High-Tech Yuga

 Risk Contingency Plan Vs Mitigation Plan Contingency plan: (Reactive) The Project Management Institute defines contingency planning as, “involving defining action steps to be taken if an identified risk event should occur." A contingency plan in project management is a defined, actionable plan that is to be enacted if an identified risk becomes a reality.  It is essentially a “Plan B”, to be put in place when things go differently than expected for a "Plan A". The essential components of an effective risk contingency strategy are: Make a list of risks Weigh risks based on severity and likelihood Identify important risks Conduct a business impact analysis Create contingency plans for the biggest risks Get approval for contingency plans Share your contingency plans Monitor contingency plan Example for contingency plan: A brokerage company may have a backup power generator to ensure that trades can be executed in the event of a power failure, preventing possible financial

Understanding Project KPIs in Project Management KPIs in project management are several particular measurement methods that indicate how effectively teams are reaching specified targets. KPIs for project management are typically established during the project's early stages. They reflect the organization's primary project concept and establish project commitment across administrative divisions. Why use KPIs? For the performance effectiveness For the efficiency in delivering the outcome Monitor and Control the change How to identify the KPIs? Based on business strategy Based on shot term and long term goals Based on stakeholder needs  Based on what makes the organization success or failure  KPIs are usually developed following the well-known S.M.A.R.T . criteria: S pecific M easurable A chievable R esult-oriented or Relevant T ime-bound The levels of KPIs are given below: Few important KPIs needs to be measured in project for the success. 1) Cost Performance Index 2) Budget Vari