Many reasons why RAID in project management is important are part of what constitute the creation of this content, and not only will this importance be expounded, but that there will be discussion of the origin, scope, and roles of RAID in the management of projects across all business lines.
RAID is a technique that evaluates the effectiveness of a work assignment. It is essential for PM, CSM or PO’s to identify and mitigate risks before starting a new venture. Conducting a RAID analysis can allow managers to distribute tasks and justify the choices you make throughout the project’s life cycle.
MEANING OF RAID
RAID is a short form of some business-biased, project-related terms which are functionally represented in the following:
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Risks
Risks represent potential challenges that can interfere with the success of the assignment. The RAID log explains the risks and their causes, discusses the effects they can have on the project’s goals and develops strategies for avoiding and overcoming them.
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Actions
Actions are the tasks team members plan to work on to deliver a quality final product. In this section, project managers identify the employees responsible for the tasks and the timeline for finishing them.
Exceptions:
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Assumptions
Assumptions are concepts employees know are likely to be correct, although there’s no tangible evidence to support them. For example, they may assume that they have enough financial resources to purchase supplies for their project.
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Issues
Issues are hardships project management teams have encountered in the past. The log explains how the issue transpired, who contributed to its occurrence and what team members did to resolve it.
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Decisions
Decisions are choices the group made throughout the course of the project, which allow employees to track changes to their objectives. In the log, project managers may write what they decided on, who made the decision and when they agreed on the choice.
Exceptions:
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Dependencies
Dependencies signify the connection between individual tasks in a project. The RAID log can note that professionals can’t proceed to the second step until they finish the first step.
Read Also: Technical Skills Needed for Project Management
IMPORTANCE OF RAID
The significance of a RAID log would allow you to spearhead an organized assignment in the workplace and evaluate the success of your efforts.
RAID helps you design a comprehensive plan for an assignment. You can strategize how to achieve the goals of the organization and direct members of your team to success. Often create a RAID log, and update the information consistently in RAID log for analysis. The analysis may require you to collect in-depth research, establish a timeline for your processes and justify every choice you make.
You can also maintain accurate records of your activities to report to stakeholders and upper management. Each of these actions may be necessary to be an efficient project manager who can protect of interests of the company and its employees.
Many of the advantages of conducting a RAID analysis undoubtedly include better risk management, clear communication and guidance. Also, you can learn from your mistakes and develop strategies to prevent them from reoccurring. Acknowledging dependencies can enable you to understand the purpose of your efforts, and justifying your decisions can strengthen your leadership.
On the flip side, the concept of surplus of information and time commitment can be seriously needed than in any other situations. This is because if you’re working on a project with a strict deadline, it can be challenging to concentrate on your tasks while making sure you document your activities.
