PMO RAIDs - a simple guide

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Information about PMO RAIDs - a simple guide
Business & Mgmt

Published on March 20, 2014

Author: practicalpmo

Source: slideshare.net

Description

Project's love to use acronyms. Regardless if you are new or have worked in projects many years, you will not know them all. This is a simple guide that explains the acronym RAIDs. So if you have been to embarrassed to ask, I hope this helps you to learn.

PMO and Project RAIDs – a simple guide Author: Simon Wilkinson, PMP Date: 20th March 2014 Copyright 2014. All rights reserved. www.practicalpmo.com

Contents 1.0 Purpose of this presentation 2.0 What does RAIDs mean 3.0 Risks 4.0 Assumptions 5.0 Issues 6.0 Dependencies 7.0 Summary 8.0 PMO resources 9.0 Contact details Copyright 2014. All rights reserved. www.practicalpmo.com

1.0 Purpose of this presentation The purpose of this presentation is to provide a clear defintion of what is meant by PMO and / or project RAIDs. The presentation contains links to relevant articles on the practical PMO website. If you are looking for particular information, please visit http://www.practicalpmo.com and use the search function found at the top right of all page. Copyright 2014. All rights reserved. www.practicalpmo.com

2.0 What does RAIDs mean? RAIDs is an acronym often used in project management and stands for the following: • R = Risks • A = Assumptions • I = Issues • D = Dependencies So it is a method used to collectively reference risks, assumptions, issues and dependencies. Sometimes people may use RAI or R&I when referring to subsets. However, this is not common. Copyright 2014. All rights reserved. www.practicalpmo.com

3.0 Risks Definition A risk is an event that has the potential to impact one or more aspects of a project. While a risk normally will have a negative impact, it some instances it can have a positive impact. It is important to recognise that a risk has not happened, it may only have been identified as having the possibility of impacting the project. It is possible to mitigate against a risk impacting a project. Further Resources Copyright 2014. All rights reserved. www.practicalpmo.com http://www.practicalpmo.com/104-project-risk-management/

4.0 Assumptions Copyright 2014. All rights reserved. www.practicalpmo.com Definition When planning a project, it is unlikely all information will be available. Therefore, to create a plan, the project will have to make assumptions. An assumption states the logic that is being used. For example, if a project is developing a new product, one of the assumptions may be “expect to sell 10,000 units in year 1”. It is not known if 10,000 units will be sold, this should be an informed decision based on quantitative and qualitative estimates. In this example it is important to know where the cost of developing the new product becomes uneconomical i.e. 5,000 units. For this reason, it is important to prove or disprove assumptions at the earliest point possible. Further Resources http://www.practicalpmo.com/41-pmo-assumptions/

5.0 Issues Copyright 2014. All rights reserved. www.practicalpmo.com Definition Issues are closely linked to risks. An issue is an event that has impacted a project. It is not possible to mitigate as the issue has happened. Therefore, action has to be taken to address the direct impact of the issue. For example, the assumption may be the new product needs to sell 10,000 units in year 1, there will be an associated risk that if the product does not sell 10,000 it will be uneconomical. The issue would be that the product has not, it is known, it will not sell 10,000 units. Further Resources http://www.practicalpmo.com/40-pmo-risks-and-issues/

6.0 Dependencies Copyright 2014. All rights reserved. www.practicalpmo.com Definition Sometimes a task in a project will depend on another task being completed. These tasks may be internal (within the project) or external (outside of the project). If the task that the project is dependent on in not completed in the required time scale, this will impact the project. Therefore, it is important that dependencies are identified, mapped, clearly understood and tracked. External dependencies represent the biggest risk as there is not direct control. Further Resources http://www.practicalpmo.com/32-pmo-tools-dependency-management/

7.0 Summary •RAIDs is an acronym for Risks, Assumptions, Issues, Dependencies •Assumptions are made about a project and must be proved / disproved quickly •Risks are threats to a project •Issues are where a Risk has happened and impacted a project •Dependencies exist where a task is reliant on something else being completed Further resources are available on the www.practicalpmo.com website including: http://www.practicalpmo.com/11-pmo-tools-risk-asumption-issues-dependency-manageme Copyright 2014. All rights reserved. www.practicalpmo.com

8.0 PMO resources Get more helpful information by claiming your own free copy of my guide, 7 steps to set- up a PMO, all you need to do is visit the PMO Set-up page on my website and send your name and e-mail, you will then have instant access to the guide. Click here to get your copy or Visit http://www.practicalpmo.com/6-how-to-set-up-a-pmo/ PMO Template Framework All of the core project and PMO templates you need to set-up a PMO including automatic import and consolidation functionality. Visit http://www.practicalpmo.com/pmo-template-framework/ Copyright 2014. All rights reserved. www.practicalpmo.com

9.0 Contact details If you have found this presentation useful, please take a moment to provide encouragement through a Facebook Like, Tweet, Google+, LinkedIn, etc. Please also share with your colleagues who will find the resource helpful. Website: http://www.practicalpmo.com Facebook: https://www.facebook.com/practicalpmo Twitter: @practical_pmo Google+: Simon Wilkinson LinkedIn: http://www.linkedin.com/company/practical-pmo You Tube: https://www.youtube.com/user/practicalpmo Questions Please send an e-mail to simon@practicalpmo.com Copyright 2014. All rights reserved. www.practicalpmo.com

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