What is project management?

Project management in its simplest terms is to initiate it, plan it, execute, control nad transfer is to other
party/team to achieve specific goals and meet specific success criteria at the specified time. The main
goal to achieve is to meet all the primary challenges within given constraints. Whether planning you
need to employ project management techniques to help you succeed. Firstly, understand the project
objectives. Deciding the real objectives will help you plan the project. Once you've defined the scope
and objectives, get the stakeholders to review and agree to them. You must define what will be
delivered by the project. Planning requires that the project manager decides which people, resources
and budget are required to complete the project. You must define what activities are required to
produce also you must estimate the time and effort required for each activity. Also the project plans are
unless they've been communicated effectively to the project team. Every team member needs to know
their responsibilities. You will need progress reports from project team members. You should record
planned cost, schedule and scope. By managing changes, the project manager can make decisions
about whether or not to incorporate the changes immediately or in the future, or to reject them. This
increase the chances of project success because the project manager controls how the changes are
incorporated can allocate resources. Risks are events which can adversely affect the successful outcome
of the project. Plans must be made to avoid the risk, or, if the risk cannot be avoided, to mitigate the risk
to lessen its impact if it occurs. Deliverables should be tested at every critical milestone and the final
product must meet the project requirements.

Risk is an uncertain event or condition that if occurs, has a positive or negative effect on meeting the
project objectives related to components such as schedule (time), cost, scope or Quality.

Risk management includes planning risk management, identifying and analyzing the risks, preparing the
response plan, monitoring the risk, and implementing the risk response if the risk occurs.

Project Risk Management has 6 key activities:

1. Plan Risk Management

2. Identify Risks
3. Perform Qualitative Risk Analysis
4. Perform Quantitative Risk Analysis
5. Plan Risk Response
6. Monitor & Control Risks