Risk Matrix Pm586 - 1244 Words

Week 5 Project RISK MATRIX A risk matrix is a simple way of ranking, different potential projects in terms of their potential benefit and the likely risks or costs in implementing them. Some projects may be very attractive in terms of potential benefits that they offer but have serious implementation difficulties. Others may be low value in impact terms but be easy to implement tomorrow. Ideally firms will want to choose a balanced portfolio of short and long-term, low-risk and high-risk projects (http://www.managing-innovation.com/tools/Risk%20Assessment%20Matrix.pdf). I chose this paragraph for my opener because it shows the delicate balancing act that all businesses must comply with. Every day a company has to decide between what†¦show more content†¦Called meetings are pretty much called any time at the spur of the moment to discuss anything that needs to be discussed immediately. Once again only the people involved in the project need to be there. Information sharing doesn’t n eed to be called that often, every 6 months would be good enough. In these meetings information that is important to a task is discussed. These meeting may involve top management as well as regular employees. Their main purpose is to share information among all departments (marketing, R D, accounting, etc) so that everyone is informed. Problem solving takes the most time because they require an action to be taken at the end. They need to be planned in advance so they can be successful. These meeting usually arise after a problem is detected and everyone that may influence the problem needs to be there. The guidelines offered in this meeting are more relevant to the problem at hand. HOLDING A SUCCESSFUL MEETING There are a lot of things that need to be taken into consideration when scheduling meetings to keep your project on schedule. First the project manager needs to decide what meetings need to be held. I specifically chose Status, Called (emergency) and Information Sharing m eetings. I feel that due to the nature of these meeting they are an absolute necessity. In order for me to have aShow MoreRelatedPm586 Final Study Guide1407 Words   |  6 Pages------------------------------------------------- PM586 Final Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE, FIND THE LOCATION AND AREA OF THE CONCEPTS TO STUDY AND USE THIS GUIDE TO INSURE YOUR SUCCESS FOR THE FINAL EXAM. 1. The final exam is open book, open notes. The maximum time you can spend in the exam is 3 hours, 30 minutes. If you have not clicked the Submit For Grade button by then, you will be automatically exited from the exam. In the final exam environment, the Windows clipboard