Risk Management Plan A Risk Management Plan is a record that shows how a project team will find, evaluate, and deal with risks over the course of a project. The Risk Management Plan is an important part of the general Project Management Plan. It helps make sure that risks are found and dealt with in a fast…
Risk Register A Risk Register is a paper that project managers use to find, evaluate, and keep track of risks as a project goes on. It is a tool for collecting and handling information about possible risks, such as how likely they are, how bad they could be, and what might happen if they happen. Most of…
Bid Documents Bid papers are official pieces of writing that companies or organisations use to ask possible sellers, suppliers, or freelancers for bids or offers for certain projects, services, or goods. Most of the time, these papers contain details about the project or product, directions on how to make a bid or proposal, standards for sellers or…
Source Selection Criteria In project management, source selection criteria are the factors or traits that are used to analyse and choose the best vendor, supplier, or contractor for a project. These criteria help project managers make choices that are well-informed by taking into account things like cost, quality, expertise, reputation, and other relevant factors. Most of the…
Make-or-Buy Decisions A make or buy decision is a strategic choice made by organisations to determine whether to produce products or services internally (make) or acquire them from an external vendor (buy). (buy). Typically, the decision is based on a cost-benefit analysis that takes into account the financial, operational, and strategic implications of each alternative. The manufacture…
Stakeholder Register A stakeholder register is a document or instrument that contains information about the parties involved in a project or organisation. It is an essential aspect of stakeholder management and ensures that stakeholders are identified, analyzed, and managed appropriately throughout the life cycle of the project or organisation. Typically, the stakeholder register contains the following information:…
Stakeholder Engagement Plan The component of the project management plan known as the stakeholder engagement plan defines the strategies and activities necessary to enhance constructive participation of stakeholders in decision making and execution of the project. It may be official or informal. depending on the requirements of the project and the anticipations of the various stakeholders, the…
