The ‘Formal Communication Plan’ defines the nature, frequency and manner of communication with project stakeholders and those who are affected by the project. Each of the project's formal communication channels should be defined and the purpose of each should be articulated as part of this plan: who is to be part of the channel, how often and in what manner…
Formal communication occurs in well-organized ways via well-established communication channels. These channels emanate from the project team's organizational structure and communication plan. Formal communication also takes into consideration the project's hierarchy—the map of project stakeholders and anyone else who is affected by the project. This type of communication is documented and flows between the informants and the receivers. It is,…
Communications plays a huge role in our lives! It is difficult to think of any activity that does not involve communication and yet, we tend to forget how important communication is to our success, to the relationships we have, and overall, to our happiness. Communication is much more of an art than science and as such, it comes in different…
A ‘Risk’ is any event that, should it occur, would negatively affect the project’s objectives. A risk has a root cause, which should be ferreted out as part of developing the detailed risk management plan. Identifying the root cause of each risk requires the isolation of each possible cause and the description of each risk event with relation to its…
After identifying the risk and estimating the exposure, it is necessary to determine an appropriate way to handle it. It is also necessary to prepare for the possibility that the risk will materialize by determining the most appropriate way to handle the problem that the project will face. Clearly, this process requires a lot of effort. It should therefore be…
After the risks have been identified, their potential impact on the project must be estimated. This is done by estimating the probability that these risks will be realized and the damage to the project should such a scenario become reality. Multiplying the ’realization probability’ by the ’degree of damage’ generates a ‘risk exposure’ measurement, according to which the risks will…
