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in all the details in complete and only in CAPITAL letters ANISH GOPINATH PILLAI Name PILLAI ANISH Registration Number Application no 100000009715 GOPINATHAN Roll NO 1205002729
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Question 1- Define risk management? Explain the components of risk management.
Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures (at any phase in design, development, production, or
accidents. determine the risk (i. credit risk. actuarial assessments. 1. in the following order. characterize. and assess threats 2. the expected likelihood and consequences of specific types of attacks on specific assets) 4. or (as in value engineering).sustainment life-cycles). or public health and safety. natural causes and disasters as well as deliberate attack from an adversary. financial portfolios. engineering.e. these methods consist of the following elements. more or less. performed. actuarial societies. Methods. identify ways to reduce those risks 5. iterative and responsive to change be capable of continual improvement and enhancement be continually or periodically re-assessed Process According to the standard ISO 31000 "Risk management – Principles and guidelines on implementation. industrial processes. or events of uncertain or unpredictable root-cause. definitions and goals vary widely according to whether the risk management method is in the context of project management. the gain should exceed the pain be an integral part of organizational processes be part of decision making explicitly address uncertainty and assumptions be systematic and structured be based on the best available information be tailorable take human factors into account be transparent and inclusive be dynamic. and ISO standards. identify. the National Institute of Standards and Technology. prioritize risk reduction measures based on a strategy Principles of risk management The International Organization for Standardization (ISO) identifies the following principles of risk management: Risk management should: create value – resources expended to mitigate risk should be less than the consequence of inaction. security. legal liabilities. Several risk management standardshave been developed including the Project Management Institute." the process of risk management consists of several steps as follows: . Method For the most part. assess the vulnerability of critical assets to specific threats 3.
most important with shareholders. industry practice and compliance. Problem analysis . risk identification can start with the source of problems.Establishing the context This involves: 1. 4. cause problems. lightning striking an aircraft during takeoff may make all people on board immediate casualties. constraints. mitigation or solution of risks using available technological. developing an analysis of risks involved in the process 6. problem or event. For example: stakeholders withdrawing during a project may endanger funding of the project. the next step in the process of managing risk is to identify potential risks. customers and legislative bodies such as the government. planning the remainder of the process 3. Identification After establishing the context. Examples of risk sources are: stakeholders of a project. Risks are about events that. For example: the threat of losing money. the events that a source may trigger or the events that can lead to a problem can be investigated.Risks are related to identified threats. Common risk identification methods are: . Source analysis . When either source or problem is known. employees of a company or the weather over an airport. when triggered. the threat of abuse of confidential information or the threat of accidents and casualties. confidential information may be stolen by employees even within a closed network. mapping out the following: the social scope of risk management the identity and objectives of stakeholders the basis upon which risks will be evaluated. Hence. identification of risk in a selected domain of interest 2.Risk sources may be internal or external to the system that is the target of risk management. human and organizational resources. or with the problem itself. defining a framework for the activity and an agenda for identification 5. The chosen method of identifying risks may depend on culture. The threats may exist with various entities. The identification methods are formed by templates or the development of templates for identifying source.
for example. The scenarios may be the alternative ways to achieve an objective. or an analysis of the interaction of forces in. Over time. Creating a matrix under these headings enables a variety of approaches. Alternatively one can start with the threats and examine which resources they would affect. Any event that may endanger achieving an objective partly or completely is identified as risk. such as damage or loss) and to the probability of occurrence. More traffic capacity leads to greater development in the areas surrounding the improved traffic capacity. in the assessment process it is critical to make the best educated decisions in order to properly prioritize the implementation of the risk management plan. Therefore. Based on the taxonomy and knowledge of best practices. Common-risk checking . There are many other engineering examples where expanded capacity (to do any function) is soon filled by increased demand. Take the "turnpike" example. Taxonomy-based risk identification . Any event that triggers an undesired scenario alternative is identified as risk – see Futures Studies for methodology used by Futurists.The taxonomy in taxonomy-based risk identification is a breakdown of possible risk sources. threats to those resources.Organizations and project teams have objectives. in the case of the value of a lost building. the resulting growth could become unsustainable without forecasting and management.In several industries. a market or battle. Scenario-based risk identification .Objectives-based risk identification . or one can begin with the consequences and determine which combination of threats and resources would be involved to bring them about. Even a short-term positive improvement can have long-term negative impacts. lists with known risks are available. or impossible to know for sure in the case of the probability of an unlikely event occurring. Since expansion comes at a cost. The answers to the questions reveal risks. a questionnaire is compiled. Turnpikes thereby need to be expanded in a seemingly endless cycles. These quantities can be either simple to measure. Each risk in the list can be checked for application to a particular situation. A highway is widened to allow more traffic. One can begin with resources and consider the threats they are exposed to and the consequences of each. traffic thereby increases to fill available capacity.This method combines the above approaches by listing resources at risk.In scenario analysis different scenarios are created. The fundamental difficulty in risk assessment is determining the rate of occurrence since statistical information is not available on all kinds of past incidents. they must then be assessed as to their potential severity of impact (generally a negative impact.  Risk charting . modifying factors which may increase or decrease the risk and consequences it is wished to avoid. . Assessment Main article: risk assessment Once risks have been identified.
