…”The objectives of project risk management are to increase the likelihood and impact of positive events (opportunities), and decrease the likelihood and impact of negative events (risks). Early, robust, comprehensive and iterative risk management underpins the successful delivery of projects. Positive events improve ability to create value, enhance performance and deliver greater benefits to key project stakeholders. Consideration of such events should be an important part of both the project’s strategic planning and the risk identification process. Activating triggers for such opportunities should be a focus during regular risk log reviews. In this example, having back-up plans in place ahead of time means clinical teams can immediately implement supporting strategies when necessary which minimizes wasted downtime.
A good project management plan will also include a robust performance measurement baseline, an integrated, quantitative baseline against which project success is measured, and change control enforced. It enables clear expectations for communication between all key stakeholders, including site staff, research leaders, CROs and sponsors. Having a common understanding of project goals and having a communication plan ensures everyone involved with the trial is up to date on its progress and creates channels to discuss concerns or questions. This enables a culture of transparency and problem-solving that prevents small issues from turning into costly mistakes.
Good project management may not solve every problem a trial faces, but it can eliminate a lot of the chaos, confusion and downtime that can occur when these issues arise.” – Quintiles, excerpted from the article, “Reducing risks through effective project management” , click here to read the article in its entirety or visit Quintiles here.
Well said! PMO Advisory offers courses throughout the year designed for project professionals interested in Portfolio (PfMP), Program (PgMP), Project (PMP & CAPM) Risk (PMI-RMP) Management, and Agile (PMI-ACP) certifications.