Crisis management sets in whenever there is a crisis that involves stakeholders. This may include anything from a major customer compliant that is highly publicized, a delay in the politically connected project launch or even the disappearance of an airline. In any case, under such circumstances the relationship with stakeholders is at an all time low and the trust deficit gap has widened considerably. Managing the situation is crucial to the survival and reputation to the company. What is needed under these circumstances is crises management. Such a management approach is characterized by being reactive, very vulnerable to shifting perceptions and can lead to hostile reactions from affected stakeholders.
Does undertaking efforts to manage risk really make a difference? There are times I wonder whether it does. I recently conducted a project review for a construction project that was stalled due to the collapse of a portion of the roof structure. I requested for the risk register and was provided with one that was very comprehensively documented and yet this risk of the roof collapsing was not included.
Growth in the the Malaysian economy is anticipated to be around 4.7% in 2016. This may appear somewhat encouraging but in reality the expected terrain within which the economy will grow is somewhat gloomy.
It has been estimated that in 2015 alone, more than 20,000 employees from various sectors in Malaysia lost their jobs, an increase of almost 10,000 recorded in 2014. The Malaysian Employers Federation, MEF expects the numbers in 2016 to rise as the economy, which is closely linked to revenues from the oil and gas sector continues its descend. Things have reached a stage where the Government itself have frozen intake of public sector employees in 2015, except for critical positions. This means a loss of 15,000 job opportunities in the public sector.
Project risk management covers many aspects. One of them is the development
of a risk response strategy. Developing a risk response strategy for projects is
tedious, time consuming and laborious. It takes a toll on project managers and
project team members. It consumes a lot of time to identify, analyze and
develop risk response strategies. Despite doing this, projects still fail. Why is this
so? This article seeks to share some insights that address this question.
At some point of your career, you may want to consider validating your vast experience in past projects conducted by getting some sort of project management certification. One of the most sought after and widely recognised certification worldwide project management certification is The Project management Professional (PMP)® certification, administered by the Project Management Institute (PMI)®.
What Is PMI® and the PMP®?
In 1969, the Project Management Institute (PMI)® was founded “to provide a means for project managers to associate, share information, and discuss common problems.” PMI® is now the leading non-profit membership association for the profession of project management and has grown to become a resource for 2.9 million professionals worldwide.
Knowledge broadly refers to what is known. On a personal level, it refers to a fluid mix of framed experiences, values, contextual information, and intuition that a person has. This knowledge provides an environment for evaluating and incorporating new experiences and information. Previously acquired knowledge is the basis for learning. Learning, in turn, leads to the acquisition of more knowledge.