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Importance of risk control in project management

Importance of risk control in project management

Essential Activities of Risk Management

A response should be planned for each and every risk. Some risks warrant immediate, decisive action. For instance, should a key supplier fail to meet an important delivery deadline, a plan B — that is, placing an order with another vendor — needs to be activated without delay. On the other hand, if your supplier increases the price agreed upon for delivery, your response plan may involve less urgent yet more complex trade-off decisions.

It is essential to identify the new contingencies as early as possible and to analyze and assess them appropriately in order to keep your prioritized risk mapping up to date.

Some risks may have been overlooked or misestimated sometimes with reason: it is impractical to plan for outliers, yet they can and do happen! It is critical to candidly and objectively assess the results of your project risk monitoring and response strategy in order to pave the way for continuous improvement.

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We recommend following a 5-step approach to risk monitoring and management: identify and assess current risks, prepare response plans, track the occurrence and evolution of risk, identify new contingencies, and evaluate the quality and effectiveness of your risk monitoring process and strategy over time.

The Importance of Risk Management In An Organisation

The Importance of Risk Management In An Organisation

In project management we have unforeseen and uncertain or unplanned events that can impact a project either positively or negatively. A negative risk is normally referred to as a threat whereas a positive impact on a project is an opportunity. In other words, a risk is any unexpected event or result that may negatively affect the projects timetable. Generally, a risk can affect the people, processes, technology and resources involved in a project. Many times a risk is unpredictable and you may not tell when it will occur.

Risk monitoring and control is an ongoing process for the life of the project. The risks change as the project matures, new risks develop, or anticipated.

Effectively Monitoring Project Risks

At the heart of its definition, Project Risk Management is all about developing strategies to prevent or minimize the impact of troubling threats to a project. There is always uncertainty about the positive outcome of a project. Things can go wrong quickly, and when project managers embrace the meaning of risk management, they are strategically preparing to handle these risks. When a manager takes on a long-term task, there are a lot of issues to be concerned with from establishing a budget to keeping staff on task. Therefore, it is likely that risk management strategies might never enter into project planning. However, exploring these approaches are a necessity because the benefits of developing plans for handling unforeseen issues are numerous. A good project risk management plan allows managers to look at the entirety of their project through the lens of what could go wrong. This, in turn, will help them to develop a Plan B, C, and D for a variety of budget, timing, or personnel issues. Here are benefits of developing a project risk management plan. An effective risk management plan allows managers to explore ways the project can go over budget.

If he is able to plan and manage the risks associated with the project then it has a great chance for success.

Because risk is a part of any project, an important role of the project manager is to identify and control it. Without any control, risks can become disasters, causing delay, unnecessary expenses and even bringing the project to an end. To control risks, you must first identify them as soon as possible. You should then analyze each identified risk and come up with a plan to deal with it. Since risks can change at any time and new risks can present themselves without warning, risks need to be addressed throughout a project's life cycle.

Generally, it affects the budget and schedule of the project. So it is important to keep in mind the risk management strategies while creating an initial.

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Yes, apples and oranges are the same; both are fruit. The same can be said for risk control and risk mitigation in the project risk management process. Bob looked genuinely disinterested in the question. We were in a weekly progress meeting when I observed an expression on his face suggesting disinterest.

In our previous article about the Risk Management Process , we looked at how to identify, assess, and respond to project risks. In this article, we examine the roles and responsibilities of a Risk Management Team.

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Benue State University, Makurdi

Benue State University, Makurdi

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What should be in a project management plan

Know the difference between successful projects and botched ones? A great project plan! When it comes to handling and successfully executing a project, you can't just wing it. You need a project management plan. A carefully laid out plan is the key difference between a successful project and a project that hardly gets off the ground. Managing a project entails juggling a lot of processes and overseeing many tasks.

It is critical to have a plan in place when you want to execute a project successfully and expertly. A project management plan can be regarded as a detailed guide that takes you from ground zero on a project to the finish line.

A project management plan is a detailed document that outlines how a project is to be handled from the onset, and it includes a stage by stage guide on how to monitor, execute and successfully finalize a project. The project management plan describes the stages involved in a project and outlines the parties responsible for handling the tasks in each phase of the project.

For project members, a plan is vital for informing how they approach their tasks. The project management plan lays out the schedule for each stage of a project, enabling team members to get on board and deploy their skills to push a project forward.

Projects require resources. A project management plan is crucial for a meaningful distribution of resources for executing a project. Top executives utilize project management plans to decide how much resources are required and what stage of a project needs the most resources. A project management plan enables senior executives to make informed decisions on budget, cost, and related issues on a project. To draft a clear and precise project plan, it is important to include some key elements that will make the project management process a smooth one.

