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Summary risk profile. A summary risk profile is a simple mechanism to increase the visibility of risks. It is a graphical representation of information normally found on an existing risk register. In some industry sectors it is referred to as a risk map. The project manager or risk manager needs to update the risk register on a regular basis and then regenerate the graph, showing risks in terms of probability and impact with the effects of mitigating action taken into account. It is essential for the graph to reflect current information as documented in the risk register. The profile must be used with extreme care and should not mislead the reader.

If an activity has over risks it will be impractical to illustrate all of the risks - it will be more appropriate to illustrate the top 20 risks, for example, making it clear what is and is not illustrated. A key feature is the risk tolerance line. It shows the overall level of risk that the organisation is prepared to tolerate in a given situation. If exposure to risk is above this line, managers can see that they must take prompt action. Setting the risk tolerance line is a task for experienced risk managers.

Tools or Techniques of Financial Statement Analysis

The parameters of the risk tolerance line should be agreed at the outset of an activity and regularly reviewed. Example of a simple decision tree. A decision tree is a useful tool for enabling choice between several courses of action. It provides a highly effective structure within which options can be explored and possible outcomes can be investigated.

It also helps to form a balanced picture of the risks and rewards associated with each possible course of action. A decision tree is particularly useful when choosing between different strategies, projects or investment opportunities - particularly when resources are scarce. An example of a radar chart. Also known as a spider chart, a radar chart is a diagram that is used to show the number of risks that different projects are exposed to.

Initially, the data is placed in a table that is subsequently converted into a chart.

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In a radar chart, a point close to the centre on any axis indicates a low value and a point near the edge is a high value. For more information on any of these techniques please contact the Centre of Expertise for Programme and Project Management. Google Tag Manager. Programme and project management tools and techniques Topics: Programme and project management and assurance.

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Programme management Project management. Tools and techniques Some of the tools and techniques that can be used in programme and project management are outlined below. Related articles Introduction to programme management Introduction to project management Post programme or project review Programme and project business cases Programme and project change management Programme and project configuration management Programme and project issues management Programme and project management communication Programme and project management lessons learned Programme and project planning Programme and project portfolio management Programme and project quality management Programme and project risk management.

Later, I will list the benefits that the tools and techniques of project management bring to the systems analysis process. Nearly every activity within an organization could be labeled as a project possessing unique characteristics and varying levels of importance to the organization.

The Importance Of Financial Reporting And Analysis: Your Essential Guide

A project is defined as a planned undertaking of related activities to reach an objective that has a beginning and an end. Seven primary characteristics of a project include:[ 11 ].

In the past, a company typically decided to undertake a project effort, assigned the project and the "necessary" resources to a carefully selected individual and assumed they were using some form of project management. Organizational implications were of little importance. Although the basic concepts of project management are simple, applying these concepts to an existing organization is not.

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Richard P. Each task requires a particular mix of these tools and techniques structured to fit the task environment and life cycle from conception to completion of the task. Employing project management technologies minimizes the disruption of routine business activities in many cases by placing under a single command all of the skills, technologies, and resources needed to realize the project.

The skills required depend on each specific project and the resources available at that time. The greater the amount of adjustments a parent organization must make to fulfill project objectives, the greater chance exists for project failure.

The form of project management will be unique for every project endeavor and will change throughout the project. The project management process typically includes four key phases: initiating the project, planning the project, executing the project, and closing the project. An outline of each phase is provided below. Initiating the Project The project management techniques related to the project initiation phase include: [ 16 ]. Planning the Project The project management techniques related to the project planning phase include:[ 16 ].

Executing the Project The project management techniques related to the project execution phase include:[ 16 ]. Closing Down the Project The project management techniques related to the project closedown phase include:[ 16 ].

Types of Financial Analysis

The techniques listed above in the four key phases of project management enable a project team to:[ 3 ]. Project management is a challenging task with many complex responsibilities. Fortunately, there are many tools available to assist with accomplishing the tasks and executing the responsibilities. Some require a computer with supporting software, while others can be used manually. Project managers should choose a project management tool that best suits their management style.

Comparative Statements

No one tool addresses all project management needs. Both of these project management tools can be produced manually or with commercially available project management software. PERT is a planning and control tool used for defining and controlling the tasks necessary to complete a project. Both charts display the total project with all scheduled tasks shown in sequence.

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The displayed tasks show which ones are in parallel, those tasks that can be performed at the same time. PERT planning involves the following steps:[ 7 ]. From this, the expected time for each activity can be calculated using the following weighted average:. This helps to bias time estimates away from the unrealistically short timescales normally assumed.

If the critical path is not immediately obvious, it may be helpful to determine the following four times for each activity:. These times are calculated using the expected time for the relevant activities. The earliest start and finish times of each activity are determined by working forward through the network and determining the earliest time at which an activity can start and finish considering its predecessor activities. The latest start and finish times are the latest times that an activity can start and finish without delaying the project.