where 1 represents a very low probability of the risk event actually occurring while 5 represents a very high probability of occurrence. best educated opinions and available statistics are the primary sources of information. the 1 to 5 scale can be arbitrary and need not be on a linear scale. the three sub-ranges could be defined as 1 to 8. the impact of the risk is not easy to estimate since it is often difficult to estimate the potential loss in the event of risk occurrence. there have been several theories and attempts to quantify risks. Note that the probability of risk occurrence is difficult to estimate.Furthermore. as follows: Composite Risk Index = Impact of Risk event x Probability of Occurrence The impact of the risk event is commonly assessed on a scale of 1 to 5.) or may be expressed in "plain english" – event has occurred here very often. Nevertheless. Thus. evaluating the severity of the consequences (impact) is often quite difficult for intangible assets. After all. This axis may be expressed in either mathematical terms (event occurs once a year. probability does not imply certainty. and this range is usually arbitrarily divided into three sub-ranges. Thus. the 1 to 5 scale can be arbitrary or nonlinear depending on decisions by subject-matter experts. The Composite Index thus can take values ranging (typically) from 1 through 25. once in ten years. depending on the sub-range containing the calculated value of the Composite Index. risk assessment should produce such information for the management of the organization that the primary risks are easy to understand and that the risk management decisions may be prioritized. as mentioned above. since the past data on frequencies are not readily available. both the above factors can change in magnitude depending on the adequacy of risk avoidance and prevention measures taken and due to changes in . The overall risk assessment is then Low. once in 100 years etc. For instance. but perhaps the most widely accepted formula for risk quantification is: Rate (or probability) of occurrence multiplied by the impact of the event equals risk magnitude Composite Risk Index The above formula can also be re-written in terms of a Composite Risk Index. Likewise. event has been known to occur here. The probability of occurrence is likewise commonly assessed on a scale from 1 to 5.). However. Further. Numerous different risk formulae exist. Again. where 1 and 5 represent the minimum and maximum possible impact of an occurrence of a risk (usually in terms of financial losses). 9 to 16 and 17 to 25. event has been known to occur in the industry etc. Medium or High. Asset valuation is another question that needs to be addressed.
by closing down a particular high-risk business area) Later research has shown that the financial benefits of risk management are less dependent on the formula used but are more dependent on the frequency and how risk assessment is performed. Changes in procedures. withdraw from or not become involved) Reduction (optimize – mitigate) Sharing (transfer – outsource or insure) Retention (accept and budget) Ideal use of these strategies may not be possible. an insurance company) 4. schedules. all techniques to manage the risk fall into one or more of these four major categories: Avoidance (eliminate. 2. 3. 1970) proposed a formula for presenting risks in financial terms. Periodically re-assess risks that are accepted in ongoing processes as a normal feature of business operations and modify mitigation measures. Avoid risks altogether (e. Control. Another source. The formula proposes calculation of ALE (annualised loss expectancy) and compares the expected loss value to the security control implementation costs (cost-benefit analysis). Accept. The Courtney formula was accepted as the official risk analysis method for the US governmental agencies. Transfer risks to an external agency (e. or schedule terms. from the US Department of Defense (see link).g.g. Hence it is absolutely necessary to periodically re-assess risks and intensify/relax mitigation measures. or other factors typically require re-assessment of risks. This use of the ACAT acronym is reminiscent of another ACAT (for Acquisition Category) used in US Defense industry . Robert Courtney Jr. or as necessary. market conditions. market. Some of them may involve tradeoffs that are not acceptable to the organization or person making the risk management decisions. budgets. for Avoid. In business it is imperative to be able to present the findings of risk assessments in financial.the external business environment. political environment. Design a new business process with adequate built-in risk control and containment measures from the start. technology. which are: 1. Defense Acquisition University. or Transfer. calls these categories ACAT. (IBM. Risk Options Risk mitigation measures are usually formulated according to one or more of the following major risk options. Potential risk treatments Once risks have been identified and assessed.
