to project success. It forces the team to consider the major issues and potential deal breakers on a project, and to proactively prepare and implement solutions.

In this blog post, we explore how you can increase your project’s success by assessing risk.

PMI’s recent 2012 Pulse of the Profession report found that more than 70 percent of respondents always or often use risk management techniques to manage their projects and programs which lead to higher success rates.

As part of a risk management plan, proactive communication with both customers and other teams is essential. Project managers should have a set of ‘what if’ scenarios planned and ready to execute if necessary. What happens if the deliverables are not as expected? What are the risks if there are problems with contractors? What is the impact of not having dedicated resources on the team?

These types of discussions and questioning can alert a project manager and team manager faster and hopefully avoid any significant missteps with a project.

This is where the right project management tools come in to play. The right applications can make or break any company where managing projects and workflow is a part of the company’s success.

  • Ramp up for any project is faster. Starting on a new project often means substantial time in creating the project deliverables and resources. However, project management software allows your team to launch a project in a fraction of the time and with the peace of mind that the milestones are in place.
  • It may be more thorough than you. Every businessperson tries to be as comprehensive as possible in his thinking. A great goal, but not one that’s always realistic. Project-management software can provide the fail-safe to help ensure that no essential piece is overlooked.
  • Use it as a training tool. As your operation grows and expands, project-management software offers a consistent means of training new personnel on how things get done and the appropriate methodology to follow. But that emphasis on training is also critical for experienced employees who, however well-versed they may be in some areas, aren’t top-notch project planners and coordinators.
  • It offers objective tracking. By using project-management software to delineate reasonable, cost-effective deadlines and progress benchmarks, subjective interpretation is held to a minimum. That makes it easier to see what’s really moving forward as it should and what may warrant in-course corrections to be brought back up to speed.Should there be one related to project costing and revenue recognition since that is what we do so much of? Or one about lining your projects directly back to your customer opportunities. Or linking directly into your financial systems.
  • Increased marketing reach. Project-management software can prove of invaluable help with its capacity for detailed planning and project tracking. That’s information that you can compile and use to illustrate to your customers precisely how you will tackle any new job.

While project management tools are changing the way companies manage their service and delivery businesses, it is essential that a company take the time to develop their own internal processes and workflow in order to facilitate ideas and methods that teams will support.

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About TimeLinx
TimeLinx delivers innovative project & service management software as a complete solution that perfects the sell-track-manage-support-bill cycle that services organizations must have to delight their customers; TimeLinx brings the cycle together in a single application that offers less frustration, better project management, complete reporting, and improved profitability – all specially designed for Infor and Sage.