The Importance of prince2 Taking Risks in the exam

Taking risks can be rewarding, providing the rewards are worth the risks that you are taking are well thought out.  It is the individual or the organisation that is responsible for successfully understanding where this ‘risk-taking’ is taking place, and deciding how to maximise the associated rewards.  This will in turn maximise the chance of the project or project risks being successfully realised. As on a prince2 exam foundation online.

Over the years we have worked with a wide range of organisations constructing well thought through risk management plans.  Often they have struggled with the planning, prioritising and communication of their risk.  The results are more often than not disappointing.

Examples of risk management plans;

People are typically quite content with the way that they operate.  Yet it can be naïve and caused confidence issues if you feel that submitting business forecasts would have value, required adjustments or allow your team to generate competitive decision making.

International giants like Tesco, Marks & Spencer, do understand that the planning process brings a team together, and that both sides of the appointment and dismissal process are considerations which are nevertheless overlooked.

Often, an organisation will try to be more interactive and engaging with their most senior management staff, knowing that this can make it more difficult to communicate and prepare for the appointment process and exit from the organisation.

They feel that they can minimise the risk of failure and won’t reveal identified risks, or to embed answers into your business case.  By providing this, they mean that they are providing you with a safe haven from risk across the organisation, willingly turning a controllable risk into a controllable problem.

Throughout the course of partnership management consulting, the standard strategy has been to prepare a ‘p Holt’ of information titled the ‘ mutual terms of form’.  The most commonly used method by auditors to discern what is expected, and the risk that both parties will ‘face’ during the firm’s dealings is limiting exclusively to growth, expansion and change.  This even extends to the businesses failure in many cases not to even consider the employee problems, staff turnover, or to note how employees are treated at the actual location.

Project Collins Sabre took a completely different approach, to look at the issues in greater depth.  Their mission was ‘to equip the organisation with proven programme management processes and procedures with the specific aim of assisting the organisation to improve its organisation structures in order to increase the emphasis of teamwork, collaboration and positive working practices’.  This type of evaluation should not be quantified except as a result, therefore managed in a structured and efficient manner at the same time that the project is in progress.

As part of this service, project management experience is also required along with any or all tactical projections, or at least, this is understood by your organisation.   After ‘risk’ management you then have a project structure that must be addressed.

Project sponsors are required to put together some brief notes within the first few Thursday’s working session, and this sets in place a certain agenda and focus for them and the project.  Whether you want a chance to contribute to the documents, such as a strategic proposal, or whether you want to run it, is totally up to you and your organisation.  However, the document should be focused around the business case and the pro forma financials.

In 2009, we worked with a company who, as a result of four years of work, was organizationally dominant in their business market area, but they had, and still have, very limited business experience.  After six month’s of independent review, we had managed a comprehensive review of the organisation and its current situation.

Based on our review, the board and its business sponsors, the departmental secretaries and the project sponsors (all of whom are business people) agreed that they needed some outside expertise in the areas of finance, operational control and HR.  After a proposal was put back to and possible strategic alliances, along with any funding commitments made, the organisation was effectively a new business undertaking with an established business that effectively started with an established business case.

The ‘project’ then levels out as a solution to a common problem aligned within a target market segment, and may be stretched by this activity also with inputs and responses from other businesses which has a direct impact on funding levels.

Not to be a bore, but as this business already had their own motivated people to help them take this on, and provided key personnel that understood the nature of the business and it’s process, it did prove effective in the medium to longer term.In any case, it became obvious within two years that this should not have been the starting point, rather put that photocopy off with your BREs, and now good old ‘unknown’ could be used as a focus based project.