When is a project successful?

 The traditional view on project success consists of three parts and is also called the
iron triangle or triple-constraint:
o The project is executed on time.
o The project is executed within budget.
o The project produces an outcome of high quality. This consists of two dimensions:
 Product Scope: What is the product supposed to do?
 Performance: How well does the provided functionality work?
 Both product scope and performance should be defined at the start of the project and
high quality is achieved when the project delivers as specified.
 These three aspects of project success are not independent from each other. On the
contrary, typically improving one criteria implies delivering short on one of the other
criteria - e.g. if one wants to execute the same project in less time, one needs more
resources (higher budget) or one has to lower the specifications of the deliverable.
 Recently, it has been argued that these three success criteria are only a small part of
a bigger picture. Delivering to specification, does not guarantee that the project
actually produces value to the stakeholders.
 A more general definition of a successful project is one that delivers business value.
 However, delivering value is not only a matter of delivering the product to
specification, but also delivering the right specification, i.e. delivering the right
product.

 The fundamental principles are:

o Satisfy the customer through early and continuous delivery of value.
o Welcome change, even when it arrives late.
o Deliver frequently.
o Work together (with different skills).
o Trust and support your people to get the job done.
o Face-to-face conversations.
o Produce results that get (part of) the job done (Working software).
o Sustainable development.
o Continuous attention to excellence and design.
o Simplicity is essential.
o Self-organizing teams.
o Reflect and adjust.

he project charter is an important document consisting of details like the project constraints,
goals, appointment of the project manager, budget, expected timeline, PHASE 1 Project charteris
a great marketing tool for a project. It is created by a project manager before a project begins—
when the goals and ideas are conceptualized. The document explains the relationship between
the company's organizational strategy and the project
Advantages of the Project Management process:
 Provides a structured approach to managing projects.
 Helps to define project objectives and requirements.
 Facilitates effective communication and collaboration among team
members.
 Helps to manage project risks and issues.
 Ensures that the project is delivered on time and within budget.
Disadvantages of the Project Management Process:
 Can be time-consuming and bureaucratic
 May be inflexible and less adaptable to changes
 Requires a skilled project manager to implement effectively
 May not be suitable for small or simple projects.

5. Project Closing:
There can be many reasons for the termination of a project. Though
expecting a project to terminate after successful completion is conventional,
at times, a project may also terminate without completion. Projects have to
be closed down when the requirements are not fulfilled according to given
time and cost constraints. This phase of Project Management involves
completing the project, documenting the results, and closing out any open
issues.
Some reasons for failure include:
 Fast-changing technology
 The project running out of time
 Organizational politics
 Too much change in customer requirements
 Project exceeding budget or funds
Advantages of the Project Management process:
 Provides a structured approach to managing projects.
 Helps to define project objectives and requirements.
 Facilitates effective communication and collaboration among team
members.
 Helps to manage project risks and issues.
 Ensures that the project is delivered on time and within budget.
Disadvantages of the Project Management Process:
 Can be time-consuming and bureaucratic
 May be inflexible and less adaptable to changes
 Requires a skilled project manager to implement effectively
 May not be suitable for small or simple projects
What are the Five Steps in the Risk Management
Process?
Step 1: Identify the Risks
This step involves the activities to properly comprehend the Risks and their
impact on the various project tasks. It is important to recognize and
document the risks in a proper record. It has various aspects such as
methods of identification, communicating with the stakeholder, and
documentation of the risk factors. Let us discuss each of these in detail.
 Identify the Risks: The project experts implement methods such as
SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis to
predict the Project risks. Additionally, the Delphi Method is used to know
the risk information from the expert opinions and consensus.
 Involve the Stakeholders: Risks may affect every part of the Project due
to which the entire business process has to suffer. Therefore, through this
substep, Project Experts involve the different Stakeholders through
standup sessions and meetings to get thoughts on the Risks from the
end-user perspectives.
 Document the risks: After the different risks have been identified, they
are organized in the form of a hierarchy and formally documented in the
record. These records are accessible to the key stakeholders and project
team to continuously review and update in each phase of the Project.
Step 2: Analyze the Risks
After we have identified all the possible risks in our project, we have to
analyze them so that the mitigating actions can be planned according to the
impact that the risks create. The key factors of this step include:
 Analyze Risks Scenario: The Project experts understand What risks
may arise under what conditions. Also, they evaluate the scale of the
scenario that may lead to a particular risk. Finally, the risk assessment
results are communicated to the stakeholders associated with the project.
 Define the Scope of the Risks: After understanding the root cause of the
risks, the stakeholders and project team analyze the domains that may be
impacted by the risks. Thus, they define the boundaries and limits for
each risk.
 Develop the criteria for prioritization: Since all the risks cannot be
diagnosed and resolved at the same time, it is important to be aware of
the priority of the risk-response plans. So, criteria for the risk priority are
defined in this substep.
Step 3: Evaluate or Rank the Risks
In this step, risks are evaluated or ranked by assessing their potential impact
and likelihood of occurrence. This prioritization helps focus attention on the
most critical risks that require mitigation or contingency planning.
 Perform Qualitative and Qualitative Analysis: Some risks have a
higher impact and some have a lower. Also, some risks may have a high
frequency of occurrence while some have a lower frequency of
occurrence. Hence, it is important to analyze them in terms of quality as
well as quantity so that they can be properly analyzed.
 Visualize the Probability Impact Analysis: The evaluation and
assessment of the Project risks have to be understood and interpreted
accurately. So, project managers often use the Risk Matrix to analyze the
Probability versus Impact of the Risk to categorize them into low, medium,
and high risk.
 Documenting the Updates: All the updates of the Risk Management
Process are finalized and documented in the record. This information also
helps in the future project execution.
Step 4: Treat the Risks
After identifying and evaluating the risks, various mitigation actions and
response strategies are developed to reduce the risk impact and eliminate it
from the Project Lifecycle. This step generally has the following activities:
 Develop the Mitigation Plans: The project experts can deal with the
risks in four ways. They can Avoid, Mitigate, Transfer, or Accept the risks.
The type of action plan depends upon the intensity and scope of a risk
that arises. Keeping this fact in mind, the experts formulate different
mitigating actions.
 Implement the Mitigation actions: Here, the action plans are executed
as per the actions, responsibilities, and timelines specified in the risk
response strategy.
 Monitor and update the Risk Register: After the implementation of risk
response is done, Project Managers monitor the performance and update
the status in the risk register.
Step 5: Monitor and Review the Risks
Identifying the risks and executing the mitigation action is alone not sufficient
to ensure risk-free project planning. It is also important to consciously
monitor the status of the risks and keep a check on the risk-mitigating
actions. The key actions of this step are:
 Monitor the risks: The stakeholders and the project managers keep a
check on the probability, impact, or overall significance of the risk.
 Analyzing KPIs: System experts observe the Key Performance
Indicators that give information about the metrics related to risk
occurrence, severity, and the success of mitigation efforts.
  Develop Trigger System and Early Warnings: If the risk response
strategy fails in any scenario, the response triggers are defined so that
immediate action can be planned for risk mitigation.