software projects can limit effort wasted to a single iteration. Avoidance may seem the answer to all risks. Risk avoidance This includes not performing an activity that could carry risk. it can optimize risk to achieve levels of residual risk that are tolerable. Risk reduction Risk reduction or "optimization" involves reducing the severity of the loss or the likelihood of the loss from occurring. Outsourcing could be an example of risk reduction if the outsourcer can demonstrate higher capability at managing or reducing risks. Halon fire suppression systems may mitigate that risk.procurements. while handling the business management itself. Another would be not flying in order not to take the risk that the airplane were to be hijacked. By developing in iterations. a company may outsource only its software development. is too costly. but the cost may be prohibitive as a strategy. any problems encountered in earlier phases meant costly rework and often jeopardized the whole project. in which Risk Management figures prominently in decision making and planning. The first and most effective stage of hazard prevention is the elimination of hazards. but avoiding risks also means losing out on the potential gain that accepting (retaining) the risk may have allowed. the manufacturing of hard goods. the company can concentrate more on business development without having to worry as much about the manufacturing . Not entering a business to avoid the risk of loss also avoids the possibility of earning profits. This way. By an offshore drilling contractor effectively applying HSE Management in its organization. Acknowledging that risks can be positive or negative. If this takes too long. For example. the second stage is mitigation. or is otherwise impractical. For example. This method may cause a greater loss by water damage and therefore may not be suitable. Modern software development methodologies reduce risk by developing and delivering software incrementally. and between risk reduction and effort applied. Hazard Prevention Main article: Hazard prevention Hazard prevention refers to the prevention of risks in an emergency. sprinklers are designed to put out a fire to reduce the risk of loss by fire. Early methodologies suffered from the fact that they only delivered software in the final phase of development. optimizing risks means finding a balance between negative risk and the benefit of the operation or activity. An example would be not buying a property or business in order to not take on the legal liability that comes with it. or customer support needs to another company.
a personal injuries insurance policy does not transfer the risk of a car accident to the insurance company. the original risk is likely to still revert to the first party. meaning that insurance may be described more accurately as a post-event compensatory mechanism. in that no premium is exchanged between members of the group up front. from a risk when it occurs. managing the development team. Some ways of managing risk fall into multiple categories. the purchase of an insurance contract is often described as a "transfer of risk. The insurance policy simply provides that if an accident (the event) occurs involving the policy holder then some compensation may be payable to the policy holder that is commensurate to the suffering/damage. the buyer of the contract generally retains legal responsibility for the losses "transferred". As such in the terminology of practitioners and scholars alike." The term of 'risk transfer' is often used in place of risk sharing in the mistaken belief that you can transfer a risk to a third party through insurance or outsourcing. or finding a physical location for a call center. but spreading it over the whole group involves transfer among individual members of the group. All risks that are not avoided or transferred are retained by default. so the loss attributed by war is retained by the insured. This includes risks that are so large or catastrophic that they either cannot be insured against or the premiums would be infeasible." However. Risk retention pools are technically retaining the risk for the group. Risk retention is a viable strategy for small risks where the cost of insuring against the risk would be greater over time than the total losses sustained.process. but instead losses are assessed to all members of the group. technically speaking. Risk sharing Briefly defined as "sharing with another party the burden of loss or the benefit of gain. and the measures to reduce a risk. This is different from traditional insurance. War is an example since most property and risks are not insured against war. In practice if the insurance company or contractor go bankrupt or end up in court. Risk retention Involves accepting the loss. Create a risk management plan Main article: Risk management plan . For example. True self insurance falls in this category. from a risk. This may also be acceptable if the chance of a very large loss is small or if the cost to insure for greater coverage amounts is so great it would hinder the goals of the organization too much. The risk still lies with the policy holder namely the person who has been in the accident. Also any amounts of potential loss (risk) over the amount insured is retained risk. or benefit of gain.