A budget plan is an essential part of a project plan because it describes how much funds will go into a project and how much funds are required for each stage of the project. Projects are time-bound. The schedule describes the start and finish times of projects and how long each stage of a project is expected to last. The schedule is important because it keeps project members informed on how long they need to spend on a task and helps to propel and keep everyone on track.

Having shared with you some of the key elements that are required in a project plan, how do you now create a project plan unique to yourself or your organization? Below, we've outlined, in a step by step approach, the procedure for developing a good project management plan. Completing these steps will help you finish up a project plan even if you're a beginner with no prior experience with the project planning process.

The first step in creating a project plan is to figure out what you intend to achieve at the end of your project. Start with the end in mind. What issues do you want your project to address? What is the purpose of your project? What needs does your project meet? To help answer these questions, identify the people who will be impacted by your project and find out how your project can be beneficial to them.

Illustrate the timeline using a Gantt chart. A Gantt chart keeps things organized and helps you stay on course, showing you what stage you're in and what's still left to be done on the project. The following information in your plan is necessary as it provides more detail and structure to your project management process. Now that we've run through the steps for creating a detailed project management plan, it can seem a bit complicated if you've never done one yourself.

The truth is, planning your project involves a lot of detail and critical thinking, and if you're doing the planning traditionally on paper, it can seem like really hard work. How do you keep things organized and have a better visual image of the stages involved in the project? To do this, you should make use of software designed with project plans in mind. It produces project plans that are professionally striking, giving your project plans a bold expert feel.

To get started with MindMaster, open your computer, create an account for free, and start outlining your project plan in a Gantt chart on the MindMaster platform.

And if you're feeling pretty adventurous, you can take advantage of the many professional icons and images to create your project plan from scratch. You can share your completed project plan with the people that matter to your project and even export your plan in several formats for easy accessibility. Need to access your project plan on multiple devices? No worries! MindMaster is cross-platform, and you can access your project plans on both PC, Web, and mobile devices.

Step 1: Define your project goal. Step 2: Define your project's scope and budget. Step 3: Define your project's deliverables. Step 4: Outline the project's schedule using a Gantt chart. Step 5: Auxiliary information to include. Try MindMaster for Free. How to Become a Lawyer. How to Become a Freelancer. How to run an Amazon business?

Project Management Plan: Definition, Elements & Tips

phases of a project; activities or tasks in each phase; task start and end dates; interdependencies between tasks; milestones. Why Project Planning Still.

The basics of an effective project plan

But what is a project management plan used for? Why is it so important? And what are the core project management plan components you need to include for it to be a success? Your project plan document is where you go deep on the ins, outs, overs, and unders of your project. Whereas the project charter is the high-level vision for your project, your project management plan is where you break this vision down into the actual day-to-day execution of your project, covering everything you need to do to reach your project goals. A detailed project plan will plot out everything from timelines to budget, resourcing to deliverables, and more, giving you a blueprint of what needs to be done and when that you can use to guide — and assess — your project. Here are 5 benefits that highlight the importance of project management planning. Working from the approved project charter, your project plan will map out the agreed-upon scope , timeline, and budget for your project in more detail. No alarms and no surprises: with your project laid out in a detailed project plan, everyone knows what to expect and when.

Project Management Plan Includes Sub-Plans and Baselines

A well thought-out project plan will provide the project team with a clear direction and understanding of their contributions to the success of the project. A detailed project plan is simply a list of the tasks and activities that must be accomplished in order to reach a milestone or produce a deliverable. Where the Project Charter is created at the macro level, the detailed project plans are at the micro level and function as the work plan for each team member. In the Planning Phase, the Project Manager works with the project team to create the technical design, task list, resource plan, communications plan, budget, and initial schedule for the project, and establishes the roles and responsibilities of the project team and its stakeholders. Project planning is an iterative process which may occur consistently throughout the project.

The project management plan is one of the most important documents in the overall planning, monitoring, and implementation of a project.

Top 6 Reasons Why Project Management Is Important

Top 6 Reasons Why Project Management Is Important

A Project Management Plan PMP — not to be confused with the Project Management Professional certification defines not only when a project will be delivered, but also how it will be delivered. If a document only contains what will be done and by when, it is not a true Project Management Plan. This can be confusing, as there are a number of explainers on how to create a project management plan or a project plan that leaves out key components. A complete project management plan must include guidelines on how a project is executed, monitored, and controlled. According to the Project Management Institute , it should answer all of the questions listed below:. The creation of your plan should start with a project management plan template.

