How to Use Ei and Risk Management to Guide Projects to Success

Improving Project Performance Through Partnering and Emotional Intelligence The value of project management in achieving profitability goals is greatly enhanced when project managers utilize Emotional Intelligence (EI) in their management activities. EI is a great tool for partnering with project leaders and workers because it allows the individual to identify and respond to the sometimes subtle but present emotional needs of colleagues and contractors, which can range from a simple desire for awareness/appreciation to trust, transparency and encouragement.

Essentially, Cacamis and Asmar (2013) find that EI is highly effective in allowing project managers to coordinate with contracting partners from the beginning stages of a project to the conclusion. That EI assists project managers to achieve profitability goals is based on the empirical evidence provided by Cacamis and Asmar (2013) who measured the EI scores of "managers of successful projects" and correlated this finding with the assessment of utilizing EI to foster and strengthen relationships (p. 50).

Strong, productive relationships thus lead to profitability as the completion of projects is supported by the healthy and satisfying nature of the relationship between workers, managers and contractors. Everyone feels respected, appreciated, helpful and a sense of reciprocation that stems from the sense of emotionally responsive team members striving towards one goal.

Issues within organizational structures that hinder these outcomes pertain to a fundamental lack of experience (with baby-boomers retiring) and EI within management due to an overly-bureaucratized sense of proportion and departmentalization combined with a new emerging, younger group of leaders. EI allows managers to come out of their departmental shell and connect with contractors/co-workers on a human level as well as to "partner" with other, potentially more experienced workers who can help pave the way to success.

In this sense, hindrances are those which de-humanize the workplace environment/structure -- and EI is the antidote or foundational support that can allow the structure to be overhauled towards better attainment of profitability. Topic 2: Risks in Project Execution An objective risk that could occur in a software development project is with the functionality of the software. If the software does not function as desired, as it should, or as expected, the likelihood of the software having a successful run/launch is not very high.

Therefore, in order to mitigate risk of failure in functionality, the project manager should instigate the risk management practice off identifying the risk (functionality), analyzing the risk (what happens if .. ), planning a response, and monitoring and controlling the response. It is essentially a planning of operations that foresees possible problems and prepares for them ahead of time.

The first step (identifying) would include creating a risk checklist, table, breakdown structure, event tree, defect tree, brainstorming, risk profiling, the implementation of external consultancy, as well as a supportive and knowledgeable project manager (DiDraga, 2013). The second stage would include analyzing scenarios, crafting a decision tree, risk map and breakdown matrix, as well as conducting simulations for practice. The third step (response planning) would require a contingency plan, mitigation plan, prevention plan, avoidance plan, acceptance plan, transfer plan and outsourcing plan.

The final step would include auditing, analyzing trends, changing control, reassessing risks, measuring performance, and holding status meetings (DiDraga, 2013). A subjective risk would be the.