Review and evaluation of the plan Initial risk management plans will never be perfect. Limitations Prioritizing the risk management processes too highly could keep an organization from ever completing a project or even getting started. to evaluate whether the previously selected security controls are still applicable and effective 2.Select appropriate controls or countermeasures to measure each risk. experience. The risk management plan should propose applicable and effective security controls for managing the risks. According to ISO/IEC 27001. For example. an observed high risk of computer viruses could be mitigated by acquiring and implementing antivirus software. which should document the decisions about how each of the identified risks should be handled. and actual loss results will necessitate changes in the plan and contribute information to allow possible different decisions to be made in dealing with the risks being faced. Implementation Implementation follows all of the planned methods for mitigating the effect of the risks. Mitigation of risks often means selection of security controls. . and retain the rest. Risk analysis results and management plans should be updated periodically. reduce others. which identifies which particular control objectives and controls from the standard have been selected. a risk concerning the image of the organization should have top management decision behind it whereas IT management would have the authority to decide on computer virus risks. which should be documented in a Statement of Applicability. For example. For instance. Risk mitigation needs to be approved by the appropriate level of management. A good risk management plan should contain a schedule for control implementation and responsible persons for those actions. Practice. This is especially true if other work is suspended until the risk management process is considered complete. avoid all risks that can be avoided without sacrificing the entity's goals. to evaluate the possible risk level changes in the business environment. There are two primary reasons for this: 1. the stage immediately after completion of the risk assessment phase consists of preparing a Risk Treatment Plan. and why. Purchase insurance policies for the risks that have been decided to be transferred to an insurer. information risks are a good example of rapidly changing business environment.
or the customers of the enterprise. a project manager can estimate: the cost associated with the risk if it arises. enterprise risk management is normally thought of as the combination of credit risk. If risks are improperly assessed and prioritized. the probable increase in time associated with a risk (schedule variance due to risk. Its impact can be on the very existence. Risk can be measured by impacts x probability. Unlikely events do occur but if the risk is unlikely enough to occur it may be better to simply retain the risk and deal with the result if the loss does in fact occur. the resources (human and capital). or cost accrual ratio. every probable risk can have a pre-formulated plan to deal with its possible consequences (to ensure contingency if the risk becomes a liability). credit risk and operational risk and also specifies methods for calculating capital requirements for each of these components.It is also important to keep in mind the distinction between risk and uncertainty. as well as external impacts on society. a risk is defined as a possible event or circumstance that can have negative influences on the enterprise in question. the products and services. The primary justification for a formal risk assessment process is legal and bureaucratic. markets. From the information above and the average cost per employee over time. Rs where Rs = P * S): . and operational risk. Qualitative risk assessment is subjective and lacks consistency. In a financial institution. monitoring and controlling the financial or operational risk on a firm's balance sheet. The Basel II framework breaks risks into market risk (price risk). In the more general case. See value at risk. market risk. interest rate risk or asset liability management. Areas of risk management As applied to corporate finance. or the environment. C where C = cost accrual ratio * S). time can be wasted in dealing with risk of losses that are not likely to occur. Spending too much time assessing and managing unlikely risks can divert resources that could be used more profitably. estimated by multiplying employee costs per unit time by the estimated time lost (cost impact. Enterprise risk management Main article: Enterprise Risk Management In enterprise risk management. risk management is the technique for measuring.