This document outlines an elaborate baseline of what are the project goals, what are the processes to be executed, and how they will be monitored and controlled.

Project Plan

A project plan is the culmination of meticulous planning by a project manager. Although project plans differ from company to company, there are ten critical elements or steps that should be included in an effective project plan to avoid confusion and forced improvisation during the project execution phase. Project goals are defined in a project charter , but they should be included in the project plan as well to further explain the goals of the project or to include the charter as an appendix.

A Detailed Guide to Prepare a Project Management Plan [free template]

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A project management plan is a formal document that outlines how a particular project is suppose to be executed, monitored and controlled. A project management plan is very important because it is used as a guide throughout the project as a reference document, to ensure a project is completed successfully according to defined scope and schedule. Project management plan helps the project team in running the project from start to finish. Project charter and project management plan are almost similar documents, but there is a difference between them. A project management plan is a document which outlines in detail how the project will be executed, monitored and controlled while a project charter is a brief document prepared for to initiate a project.

Reading time: about 6 min. Posted by: Lucid Content Team. After all, project management can be a hefty financial investment, so why not just do it yourself? A good project manager is the glue that holds a project together and ensures quality and objectives are met on time and on budget.

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Scotiabank's move to pause its sponsorship of Hockey Canada until the organization takes steps to "improve the culture" within the sport is the latest example of the growing trend among big corporations using their heft to advance social change, experts say. Scotiabank's decision, announced in an open letter published Monday by the bank's president and CEO Brian Porter, comes after the federal government froze public funding to Hockey Canada last week in response to its handling of an alleged sexual assault and out-of-court settlement. Retail giant Canadian Tire and telecommunications company Telus have followed suit, with both withdrawing support from the upcoming world junior hockey championship. Hockey Canada quietly settled a lawsuit last month after a woman claimed she was assaulted by members of the country's gold-medal-winning world junior hockey team at a gala and golf function four years ago in London, Ont. Writing that he was "appalled" by the reports of the alleged assault, Porter said Scotiabank will cancel the sponsorship dollars it had planned to spend at the pandemic-delayed world juniors in August, redirecting the money into other programs, including one that aims to help eliminate financial barriers for young people in the game, and the women's world championship. The high-profile exit by one of the organization's biggest corporate sponsors will have an immediate "shock effect" within Hockey Canada, said Joanne McNeish, associate professor of marketing at Toronto Metropolitan University's Ted Rogers School of Management.

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Diabetes self management education and support mediaid

Diabetes Management

Diabetes is a chronic long-lasting disease that affects how your body turns food into energy. There are three main types of diabetes: type 1, type 2, and gestational diabetes diabetes while pregnant. About 1 in 10 Idaho adults annually report that they have diabetes. The trend of adults in Idaho who have been diagnosed with diabetes has remained fairly stable over the past decade. DSMES is a patient-centered, evidence-based service that provides support, knowledge, and skills necessary to manage diabetes.

Engagement in DSMES improves A1C levels, blood pressure, cholesterol, lifestyle behaviors, and prevents or delays diabetes-related complications. With a healthcare provider referral, diabetes education may be covered by Medicare, Medicaid, and most insurance plans. Check with your insurance provider to see what specific diabetes education services are covered.

In general, people with diabetes are more likely to have serious complications if they get sick regardless of having type 1, type 2, or gestational diabetes.

The risk for serious complications is likely to be lower if your diabetes is well-managed. Type 1 diabetes occurs when the body stops making insulin or makes very little insulin. Type 1 diabetes is usually diagnosed in children, teens, and young adults but can develop at any age. People with type 1 diabetes take insulin every day. There is no way to prevent type 1 diabetes.

Visit JDRF to learn more about type 1 diabetes. Most people with diabetes have type 2. Gestational diabetes develops during pregnancy in women with no history of diabetes. Gestational diabetes usually goes away after the baby is born, but half of the moms go on to develop type 2 diabetes.

Some medications may increase your risk of developing diabetes. Symptoms of diabetes may include:. You may also have diabetes and only experience mild symptoms. Your healthcare provider can diagnose diabetes in a few different ways. If you have diabetes, have your A1C test twice a year or more often as recommended by your healthcare provider.

Are a woman planning a pregnancy and have an unhealthy weight or an additional risk factor for diabetes. Have been diagnosed with prediabetes. What are the symptoms of diabetes? Symptoms of diabetes may include: Frequent urination Excessive thirst Increase in hunger Fatigue Weakness Drowsiness Blurred vision Slow-healing wounds Weight loss type 1 Different sensations in hands and feet type 2 You may also have diabetes and only experience mild symptoms. How is diabetes diagnosed?

