Vision Statement A vision statement is a short, aspirational statement that describes the long-term goals and hopes of an organization. It’s a statement about what the organization wants to do, what kind of effect it wants to have, and what values it wants to stick to. The vision statement is an important part of the strategic planning…
Risk Review A risk review, which is also called a risk assessment review or a risk audit, is a methodical, independent look at a project, activity, or decision to find and evaluate the risks it poses. The goal of a risk review is to find potential risks, figure out how likely and bad they are, and figure…
Risk Sharing Risk sharing is a way to deal with risks that involve splitting the risks of a project, activity, or decision with someone else. The goal of risk sharing is to divide the cost of managing risk between two or more parties, rather than having one party take on all of the risk’s costs. In risk…
Risk Threshold A risk threshold is the level of risk that an organization is willing to accept or tolerate for a certain project, activity, or decision. It is a set limit that the organization won’t go over without taking more steps or putting in place more risk management strategies. Risk thresholds are usually defined in terms of…
Root Cause Analysis Root cause analysis is a key tool in project management that helps figure out why something is going wrong. By getting to the bottom of the problem, project managers can come up with good solutions and ways to stop it from happening again. In project management, there are a number of tools and methods…
Scope “Scope” is a concept used in project management to describe the project’s boundaries and goals. It describes the work that needs to be done (and often what is not expected to be done in the case, where there seems to be some level of ambiguity) to reach the project’s goals and the limits within which the…
XX There are several pieces of information that are not clear or are not necessary to be available with clarity while we go through the project. We assume and progress. In most cases, it is done at the beginning of the project where we outline the basic assumptions and as we dive into the project we keep…
Virtual Team Virtual teams are often used in project management to bring together people with different skills and knowledge from different parts of the world. Benefits Virtual teams can be more flexible and cost-effective than traditional co-located teams because they can draw from a larger pool of talent and don’t have to be in the same place….
