we think that a project’s success or failure depends on the project manager. It
is the project manager who is solely responsible for project End-to End
execution. And, this is obvious too. After all that’s what a project Manager is
and budgets are two most critical aspects for success of any project. Leakages
due to miscommunication, rework cause delays resulting in increased costs and missed
timelines more often than not. As per a recent study, 17% of all big-fat
projects fails severely due to such reasons which makes it a threat to the
continuation of the business.
the question arises “why did this happen?” Ain’t there any mechanism to stop or
have a control on such project failures?
let us analyze the root cause of the issues that drags down the IT project to massive
conducted a survey amongst CXO’s of leading IT companies where most of them
agreed that their project managers lacked experience in risk management. As per
them if project managers are equipped enough to map risks then they will be
better at predicting and manage unexpected events.
what is expected from a project manager to support a project and ensuring its
Risk Management: Projects
often overshoot their timelines due to an unexpected event or unpredicted risks
which sinks the project. The project managers should pre-meditate and identify possible
risks to forecast several scenarios to ensure project execution.
Is it so easy? No...
Let's see the process of risk management:
Risk Identification – Identification of risk factors that might
negatively impact the project.
– Once the risk factors are identified, it’s time to analyze the risk factors
and degree of their impact.
Risk Evaluation – The risk is further evaluated by comparing
the ratio of its likeliness of occurrence and its consequences to determine
whether the company is capable to take that risk.
Risk Mitigation – Based on the risk evaluation Ratings, the
processes are setup to control the damage causing factors by the prioritizing
Risk Monitoring – Post risk mitigation plan implementation, it
is imperative to monitor the overall plan and its functioning including the
tracking of existing risk and occurrence of any new risk.
detailed story board - The
first and essential task for a project manager is to understand the scope of
work, client expectations and create user stories based on the project
attributes. Each story then shall be further divided into tasks and each task
should be cascaded legitimately.
effort estimation – Quantifying
efforts in terms of Time and number of resources required to complete the project
keeping in mind the unlikely events that might affect the timelines and budget
of the project.
for better predictions –
It is unlikely to repeat the mistakes that have occurred in the past. It is
rather expected to learn and move on from your mistakes so that they are not
repeated in the future. Smart project managers keep a track of historic unsuccessful
attempts or work to ensure better future project management based on this information.
It has been observed that majority of the complex process go beyond their
budget and sometimes overshoot the timeline due to poor resource estimation. Poor
Resource management can be either under or over employment of resources, inappropriate
allocation of resources, purchasing or hiring last minute resources leads the timeline
and budget extensions resulting into project failure.
companies think that providing professional trainings to project managers will
fill-in these gaps and might resolve the issue. But these how likely do they think
that certain skills can only come with years of experience and need expertise
only. There are many companies
in US these days of the likes of Amazon, Accenture, UPS and many
more, who are hiring US military retired and other industries veterans. The
reason why these companies are hiring such veterans is because of their discipline,
experience in handling critical issues with ease and the kind of vast
experience they bring in with themselves. In fact, alongside their rich
professional background, these veterans are also bringing a rich cultural value
not just big companies who are taking advantage of experienced subject matter
experts, there are online platforms like AIDOOS
- an on-demand software development platform. AIDOOS capitalizes the
expertise of the industry veterans as Subject Matter Experts to manage the
projects to ensure its smooth and error free execution. AIDOOS is an AI based
platform which distributes the Right task to the Right person, tracks the
progress, integrate them and deliver the project to the stakeholders.
AIDOOS platform was initiated by its founder,
Kris V., with a countenance to provide all types of IT Services and solutions
at competitive prices with guaranteed Quality Output. This model is encouraging
companies to free themselves from setting up big Infrastructures, hassled
hiring processes, paying extra for unproductive hours and many more benefits.