An A1C test is a simple blood test. A fasting plasma glucose test measures your blood sugar after not eating or drinking for at least eight hours.

Diabetic Self-Management Education

Fortunately, there are evidence-based programs such as the Diabetes Self Management Education and Support (DSMES) that help people better manage their.

July 10, Author: Johnson Memorial Health. Accreditation represents a high level of quality and service to the community, and the ability to better meet the needs of Medicare recipients and others affected by diabetes. Diabetes education services utilize a collaborative process through which people with or at risk for diabetes work with a diabetes educator to receive individualized care to help them reach their health goals. Diabetes education is a covered Medicare benefit when delivered through an accredited program. Programs must maintain compliance with the Standards during the four-year accreditation cycle. ADCES, formerly known as the American Association of Diabetes Educators AADE , is a multi-disciplinary professional membership organization dedicated to improving diabetes care through innovative education, management and support. With more than 14, professional members including nurses, dietitians, pharmacists, exercise specialists, and others, ADCES has a vast network of practitioners working with people who have, are affected by, or are at risk for diabetes. Learn more. Search Box.

Providing this coverage allows us to meet our customers where they are on their healthcare journey and is key to putting many eligible Illinoisans on a path to a healthier future. DPP involves a yearlong, evidence-based lifestyle change aimed at reducing the risk of adults with prediabetes progressing to Type 2 diabetes. According to state officials, CDC-recognized DPP organizations can enroll as Illinois Medicaid providers to deliver the program to eligible participants by administering services during regular sessions over the course of the year, including dietary and nutritional counseling, fitness assessments and educational sessions on how to prevent Type 2 diabetes. The second program, DSMES provides services to prevent the progression of diabetes, thereby prolonging the life of the participants and promoting a healthier lifestyle. DSMES must be recommended by a medical provider or a practitioner licensed to work with individuals to halt the progression of diabetes.

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Diabetes Self-Management Programs

Clipper F. The purpose of this article is to discuss the use of digital health tools to improve participation in diabetes self-management education and support DSMES. Daily schedules and responsibilities might hinder a person from receiving DSMES; thus, only a small number of people with diabetes receive DSMES despite the clear benefits of the much-needed education. With advances in technology and digital health tools, such as mobile applications apps and text messaging programs, individuals seeking further knowledge and training relating to diabetes management can achieve their specific goals at their own time and pace. Many digital health resources are available for people who are looking for DSMES materials in addition to the traditional in-person sessions.

Diabetes self-management education and support (DSME/S) is underused despite for DSME/S is available from the Centers for Medicare and Medicaid Services.

Diabetes Self Care

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Diabetes is a chronic long-lasting disease that affects how your body turns food into energy. There are three main types of diabetes: type 1, type 2, and gestational diabetes diabetes while pregnant. About 1 in 10 Idaho adults annually report that they have diabetes. The trend of adults in Idaho who have been diagnosed with diabetes has remained fairly stable over the past decade. DSMES is a patient-centered, evidence-based service that provides support, knowledge, and skills necessary to manage diabetes. Engagement in DSMES improves A1C levels, blood pressure, cholesterol, lifestyle behaviors, and prevents or delays diabetes-related complications.

Managing diabetes means keeping blood sugar levels and blood pressure levels within a range that you and your diabetes team have decided is safe for you.

The Chronic Disease Prevention Program works with federal agencies, state programs, and community partners to help address the risk factors associated with chronic diseases like diabetes and hypertension. We work to make sure that the healthy choice is the easy choice for Wyoming communities. Diabetes self-management education DSME is the process of facilitating the knowledge, skill, and ability necessary for diabetes self-care. This process incorporates the needs, goals, and life experiences of the person with diabetes and is guided by evidence-based standards. The overall objectives of DSME are to support informed decision-making, self-care behaviors, problem-solving and active collaboration with the health care team and to improve clinical outcomes, health status, and quality of life ADA, You must have a written order from a doctor or other health care provider to be eligible for Diabetes Self-Management Training. Check with your insurance company for details.

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Chen has also provided legal review opinions on the establishment and approval of financial institutions, equity transfer and wealth management, financial derivatives and other new business access, as well as the legal review of the administrative penalties of financial institutions and the cancellation of the qualifications of directors and senior executives.

Chen has studied the financial assistance of banking institutions, the "Government Procurement Agreement" GPA , the social responsibility of the banking industry, and how to deal with the long-arm jurisdiction question. He has given lectures on China's financial legal system, China's financial regulatory system and the reform and opening of the financial industry at the invitation of the International Monetary Fund, the World Bank, the European Central Bank, the British Financial Services Agency and the German Central Bank.

