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The importance of risk management is clear if they understand the complexity of running a project and the problems that can arise when a risk impacts the business venture. Timing is everything in the business world today. If you have to stop the progression of your deliverable to deal with a situation that a risk has caused, delays in the project will be the enduing result. This is why the importance of risk management and having a well constructed and documented risk plan is so important. This allows for you to take steps to mitigate the impacting risk before or as it is being encountered. Being prepared is always a good thing to be. Being prepared in the business world can be the difference of running a successful project and that of one that fails to be brought in on time and under budget. If your competitor is better prepared to deal with the same risks than you are, their deliverable can hit the market place before yours. They can take advantage of not having competition in the

The agile methodology was created to fit a particular need in the ever expanding use of digital programs. The need for a change from the many other types of methodologies that were being used by other business sectors in the past was because of the type of workers that were now part of the project team. A great deal of the work with the development of software programs comes from inspiration, just like an artist. For this reason the same logical approach used to manage a project with engineers would not be appropriate or constructive in nature. The agile methodology allows for a greater degree of freedom for the project team members. Some of them work great under pressure and wait till the last moment to finish their section of the programming.  They are the ones that take the old adage of an "all nighter" to the extreme and really do work till dawn just to finish a program and make it function as expected. The iterative approach of the agile methodology is what has seeme

By risk management planning , you will be preparing your project for the possibility of a risk or risks impacting your business venture. This is one of the best ways to avoid delays in the execution phase of a project’s lifecycle. This risk plan must be created and implemented before your project leaves the planning phase for the execution phase. To help with your risk management planning , there are available today a project management tool called the risk template. This tool is a preformatted outline that has a path to successfully dealing with the risks and issues that your project might encounter in its execution phase. This template has a place for all of the risks you might encounter. Since every business sector is different, you will need to supply the specific risks involved in your sector of business. The next stage in the risk management planning will involve the prioritizing of the risks. This will allow you to deal with the biggest threats to your project and assign the ap

The use of a Methodology when going into a business venture is to help set a known path that will help lead to a successful conclusion. The right path for each project will be different so the different methodologies that are available to the business world are many. The right methodology for your current project will depend on the needs you have for it. This is where you need to determine the goals and scope of the business venture and how you wish to achieve them. In most instances the one to follow is the lifecycle methodology. This is one with four distinctive phases that will allow you to break down the different sections so a greater level of concentration on each can transpire. The lifecycle methodology has the initiation, planning, execution and conclusion phases. Each one has its own distinctive purposes and will lead to the next phase in the most logical and efficient manner. Each phase has a set path that needs to be followed. Within each phase are a set of tasks that have