risk management includes the following activities: Planning how risk will be managed in the particular project. Risk in a project or process can be due either to Special Cause Variation or Common Cause Variation and requires appropriate treatment. as illustrated in the equation above. tunnels. effectiveness of mitigation activities. responsibilities. Typical characteristic of risk officer is a healthy skepticism. highways. Each team member should have the possibility to report risks that he/she foresees in the project. probability and importance. (The risk of the RMS Titanic sinking vs. Sorting on this value puts the highest risks to the schedule first. airports. This is intended to cause the greatest risks to the project to be attempted first so that risk is minimized as quickly as possible. Summarizing planned and faced risks. Creating anonymous risk reporting channel. Megaprojects include bridges. Each risk should have the following attributes: opening date. Risk management for megaprojects Megaprojects (sometimes also called "major programs") are extremely large-scale investment projects. title. railways. seaports. wastewater projects. activities and budget. and effort spent for the risk management. The purpose of the mitigation plan is to describe how this particular risk will be handled – what. oil . Assigning a risk officer – a team member other than a project manager who is responsible for foreseeing potential project problems. This is slightly misleading as schedule variances with a large P and small S and vice versa are not equivalent. by whom and how will it be done to avoid it or minimize consequences if it becomes a liability. Rc where Rc = P*C = P*CAR*S = P*S*CAR) sorting on this value puts the highest risks to the budget first. when. Optionally a risk may have an assigned person responsible for its resolution and a date by which the risk must be resolved. see concerns about schedule variance as this is a function of it. typically costing more than US$1 billion per project. Preparing mitigation plans for risks that are chosen to be mitigated. the passengers' meals being served at slightly the wrong time). coastal flood protection schemes. short description. dams. power plants. the probable increase in cost associated with a risk (cost variance due to risk. Risk management activities as applied to project management In project management. That is to re-iterate the concern about extremal cases not being equivalent in the list immediately above. Plans should include risk management tasks. Maintaining live project risk database.
project budget and the success rate of completing the project. ISACA's Risk IT framework ties IT risk to Enterprise risk management. and social and environmental impacts. The entire project has to be planned and it should be done in a strategic manner. The project manager conducts the analysis of the problem and submits a detailed report to the top project justification. Risk management of information technology Main article: IT risk management Information technology is increasingly pervasive in modern life in every sector. Risk management is therefore particularly pertinent for megaprojects and special methods and special education have been developed for such risk management. IT risk is a risk related to information technology. It is attach with project responsibility or failure of a project. public buildings. safety. and the risks involved in the project. A number of methodologies have been developed to deal with this kind of risk. list of the objectives to be achieved. In this phase information is collected from the customer pertaining to the project and the requirements are analyzed. earthquakes. and so on. Risk management regarding natural disasters It is important to assess risk in regard to natural disasters like floods. and defence systems. insurance costs. Megaprojects have been shown to be particularly risky in terms of finance. effects on the environment. and the proposed costs of reducing the risk. information technology systems. This is a relatively new term due to an increasing awareness that information security is simply one facet of a multitude of risks that are relevant to IT and the real world processes it supports. business interruption losses and other downtime. Outcomes of natural disaster risk assessment are valuable when considering future repair costs. Question 2 – What are the various phases of project management life cycle? Explain Answer: This is the initial phase of any project. For the MBA assignments it is the most .and natural gas extraction projects. aerospace projects. The report must also contain information and the project feasibility. Project management life cycle is the integrated part of management. details on what the problem is a method of solving the problem.
Document the lessons from the project. This proposal has to contain the strategies adopted to market the product to the customers. Feasibility study: To analyze whether the project is technically. At every stage during the execution reports are prepared. effort requires for the project and functionality of various process in the project. System design: Choose a general design that can fusil the requirements. Execution phase: In this phase the project manager and the teams members work on the project objectives as per the plan. cost and risks involved marketing phase. The important tasks of this phase are as follows: Specification Requirements Analysis (SRA): It has to be conducted to determine the essential requirements of a project in order to achieve the target. The phase which involve in the above are: The preparation stage involves the preparation and approval of project outline. project plan and project budget. Closure and post completion analysis phase upon satisfactory completion and delivery of the intended product or service the staff performance has to be evaluated. the project manager has to ensure ways of managing the customer. The next stage involves selecting and briefing the project team about the proposals followed by discussions on the roles and responsibility of the project member and the organization. Control – Inspecting. implements the project designs accurately. The project manager has to ensure that the team working under his. The project team works under the guidance of the project manager. Prepare the reports on project feedback analysis followed by the project execution report. perform quality control work. A project proposal is prepared by a group of people including the project manager. Design phase: This phase involves the study of inputs and outputs of the various project stages. Trade off analysis: To understand and examine the various alternatives which could be considered. Estimation: To estimate the project cost. economically and practically feasible to be undertaken. Testing and Delivery phase during this phase. .valuable chapter in production management. Project evolution: Evaluate the project in terms of expected profit.
