Best Online Project Management Tool
Looking for the best out of so many online project management tools available nowadays, you may find the ConceptDraw PROJECT Server one the most convenient in use as well as the smartest and helpful as it was developed by the team of IT specialists from CS Odessa, as well as so many other great products, such as ConceptDraw PROJECT application.
Having both mentioned tools can help you create any needed projects uploading them in ConceptDraw PROJECT file formats into the ConceptDraw PROJECT Server service managing as well as sharing with other specialists to collaborate. Being a project manager is important to know about managing the risks as well, because there are always lots of risks each company faces every day, especially within the serious projects.
Pic 1. Best Online Project Management Tool
The most common challenges and topics within any enterprise risk management as a part of the project management are known to be including the processes of identifying the executive sponsors for the projects, establishing a common risk glossary/language to make it simpler to communicate, describing the so-called entity's “risk appetite” meaning a method to help in guiding an organization’s approach to risk management and risk in general.
The level of risk that your organization can accept in pursuit of its goals as well as before the project starts is necessary for reducing the risk. Risk appetite is known to be representing a balance between the threats that may occur and the potential benefits of innovation. There is an ISO 31000 risk management standard that refers to the risk appetite as the type and amount of risk that some organization can take, pursue or retain. Thus, defining the risk appetite means defining how "hungry" your organization is for taking a risk.
Although, it is important to choose the needed level of risk, depending on the nature of the work that is being undertaken as well as the pursued objectives. As sometimes a public safety is critical so that appetite is known to be low, while for some innovative project, such as an early development of some innovative computer program, for example, it may be very high. Having it high means accepting a short-term failure that can pave the way to the longer-term success.
The examples of the approaches for setting the risk appetite that any business may adopt in order to ensure a response to risk may be an avoidance of risk when an uncertainty is not wanted and a key organization objective is a stability instead.
The minimal risk appetite may be when there are preferences for the ultra-safe options take place that are known to be the low-risk ones, only having a potential for a limited reward.
The cautious level of the risk appetite may be described as the one when the preference for the safe options has a low degree of risk, so there is only a limited potential for reward.
Some of the organizations are open to taking the risks willing to consider all the potential options and so choosing the most likely one to result in a successful delivery, providing an acceptable level of reward and value for money at the same time.
Nevertheless, some companies are truly hungry for taking risks, being eager to be innovative, choosing the options and offering the potentially higher business rewards at the same time nevertheless the risk may be great. Choosing the most appropriate approach for your own projects is up the project as well as risk management in your organization and the situations may vary across it, depending on the projects themselves. As some of the parts of the business may be adopting an appetite that reflects their specific role, having an overarching risk appetite framework for ensuring the consistency.
An exact measurement may not be always possible. Therefore, a risk appetite can sometimes be defined by a broad statement of approach, so your organization may have an appetite for some types of risk, being averse to others at the same it. It all usually depends on the context of the risk and the potential gains and losses following the process of taking that risk.
There may be the measures developed for many different categories of risk, but there are also the so-called “standard measures” for defining the impact as well as likelihood of risks, used for defining the maximum level of a so-called “risk tolerance” before some action should be taken in order to lower it.
In the process of defining its risk appetite, any organization can end up having an appropriate balance between an excessive caution and an uncontrolled innovation. Guiding people on the level of risk that is permitted as well as encouraging the consistency of an approach across an organization, any project manager tries to discuss the benefits with a risk manager to make the right decision as once the acceptable levels of risk are defined, it means that the resources are not spent on the further reducing risks that are at the acceptable level already.
Taking into consideration all six main areas of risk appetite (financial, health, recreational, ethical, social, information) any project manager may make a conclusion about its organization’s risk appetite level. Knowing it, it is important to mention the strategy as well as the needed tactics with other project executors who are intended to complete all the tasks for finishing with the projects so they know what kind of risk it is acceptable for them to take during their work.
Delegating the authority, you can always choose the right people to be the Project Managers within the Workspace of the ConceptDraw PROJECT Server online project management tool to simplify the collaboration and so the work on the previously uploaded ConceptDraw PROJECT files. Being an Administrator of the Workspace it is always possible to assign any needed roles to the other executors from the teams who work on the projects. You can always choose who can see the information and which one, but the financial one is possible to access only by you as Administrator or by the Project Managers, so no Resource Manager or Guest can view any financial information from the projects.