Now a day's delivering projects within the planned budget, timeline and expected quality levels is very critical to projects success. To attain this, project managers need to focus on different aspects of planning considering the technology constrains and the niche demands of high transforming needs of end customers. Though we follow different life cycle based approaches from inception to transition (in terms of project management terminology from initiation to closure), proper risk based project management assessment at each stage of project life cycle will help in streamlining the delivery. Ultimately project managers can overcome issues related to budget overruns, schedule overruns at the same time they can meet the set quality standards.
Forrester suggest in one of their reports as "Strong project managers view risk management as an important tool that enables them to see the road ahead and remove molehills before they become mountains". Here in this paper it deals with the pragmatic ways of assessing risks, assumptions, issues and dependencies in each phase of project management or project life cycle from requirements to planning, execution, monitoring and control, metrics analysis with proper corrective actions and action items.
This strategic approach is generic and scalable to any type of project engagements. Using this approach from down to higher management predictability in terms of projects health in terms of delivery, timeline, cost, change and scope can be controlled in an efficient manner.