or if there are other opportunities with a higher ROI. The definition of the term in the broadest sense just attempts to measure the profitability of an investment and. if an investment does not have a positive ROI. then the investment should be not be undertaken. For example. may compare the same two products using an entirely different ROI calculation. That is. the result is expressed as a percentage or a ratio. therefore the definition. however. refers to the proceeds obtained from selling the investment of interest.ROI' Keep in mind that the calculation for return on investment and. a marketer may compare two different products by dividing the gross profit that each product has generated by its respective marketing expenses. the benefit (return) of an investment is divided by the cost of the investment.ROI' A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. Investopedia explains 'Return On Investment . A financial analyst. perhaps by dividing the net income of an investment by the . To calculate ROI.The project management life cycle: A Life cycle of a project consists of the following: Understanding the scope of the project Establishing objectives of the project Formulating and planning various activities Project execution and Monitor and control the project resources Question 3 – What is Return on Investment (ROI)? Explain its importance Definition of 'Return On Investment . can be modified to suit the situation -it all depends on what you include as returns and costs. there is no one "right" calculation. The return on investment formula: In the above formula "gains from investment". as such. Return on investment is a very popular metric because of its versatility and simplicity.
The project manager has to ensure that the team working under himimplements the project designs accurately. and the result can be expressed in many different ways. The various phases in project management life cycle are: Analysis and Evaluation Phase: It starts with receiving a request to analyse the problem from the customer.ways of solving the problem. Marketing Phase: A project proposal is prepared by a group of people including the projectmanager. Design Phase: Based on the inputs received in the form of project feasibility study. The report should consist of what the problem is.preliminary project evaluation. The project has to be tracked ormonitored through its cost. This flexibility has a downside. When using this metric. the project team works under the guidance of the projectmanager.total value of all resources that have been employed to make and sell the product. Question 4 . manpower and schedule. the objectives to be achieved. as ROI calculations can be easily manipulated to suit the user's purposes. make sure you understand what inputs are being used. The tasks involved in thesephases are: Managing the customer . followingoutputs are produced: System design specification Program functional specification Program design specification Project plan Inspecting.Discuss the role of effective data management in the success of project management. project proposal and customer interviews. and the success rate ofachieving the goal.The project manager conducts the analysis of the problem and submits a detailedreport to the top management. This proposal has to contain the strategies adopted to market the productto the customers. Testing and Delivery Phase: During this phase.
sector technique to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service. from a slight renovation to a total overhaul. The traditional gay of doing this is to make a detailed flow chart or process map of the various steps that are required for performing a particular activity. the staff performance has to beevaluated. The tasks involved in this phase are: Documenting the lessons learnt from the project Analyzing project feedback Preparing project execution report Question 5 .Write short notes on re-engineering. A key stimulus for reengineering has been the continuing development and deployment of sophisticated information systems and networks There are six standard steps. Reengineering Reengineering implies changes of various types and depth to a system.Marketing the future work Performing quality control work Post Completion Analysis Phase: After delivery or completion of the project. It is also important to identify the known range of potential improvement i. However in reengineering process only those steps that are capable of . we should know and be aware of limitations or extent of scopes of improvements that can be made.e. which are useful to guide a firm in its reengineering procedure. Business process reengineering (BPR) began as a private. Step 2: Understand the work sequence Understanding the work sequence which is being evaluated is the second step in the reengineering procedure. This is the most important aspect of the overall reengineering procedure. Step 1: Target Identification. It is very essential to identify which work or operation is required to be changed or improved. cut operational costs. and become world-class competitors.
you should understand the high importance of PM software and know what typical project management software functionality exists. Care should be taken only to adopt those ideas. A model of the activity which is being studied for improvement is created. Today without the use of project management application software. various ideas would be generated. it may become necessary for the firm to resort to suitable training for its employees. Depending upon the extent of the proposed change. Our computerized society has introduced project management computer software and created the need for using electronic PM tools and solutions to manage and control tasks. to-do lists and schedules which are components of projects. The focus of the evaluation should be on the accurate assessment of the expected benefits that will be accrued from the implementation of the modified activity. A final combination of the suggested alternative design of the activity would be a combination of both the internal as well as external perspectives. When learning the project management basics. what examples of PM software are .Write brief note on project management application software. This is done to identify best possible alternative design. How effective will be the implementation will depend upon the risk involved in adopting and managing the proposed change in the activity. Step 3 and 4: The creative aspect. Simultaneously the firm should also initiate steps to study and analyze external benchmarking in order to find out improved alternative approaches to the design. which are practical and meaningful. Step 6: Implementation.potential improvement are studied and alternative suggested. During the benchmarking exercise. In situations where the alternatives suggested require capital commitment like installing of new machinery the return on investment is also taken in account. Step 5: Evaluation the modifications to the activity The fifth step involves evaluation the modifications to the activity which is being reviewed on the cost benefit basis. Question 6 . it is impossible to manage any project.
