Project management insight by IIM-K Student

1. Introduction This section of the Stakeholder Management Strategy should introduce and discuss the goals and objectives of the Stakeholder Management Strategy for the project. Effectively managing stakeholders is a key component of successful project management and should never be ignored. Proper stakeholder management can be used to gain support for a project and anticipate resistance, conflict, or competing objectives among the project’s stakeholders. 2. Identify Stakeholders This section of the Stakeholder Management Strategy should discuss the methodology the project team will use to identify stakeholders and how stakeholders are defined. It is imperative that all stakeholders are identified regardless of how major or minor they are. This is because they will be categorized after they’re identified. If stakeholders are omitted there is a likelihood that they may become evident at some point during the project’s lifecycle and introduce delays or other obstacles to the proj

PM Methodologies Methodologies contain guiding processes for those who are doing project management. The true definition is that methodologies are not tool specific, however in today's software-reliant world the reality is that the methodology and the organization's project management software tool are often heavily intertwined. Below are a few of the project management methodologies popular today.   Agile The Agile method tries to provide rapid, continuous delivery of product to the customer. Whereas traditional methodologies such as the Waterfall method or other linear processes require detailed requirements that are defined in the beginning where the end product is like what defined in the beginning. With Agile there is no clearly defined end product at the onset. In Agile there is still a disciplined prioritization process, but the non-static requirements, flexibility, constant change, and regular communication approach this a

The risk management cycle       Every project is subject to constant change in its business and wider environment. The risk environment is constantly changing too. The project’s priorities and relative importance of risks will shift and change. Assumptions about risk have to be regularly revisited and reconsidered, for example at each end stage assessment. The figure to the right and below show the main steps through the risk management cycle. Identify the risks Assess Evaluate the risks Identify suitable responses to risk and select Plan and resource Implement, monitor and report The risk management Examples       Probability Assessment : High - quite probable Medium - more likely than not Low - possible but not likely Severity Assessment : Assess High, Med, Low based on the seriousness of consequences; amount of flexibility in dealing with problems; costs to resolve; resource impacts; sche