Advantages of Risk Management

1. Gathering Risk Information: Risk Management helps the users to
gather risk information and categorize it into different types. This
categorization helps us to easily assign them to appropriate risk owners.
2. Documenting the Mitigation Plans: we can list and document the
actions and activities to resolve the risks. Due to easy documentation, the
project operations are transparent throughout the project.
3. Planning the Risk Resolution: We can easily monitor how the risk
mitigation activities are progressing ahead. Thus, we can maintain the
relevance of activities in the project plans.
4. Identifying the future Risks: As the Risks have to be identified at the
beginning of the Project, we can easily resolve them by identifying and
resolving them in just five simple steps.
5. What are the tools and methods for the Risk Assessment?
6. Various tools and methods enable us to understand the metrics of the
risk and performance of the response plan against it. One of the
popular tools is the Risk Log (also called Risk Register) which keeps
track of the risks, their impact, timelines, risk owners, etc. It highlights
the severity and probability of the risk using which we can evaluate the
risk.

eps of Successful Delegation in Project

Management
Last Updated : 13 Apr, 2021

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Prerequisite : What do you mean by Delegation?

Steps of Successful Delegation :
Following are the Steps of Successful Delegation :
1. Defining task :
First of all define the suitable task which is to be delegated. Does it
meet the criteria for delegating?
2. Selecting the individual for delegation :
After defining the task next step is to select the individual or person
for delegation. Also kept in your mind, what are your reasons for
delegating to this person for task?
3. Check ability and training :
After defining and selecting the individual for the task. Next process
is to check the person capable of doing the task? Do they
understand what needs to be done?
4. Explain reasons for delegation :
Next step in delegation process is that you must explain why the job
or responsibility is being delegated. What is its importance and
relevance?
5. Examine required results :
In this step of delegation to check, what must be achieved? How will
the task be measured? In this step of delegation, you make sure
that they know how you intend to decide that the job is being
successfully done.
6. Consider resource required :
In this step of delegation, we discuss and agree what is required to
get the job done. In this, we consider all resources required for task
like people, location, premises, equipment, money, materials and
other related activities and services.
7. Deadline :
When must the job is finished? Or if an ongoing duty, when are
review dates? When are the reports due?
8. Support and Communicate :
Think about who else needs to know what’s going an and inform
them. Do not leave the person to inform your own peers of their new
responsibility.
9. Feedback :
In this step of delegation, we get feedback on delegated task. It is
essential to let the person know how they are doing and whether
they have achieved their aims.
10. When to delegate :
When one is simply over burdened and cannot handle all the tasks
in the required time, the work can be delegated to other individuals.
When the job is so specialized that it is either not possible to build
up the capability then it will be better delegation to delegate the
task. When the work is not secret, and it is of routine nature then
delegation will not cause problems