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HIGHLIGHTS
DOCUMENT DESCRIPTION
This document reaches into some of the key disciplines of Project Management and explores the relationship between Risk, Contingency, Tolerance and Exception. It provides methods and matrices by which to identify and assess Risks, then take than assessment into another model by which to estimate various forms of Contingency, beginning with Cost, then onto Timeline (or Duration), then finally into Financial Benefit while acknowledging that other types of Tolerance measures are also commonly used across various types of organizations (e.g. Scope, Quality, etc.). Contingency, what it is, why it's needed, how it might be calculated and tracked is all covered in the document.
Established techniques for identifying Risks are covered, along with the Risk attributes of Probability, Proximity and Impact. A modified form of RAG (Red, Amber, Green) rating is used to illustrate how each matrices work. These colors can of course be adapted to suit organizational preference.
The second part of the document then moves on to explore what happens there is deviation from these Tolerances, explain what an Exception is, now it's capture and relayed up the chain of authority, and how it the deviation might have an impact beyond the project itself. Here, the roles of the Project Manager, the Project Board, and the Funding Body are explained in the context managing Exceptions.
All of the scales used in the matrices and models can be adjusted to suit any size or type of organization.
Throughout the document, a sample project has been used in order to provide some context and illustrate how the models and processes actually work in practice.
Having defined what an Exception is, how it is formalized within an Exception Report, and how it is managed within the confines of the project, the document then goes on to explore the wider impact when a project is just one part of a bigger picture (e.g. part of a large Portfolio).
Got a question about the product? Email us at [email protected] or ask the author directly by using the "Ask the Author a Question" form. If you cannot view the preview above this document description, go here to view the large preview instead.
Source: Best Practices in Project Management PowerPoint Slides: Project Management - Contingency & Exception Reporting PowerPoint (PPTX) Presentation, Dartview Consulting
ABOUT THE AUTHOR: DARTVIEW CONSULTING
Highly motivated, Business Facing IT Professional with significant experience gained within the Construction, Building Services and Facilities Services sectors.
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Key expertise exists within Leadership, Communication and Relationship Management abilities which have been honed during a series of Senior Management positions, and used to successfully deliver a number of business critical objectives
My company, Dartview Consulting Limited, focuses on delivering value through the use of Industry Standard Best Practice Frameworks for Service Management (ITIL), Project Management (PRINCE2), and Risk Management (MOR).
Dartview Consulting has published 18 additional documents on Flevy.
DETAILS
This business document is categorized under the function(s): Governance, Risk, & Compliance
It applies to All Industries
File Type: PowerPoint (pptx)
File Size: 421 KB
Number of Slides: 29 (includes cover, transition, & marketing slides)
Related Topic(s): Project Management
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Jan 27, 2023
Most recent version published: Jan 27, 2023
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