What is the S-Curve in Project Management? In project management glossary, an s-curve is a mathematical graph that illustrates relevant cumulative data for a project; such as cost or man-hours—plotted against time. The reason it’s called an s-curve is that the shape of the graph commonly float a loose, shallow “S.” (The shape depends on the type of project, though, so other formations are possible.)An s-curve in project management is typically used to track the progress of a project. In today’s fast-moving business climate, ensuring that a project is on schedule and on-budget is paramount to its success. Why an “S”? The s-curve often forms the shape of an “s” because the growth of the project in the beginning stages is usually slow: The balls are just beginning to roll; team members are either researching the industry or just starting to engage in the first phase of execution, which can take longer at first, before they get the hang of it or before there are kinks to work out. The...
What is RISK in Project Management? Risk is any unexpected event that can affect your project — for better or for worse. Risk can affect anything: people, processes, technology, and resources or we can shape it as “a risk is anything that could potentially impact your project’s timeline, performance or budget.” Or Risk is the possibility of loss or injury. Project risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. Or A risk is an event or occurrence that may negatively impact the project. Risks are potentialities, and in a project management context, if they become realities, they then become classified as “issues” that must be addressed. For Example, you want to go for a photo-shoot and one of the risk that you can predict is that it may rain and that will impact your equipment. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues. So one of th...