assemble project teams and organize human resources. establish collaboration and cooperation between project participants. are those characteristics of tasks to be planned at the very beginning. Planning. If following the project management basics. assure and control quality. solve project issues. time frames. execute. The best software for project management will let you plan project tasks. The best software for project management significantly helps achieve success in developing. Deadlines. the list of project management software capabilities is large enough but the main idea of PM application software is to allow you to take your project through all the stages of project life cycle. monitor and close projects of any size and type. producing and delivering your product allowing combining project activities with cross-functional expertise. from project conceptualization and initiation through project execution. Actually. Project Management Software Functionality Typical project management software functionality combines the following options: 1. Tracking is an activity of monitoring and controlling tasks. Project management application program will let you use tracking tools to monitor and control your tasks and ensure the project is running in schedule. and share information. control and completion (more info on this topic: Project Management Guidelines). Once the main tasks of your project have been planned. 2. you should start your project with planning its main tasks and activities. The importance of project management application software consists in providing you with tools that allow keeping ahead of rivals and continuously working on improvement of tasks. priorities.available on the market. . assign budgets and control costs. Project Management Software Definition Project management software (or it is frequently called “Project Management Application Software“) is a computer program that helps people involved in the project management process to initiate. it is time to perform and track the tasks. plan. durations. services and processes with very short time-to-market. due dates. and how to actually choose the best software for project management that meets your needs and requirements. build schedules and timelines. Project management application softwareis designed to plan and document project tasks and activities. timelines. Tracking. manage risks and threats.
One of the greatestproject management software features is “Charts Builder” in MS Project that allows you to develop and print out Gantt Charts. At the closure of your project. MS Project offers you a complete set of PM tools that allow you to create tasks. 4. VIP Quality Software is one of the leading companies on market ofproject management application software.3. The only thing is that VIP Task Manager does not include an email client. It is the fact that Microsoft Corporation develops highquality and perspective solutions that have great project management software functionality. Network Diagrams. VIP Task Manager will be a great project management application program to small-sized organizations. This project management application software has outstanding tools for scheduling tasks and activities within a project. though it offers some powerful tools for managing tools -do lists. todo lists and processes. searches and reminders. integration with MS Outlook. Without measuring you cannot be sure that your project is undertaken as expected. and schedules. This project management application system will be best for people who need to organize and manage simple projects. In particular. Both MS Project and Outlook are the choice of mid-sized and large organizations. The software system features powerful task filters. VIP Quality Software products. While MS Project combines a full set of project management software options and features. Task Merlin. Task Merlin is one of the best software for project management due to its convenient project outline panels. project trees. estimate critical paths. There is also MS Outlook which is best for managing tasks and todo lists. By means of project management application software. make notes and records. and more. share project information. MS Outlook focuses on providing you with task management tools with possibility to organize your emails. and task emailing capabilities. there are the most popular PM solutions which provide the best benefit to users. Reporting. you need to generate reports that show current progress of the project and status of its tasks. collaborate with users. It offers VIP Task Manager which is in some way similar to MS Outlook and features almost the same project management software options. . you can use formulas to create and apply key performance indicators (KPIs) and measures. Project management application system will allow you to develop project reports and review % complete per task and per goal. Measuring. Project Management Software Examples Among a great variety of project management application software. and more. Here are several favorite project management software examples: Microsoft products.
Some solutions are available for free (the so-called “open source free project management application systems”). If you asked us about our own opinion. or shareware (those being used for free within a trial period). we would tell you that the best software for project management would be that one available for free evaluation but not completely free – you can try such software and you will pay for it after the trial period is over. .Please note that the listed project management software examples are just for your consideration and are not absolute or “should be used anyway”… You can choose and then use any project management application software.
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