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The often ignored knowledge are in project management is project risk management. How it can be made a core important implementation area?

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Question ajoutée par Muhammad Usman Tariq , Visiting Faculty , National University of Science and Technology
Date de publication: 2014/10/29
Sirajuddin Muhammad
par Sirajuddin Muhammad , Assistant General Manager , Engineers India Limited

Take the example of risk management with respect to project time, for which simulation techniques like 'monte-carlo' are available where the program calculates the probabilities of completing the project in a particular time duration given duration of individual activities and associated probability by choosing a large number of iterations so as to make the result as reliable as one desires. Readers can for example refer to PERT Master Program developed for P3

sajid m s
par sajid m s , PROJECT ENGINEER , Inmarco FZC

Risk management should be a key area. We can learn lot of things from analysing risk data from previous and similar projects. Keeping records of data, analysis,solutions, control measures taken, will aid a PM team in managing the risks without panic. Managing an uncertain issue( A.K.A , risk) always kill productivity,though leads to creative ideas for tuning up effective solutions at the expenditure of Time& Cost bounded with quality.

Muhammad Usman Tariq
par Muhammad Usman Tariq , Visiting Faculty , National University of Science and Technology

Sajid, Good point the main area of concern in managing the uncertain risks which cannot be fully analyzed during the pre analysis phase. The project management methodology needs to be extended in order to achieve the total process efficiency.

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