Risk is always present in construction projects. By definition, construction risk feels unpredictable and damaging, but you can identify and manage them. You may feel you can control risk in your organization and construction management team—but what happens when you’re…
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All projects are embedded with the potential for problems or opportunities. This is called risk, and project management has created risk management tools to address these uncertainties. One technique is bowtie analysis. We’ll break down the bowtie model and explain…
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Planning an event involves many moving parts, each generating costs that must be carefully tracked. Whether it’s venue rentals, equipment, catering or staffing, event planners need a structured approach to budgeting. Without a well-organized budget, costs can spiral out of…
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Before defining an issue log, let’s define project issues. An issue is any roadblock or unintended impact that directly affects your project’s timeline and or performance. It’s different than a risk, which can be defined as a potential problem or future…
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Projects are delicate operations. There is so much that can impact them; a storm cutting off the supply chain, equipment failure or a labor dispute are merely three possible situations in a seemingly endless succession of risks. The risk response…
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There are many project risks that can affect your project and, as a project manager, you’re responsible for the risk analysis process. Risk analysis, or risk assessment, is essential because it allows project managers to classify project risks and determine…
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Businesses go through a lot. Managers must always be aware of the internal and external factors that can impact their business growth such as economic fluctuations, new competitors, new market trends and more. One of the most common threats to…
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Making assumptions is usually frowned upon. However, in project management, project assumptions are essential for planning a project. But how do project assumptions differ from the assumptions that often mislead us in our daily lives? Let’s take a look at…
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When you start the planning process for a project, one of the first things you need to think about is: what can go wrong? It sounds negative, but pragmatic project managers know this type of thinking is preventative. Issues will…
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Resources are what you need to execute your project plan—people, equipment and materials. Managing those resources, and their constraints, is part of how you deliver a successful project. Each task in your project plan will have project resources like people, time…
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Big things coming from small beginnings might sound like a cliche, but it’s rooted in truth. Project managers understand that before embarking on large endeavors, it’s best to test the waters. The phrase for that in project management is a…
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All projects are risky ventures and so is running an enterprise. Unexpected events, whether internal or external, can impact the schedule, budget and operations. Risk can have an even greater impact on larger, more complex projects or the organization that…
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Few things are as risky as construction projects. There is heavy equipment, crews working in precarious situations and complicated logistics, safety hazards and risk factors to manage. How do you meet your deadline while managing all that risk? The answer…
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