What Is the Silver Lining for Projects?
By Marge Tam
The proverb “For every cloud there is a silver lining” can be interpreted as for every difficult situation there is some good to it. The proverb is of said to the person that would welcome such an encouragement during trying times, and the person is unable to see any positive way forward.
In the framework of Project Management, the Project Risk Management Process brings the silver lining to the uncertainties that come with managing anything that occurs in the future. Many people tie the word ‘risk’ with the negative connotation. However, according to the PMBOK, there are both negative and positive risks. The negative risk has potential impacts downstream to the overall health of the project projects such as project slip, budget overrun, and unsatisfied customers. While positive risks are essentially opportunities that brings about return on investment, increased revenue and overall process improvements. Read the Complete Article
Project Management Foundations
By Marge Tam
As a professional Project Manager, what would the most fundamental sound advise that one would provide to fellow Project Managers at all different levels – entry level, mid-level, or senior level Project Managers? The key to project success and the fundamental principle that every Project Manager needs to know and practice is the management of the triple constraint, or the iron triangle. This involves Scope, Budget, and Schedule.
In the most simplistic words, imagine the triangle in having three sides for each of the constraint area – Scope, Budget, and Schedule. Every time each side changes, the other two sides have to change as well. We have all heard about the request for project results with the low budget, fast cycle, and highest quality possible. To fulfill one’s professional responsibilities, the Project Management’s role is to gather all the facts on project budget baseline, detailed project scope, and timeline to meet all business and user requirements. Read the Complete Article