Market risk, also called systemic risk, is about the undesirable changes in market conditions that may cause financial loses. The following are the most common types of market risks: Market Risk Control Framework Establishing a market risk control framework is important for organizations exposed to fluctuations in the financial markets. A control framework should encompass …
Organizations use the RCSA control process to assess and evaluate the effectiveness of their internal risk controls that are key in mitigating risk. It involves all individuals in an organization. Once an organization identifies areas of improvement, it can implement changes to enhance its risk management practices.
The following are project artifacts necessary to initiate a project: Introduction Purpose of the Project Charter The purpose of this Project Charter is to detail the project scope boundaries (what is and what it is not included in the project). It communicates the project’s purpose and justification. It designates the project manager (PM) and gives …
The following are project artifacts necessary to initiate a project: Statement of Work A project statement of work or SOW helps describe (in detail) what will be created by a project. An SOW may be created by the sponsoring or delivering entities and typically makes references to business needs, product scope, and strategic plan. An …
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The following are project artifacts necessary to initiate a project: Business Case Business cases help justify what projects will create. A Business Case is an artifact that is typically created for decision making to approve or continue with a project. Thus, project requests are not considered projects until they are approved through a prioritization approval …
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The following are project artifacts necessary to initiate a project: Enterprise Environmental Factors At the beginning stages of a project, enterprise environmental factors (introduced in Chapter 1) may not be easy to identify. However, these factors can influence and affect the development or content of a Project Charter and the initiation of a project. Governmental …
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The following are project artifacts necessary to initiate a project: Organizational Process Assets Organizational process assets (e.g., SharePoint®), also introduced in Chapter 1, can influence the development of a Project Charter and the initiation of a project, for example, because these may already be available and ought to be used as a result. For example, …
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The following are project artifacts necessary to initiate a project: Project Charter During the initiation of a project, project managers should create or help create initial project documents. A Project Charter is traditionally developed by a requesting organization (business, technology or functional areas, for example) to provide background information about a project and to authorize …
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The risk management plan communicates the plan that will be used to manage project risks. It describes the procedures to be followed to identify and address new risks and to mitigate and re-evaluate existing risks. When do we start a risk management plan? After the project schedule is completed, we ask what could go wrong …
Initiating a new project can be confusing. It means you have not started a project. It may also mean that your project might not have been approved yet. In either case, project managers should familiarize with enterprise environmental factors and organizational process assets (PMBOK Guide, 2013) because they can affect the delivery of projects. …
