Project Management Tools and Risk Management

Project Management Tools and Risk Management

There still remains meat on the bones of this study from Software Advice.  On LinkedIn, Joe Hessmiller had an observation that Client relationship and Risk management was far down on the list of concerns. Under the heading More Buyers Request Advanced Functionality Than Basic[1] client management and risk management was at the bottom of the list at where 5 percent of buyers request functionality around risk management.  His interpretation was that “more interested in the accounting value than the project success value of PM tools”.  The list is as follows:

  1. Reporting and analytic
  2. Project planning
  3. Time & expense tracking
  4. Scheduling / calendaring
  5. Resource management
  6. Collaboration / Communication
  7. Budgeting
  8. Client management
  9. Risk management

Perhaps these buyers are not interested in risk management, because the risks to which they are presently subjected are on the list. For example, poor reporting and analytic or project schedule and calendaring routinely show up in their risks that come to fruition. In fact, my experience suggests the top six areas on the list are consistent sources of project malady if not down right failures.  Better or improved validity of information on these respective areas will reduce the risks commonly associated. For example, consider resource management.  I am sure many project management practitioners have probably experienced the complications and failures that happen with insufficient resource planning.  You believe the resource is secured, and then find out it is not and if there is a back up plan, that is risky at best.

At Value Transformation we have developed a Risk assessment tool that follows the  Advanced Product Quality Planning (APQP) Failure Mode Effects Analysis structure (FMEA). Instead of the Design or Process failure modes, we consider the failures from the project perspective. Check it out at https://www.valuetransform.com/downloads/

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