Browsing Posts tagged project online

Failing to plan is planning to fail

Managing project risks using Project Online

Did you know that Project Online is more than just project schedules and status reports? Yep, you can manage your project risks there too, and it’s pretty easy. Don’t miss our monthly PM webinar where we’ll talk more about this, details below.

When talking about project risks, oftentimes people will tell me that their project doesn’t have any risks. Or they don’t want to waste time tracking risks, because the project is a “must do” so it doesn’t matter anyway.  I disagree; there are a lot of advantages to tracking project risks, especially in Project Online.

“My project doesn’t have any risks.” Well, that sure would be nice, but every project has some risks associated with it. Let’s take a simple example – moving your offices. Your company has relocated and you are managing the project for the move. What are some risks we should consider?

  • Movers could be delayed/arrive late
  • Damage to equipment
  • Lost files
  • No utilities at new location
  • Injured employees
  • Something might get left behind

 

You might be thinking, “Well, that’s all fine, but we have to move anyway so why bother with risks?” Project Managers know the value of a good plan. “Fail to plan, plan to fail!” By identifying the potential risks in projects, we can now take steps to better manage them. We can add them to our Project Online Risk Repository to increase visibility and keep everyone updated on the status. There’s a lot of information we track when adding and managing risks:

Owner/Assignee The person/people responsible for tracking the risk overall
Status Active, Postponed, Closed
Due Date Sometimes there may be a specific date associated with the risk, sometimes not.
Probability The likelihood that the risk will occur (1%-100%)
Impact The magnitude of the impact should the risk actually happen.
Cost The cost that will be incurred when the risk occurs
Category Custom categories for your organization
Description The likely causes and consequences of the risk
Mitigation Plan Actions to reduce the probability or the impact of the risk
Contingency Plan The plan of action if the risk does occur
Triggers Indicators that the risk has occurred or will occur shortly

Once the risks are identified and all the information is entered in Project Online, you and your team will have one central place for tracking and communicating risks. In the example of moving day, if the movers are delayed, your team knows exactly what to do to keeping moving. Plus, you’ve taken many steps to mitigate any delays, by providing clear instructions and directions, several contact numbers, and completed a walk through before the actual moving day.

And, when you start tracking risks for multiple projects, you can then begin to do some analysis across all projects. Does the same risk occur over and over? Which mitigation plans have been successful? Which contingency plans have failed? You’ll even be able to balance the risks and determine when the best time might be to start a high risk project vs. a low risk project.

Join us on for the free monthly Project Management Webinar (we’ll be giving away a copy of Office Professional 2013 courtesy of Microsoft)!

  • Topic: Managing project risks with Project Online
  • When: June 18th at 2-2:30 (eastern)
  • Where:  Online
  • Click here to Register

We’ll talk more about Risk Management and demonstrate how to enter and track risks in Project Online.  Here’s a sneak peek:

Image of a risk in Project Online

 

 

 

Project OnlineBob here.  For those of us who love and adore Project Management tools (and who doesn’t love managing 21st century multi-layered projects involving resources spread around the world in completely different organization with tools and metaphors designed nearly a century ago so assembly lines could make bombs faster?), I’ve got great news!

As many of you know (especially if you pay attention to our Blog), Microsoft recently released their first Beta (whoops, customer Preview) of Office 2013.  Now, it stands to reason that part of the Office 2013 upgrade will involve integrating it with Office 365.

Well, it goes deeper than that.  Microsoft recently announced that Office 365 will now include a version of Project.  Project Online.

Of course, it’s not as simple as “oh, there’s the new version, let’s play!”  This is Microsoft we’re talking about.  Several additional versions of Project that directly or indirectly work through the web are part of this packaging, in addition to the standard version of Project that we know so well (Project, Project Server, Project Professional).

For more information about Microsoft’s Project strategy, see Mary Jo Foley’s article here.

For information about Project Online, including how to sign up for it now, click here.