RAID Logs are an effective risk management tool, used extensively by project managers to inform and structure project meetings. Inadequate risk management can influence the trajectory of your project delivery, and make further demands on your time, resources, and budget. PMO365’s RAID Log has inbuilt processes which help stakeholders manage risks and pre-empt problems that can derail delivery, as well as ensuring that all project reviews are focussed on the most pressing issues. Here are five ways that PMO365’s RAID Logs contribute to efficient project meetings:
1. Embedded Raid Logs
Risks are potential problems which have been identified and could become actual issues as a project progresses. RAID Logs identify four main categories of risk management: risks, issues, assumptions, and dependencies. Identifying each of these categories for a specific project creates a proactive approach which limits the likelihood and the potential damage of all risks involved.
RAID Logs are embedded in the PMO365 project management system, which means they are a part of every project framework and immediately updated when issues emerge and strategic interventions are implemented.
In addition, PMO365’s RAID Logs store all risk data and actions from previous projects for easy reference. Present projects are thereby directly informed by the successes and the learnings from previous activities.
Importantly, the format of PMO365 logs may be customised to any enterprise requirement and used collaboratively to improve discussion and rigour around risk. Instant status updates and key reporting metrics heightens visibility in PMO365’s RAID logs, which makes large portfolios of projects significantly more manageable.
The result? Project review meetings are both efficient and effective, spent addressing the most pressing risks and issues, with all the information you need close to hand.
2. Clearly Defined and Categorised Risks
PMO365 identifies provides greater visibility around the areas which may be vulnerable, and by recognising similarities between current projects and risks identified in past projects. The Risk Management app has the capability to determine the severity of risks by plotting the probability of its occurrence on a matrix against the potential impact on the business.
When the severity of a risk is determined, an appropriate risk response strategy is selected. These include measures taken to avoid the risk; some degree of acceptance of the risk; monitoring and preparation of risk response; mitigation of risks; or the transference of the risk to a third party.
That means you come to project review meetings armed with a full knowledge of what the potential issues are, a classification of the damage that each risk poses, and an appropriate risk response ready to be put in place.
3. Allocated Responsibilities
Good risk management is reliant on effective monitoring. PMO365 allocates each risk to an individual ‘owner’ who is responsible for monitoring and responding with an agreed plan of action if required. This is particularly useful when risks are interconnected or highly technical in nature and need to be managed by a suitably qualified employee.
When risks, issues, and assumptions have been logged, preparation and response can be evaluated. PMO365 prompts managers to log the decision ownership, accountability, justification, duration, and the nature of execution. This promotes greater productivity and accountability within every team and means that project review meetings include only those employees directly relevant to its discussion.
4. Prioritisation of Risks
All projects require estimations for the management strategies which guide them. Like risks, the potential for assumptions to damage a project can be reduced if they are adequately monitored. Therefore, PMO365 also logs assumptions, and can trigger notifications when certain assumptions may appear to be incorrect.
Recording assumption data means that everyone participating in project review meetings is clear on which information is based on assumption, and which is known fact. As a result, more informed and better decision-making becomes a feature of all project reviews.
Dependencies between risks, issues or assumptions will change the priorities in a risk management portfolio as they are logged. Further, as risks are minimised, issues are resolved, and assumptions are confirmed over time, the nature of dependencies will continue to develop. These changes are automatically updated in PMO365 – the risk severity potential and priorities of risks are instantaneously adjusted to reflect the current situation.
Consequently, your risk management portfolio becomes more accurate and informative over time. The institutional knowledge acquired from completed projects provides essential guidance for all future project methodologies.
5. Up to Date Information and Metrics
PMO365 is a completely integrated environment that stores all project data in a single, secure location and maintains project portfolio information in real-time across the enterprise.
PMO365 RAID log data is part of an enterprise-wide system that identifies problems and suggests strategic interventions before issues can start to cause problems elsewhere. Whenever there is a change to any aspect of a project or program, it is reflected in both the log and across the entire portfolio. Furthermore, clear ownership of risk management from the start ensures the right response every time and forms a clear chain of authority for escalations.
Integrated data across the enterprise gives every project stakeholder access to the very latest reporting and metrics, and timely notifications and prompts that help guide and monitor performance.
How PMO365’s RAID Logs Guide Your Project Reviews
Risk management is always a key topic of discussion at a project review meeting. Your PMO365 RAID Log ensures productive and meaningful consideration of all the potential factors at play. In one centralised database, you have:
- A list of risks, in a prioritised order, categorised and assigned to a team member
- All issues, with information on their current status, and reports of how they are being managed
- All assumptions that may be influencing your risk management strategies
- All actions that have been taken, and how these have affected your project
- All dependencies between risks, updated instantaneously with real time data
- And all decisions made through the project’s progression, with their effectiveness evaluated
Your project review meetings can now be spent addressing the topics which really demand your attention, improving the rigour and success rate of your project management portfolio overall.
See how PMO365 can improve your risk management strategies with greater consistency and visibility across the entire organisation. Book a demo here.
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