In , Mr. Chen was selected as the first batch of international arbitration experts in Shanghai. He has also provided legal services for the establishment, equity transfer and operational compliance of many private banks, foreign banks, rural small and medium-sized financial institutions, and non-bank financial institutions.

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If you are not already a client of Dentons, please do not send us any confidential information. To proceed, please click Accept. Contact us. Home Armstrong Chen. Armstrong Chen Senior Partner. Email me. Download vCard. Regional Capabilities. More information Consumer finance company : Advised on setting up the company Private bank : Advised on its corporate governance, equity transfer and operational compliance National joint-stock commercial bank : Advised on a credit project of its Shanghai free trade branch Pension management company : Provided perennial legal counsel service for the company Large bank and national asset management corporation : Provided perennial legal counsel service Auto finance company : Advised on daily legal service State-owned enterprise : Represented its subsidiary against its client in a cooperation dispute arbitration Large bank : Represented the bank against its client in a guarantee contract dispute Urban commercial bank : Represented the bank in a transfer of negotiable instrument dispute State-owned company : Represented its Singapore subsidiary in a contract fraud case.

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Vincent Connor was a lawyer and beyond. He undoubtedly developed an outstanding reputation in the field of construction law both in Scotland and Hong Kong; however his contribution to society and life went far beyond the practice of law. Although his mother passed away when Vincent was only nine, his father Stan a Gliding Regiment veteran in Palestine, and ultimately a Strathclyde Police chief superintendent , his sister Pauline and brothers Arthur and Tony forged him into the dapper, multi-talented gentleman and lawyer that he became. Vincent was an academic star from primary school in Kirkintilloch through to Glasgow University, where in he graduated with First Class Honours. He went on to train as a solicitor with Glasgow firm Hughes Dowdall, and in , not long after qualifying as a Scottish solicitor, pivoted from general civil and criminal law and joined the leading construction law practice of McGrigor Donald in Glasgow.

The Association of Corporate Counsel (ACC) Hong Kong (formerly Hong Kong Corporate legal department's role, policies and practices, risk management.

High-risk third countries for AML purposes

Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness. The complexity of risk management in law firms is rapidly evolving. The breadth of recognized risks is broadening, the occurrence of issues is increasing, and the consequences are more severe. The varying areas of firm wide risk require greater coordination to address comprehensively. Already, the American Bar Association reports that professional liability claims for AmLaw firms are increasing in frequency and amount.

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Our plus Hong Kong members form part of the global ACC global network, consisting of more than 44, in-house counsel members in 85 countries. ACC Hong Kong members have access to quality local educational and networking events, regional publications and resources, as well as insights and best practice from the global in-house profession.

Nowadays, intellectual property IP is recognised as a key element in business development. The IP Training Programme aims to build up the manpower capacity in the businesses, especially small and medium enterprises SMEs , to adopt good IP management into their overall business strategy and practice. All the training courses are designed to cater for specific duties and career development needs of IP Managers and help them to establish their expertise and skills. The courses will also enable you to help your enterprise to:. Participants will receive a certificate upon completion of the respective training course except joint programme.

Edward Liu > Hill Dickinson Hong Kong > Hong Kong, Hong Kong > Lawyer Profile

VinciWorks Legal CPD Online offers Law Society accredited e-learning courses for solicitors in Hong Kong to earn CPD and RME points. Earn CPD points right.

Focusing on high value and complex disputes, Antony Sassi is a leading litigator in the Hong Kong market. He has handled some of the largest claims in Asia over the last few years against various professionals, including: lawyers solicitors and barristers , accountants, property agents, architects and other construction professionals. He also regularly advises clients on regulatory investigations and disciplinary matters, as well as on broader risk management issues. Leading individual - The Legal Asia Pacific One enthused client simply says: "He is fantastic!

Growing pressure on financial institutions to mitigate climate-related risks within their business models has highlighted the need for banks to have standardized methods to assess the decarbonization efforts of their corporate clients.

The COVID situation may still be fluid and constantly affect class arrangements in the coming months. The health and safety of our students will always be our top priority. Our respective Programme Teams will contact the students concerned with details of such arrangements as necessary. This course has been included in the list of reimbursable courses under the Continuing Education Fund. Some modules of this course have been included in the list of reimbursable courses under the Continuing Education Fund. Upon completion of the programme , students should be able to: - identify key legal issues affecting banking and commercial practices in Hong Kong; - gain an updated knowledge on commercial law in Hong Kong and Mainland China; and - d esign and implement legal risk management plans to combat commercial crimes and money laundering activities.

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