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Project Forecasting

"The strongest Weapon in Project Management"


Forecasting plays a key role in the success of a project. We know that a project when started goes through multiple phases over time till its delivery right from Project Initiation to Project Closure. However, it is also imperative that during the course of the project, multiple challenges may uncover and be a hindrance to the working of the project. Forecasting is the savior in such cases.


What is Forecasting?

Forecasting is the process of predicting an event in the future that may impact the project either positively or negatively. E.g. A Project Manager in a project may forecast a budget overrun due to some risks that may uncover during the later stages of a project. On the other case, a Project Manager may also forecast potential business opportunities that may uncover due to continuous process improvements in its deliverables.


What are the benefits of Forecasting a project?

A Project Manager should carefully analyze end-to-end scenarios and project outcomes and should take into account External Factors (Geographical Situations, Market Conditions, Economy Changes) and Internal Factors (Change in Culture, Structure and Organization Governance) before making a prediction. Making a right prediction about a project helps the success of a project by allowing Project Manager and the Management to visualize the outcomes of a project and to help them decide whether to create new projects in the future or work on the existing ones.


Forecasting Exercises

Forecasting is usually done by a Project Manager during the initial stages of a project in mutual discussion with the Stakeholders. The rule of the thumb is to carry out forecasting either during the Project Initiating or Project Planning stages so that the needs and requirements are clearly known to all the stakeholders.



Project Risk

(Forecast Project Risks – Positive or Negative)

A Project Manager should consider all these 3 Project related events from Project Scope, Project Constraints and Project Risks to successfully predict the future outcomes. Forecasting helps a business identify the profitability of the work performed both for running projects and for future projects that may be opportunities for an organization.

Risk Management

"Risk is Inevitable. Risk is a Perception"


When we talk about Project Management, Risk Management is one of those concepts that you will come across your project life cycle and something which you cannot avoid. Risk Management pays off huge benefits to a project by countering events.


What is Risk Management?

Risk Management involves all those processes that deal with identifying, analyzing, and then responding to the risks that affect your project either positively or negatively.

You must be wondering as to how a risk can be positive in nature. Well, a risk is categorized mainly into Positive Risks and Negative Risks. Positive Risk is basically Opportunity that would benefit your Project and Organization. Negative Risk on the other hand is Threats that would negatively hamper the project growth during the project life cycle. 





Let’s say you have a project that is work in progress and has a total budget of $10,000 for project duration of 5 months. Based on a Project Managers understanding of the requirements, he identifies the resources and assigns them based on the requirements so that the overall cost of the resources, systems and other processes don’t shoot up the budget of the project.

When Project Management is concerned, a Project Manager needs to give special attention to risk that could arise in a project. Negative risk in this scenario could be that due to unforeseen risks, the budget of the project exceeds the planned project budget of $10,000.

Positive Risks as we told could be Opportunities that could arise during the project phase. Example, during the project life cycle, there could be opportunities that the hard work of your resources pays off and you develop processes that speed up the project work to completion. In such cases the project might finish well under the Planned Budget.

Remember, even though Positive Risks are good for a company, but they are considered a Planning Error or a Lack in planning the project. Therefore a Project Manager must carefully understand both the Opportunities and Threats that could arise during the project and take appropriate steps to tamper the situation well.

How to plan Risk Management better?




A Project Manager should make Risk Management as a part of the Project Management Plan. He should be proactive enough to identify risks at the right time and appropriately categorize the severity of the risks. Communication is a key factor here. All the risks that are identified should be documented well and communicated to the associated stakeholders so that everyone is aware and understands the risks that could impact the project in the future. Right planning and embedding Risk removal strategies at an early stage in a project is sure to eliminate majority of the risks in the longer run. Even though not completely, but implementing risk management process will prevent the project from showing damaging effects.


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