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Risk has its own connotation of potential danger or something that ought to be better avoided. But we know too well that the road to success is full of risks associated with new opportunities yielding better results. The entire project management task is full of uncertainties and risks. Uncertainty is something that cannot be managed easily, while risk management is one of the necessities for successful project undertakings. So, What is the importance of risk management in project management?...

The project management triangle is a model for project management. Also called the "iron triangle" or "triple constraint," a project management triangle lets you view three common restrictions typically co-located within a single project: cost, time, and scope. The triangle diagram representing a triple constraint shows how perfectly dependent the three are. When one or more constraints are modified, the other components therefore suffer from varied degrees of change. For instance, if scope...

Interestingly, one of the most commonly misunderstood aspects of project management, the "scope of project management," is sometimes defined as the area of activity of certain procedures and techniques to achieve the set goals of a project. This definition holds forth an interesting thought: Scope has never been treated as a variable element allowing any amount of modification, since doing so would destroy the very purpose of project management to bring the desired results  Naturally,...