How to Reduce Risk in Project Management with an EAM

Risk is always on the mind of the project manager. Any good project manager spends many hours identifying, understanding, and working to control risk. With increased regulation and the complexity of projects combined with a mix of stakeholders, the causes of risks can expand greatly. It’s so important that organisations do everything in their power to reduce risks that they can control which will enable project managers to focus on the job at hand.

Keeping risks under control will save time in delays, increases in budget and safety incidents. By using an Enterprise Asset Management (EAM) system, companies can take cut out some of the internal risks that can occur in project management.

Risks in Safety

Not only can safety incidents impact your current projects, but it can put a dampener on your business reputation. A great Enterprise Asset Management (EAM) system can help you reduce safety risks through proper planning. An EAM allows you to plan project work effectively, identify hazards; therefore reducing risks, provide safety induction processes, and regulate personal protective equipment. The completion of safety checklists before commencing projects can be put into place for the appropriate staff, while an effective schedule of preventative maintenance on machinery can be implemented to increase safety for all workers.

Risks in Quality Output

Quality output of work is extremely important to the reputation of your business. Well trained staff and well maintained equipment is the way to keep quality output under control. An EAM system such as Mainpac will reduce this risk dramatically by assisting your business in following a preventative maintenance schedule aimed at keeping your equipment assets in the best working order possible. The system can also be utilised to keep track of any staff training and compliance.

Risks in the Schedule

A glitch in your schedule is the quickest way to cause problems within a project. When something unexpected comes up it can be costly to both your budget and your business reputation. One of the most frequent sources of delays in schedule is the breakdown of crucial project equipment. Don’t be a business operator who just thinks this is a general part of operations. Be the smart operator that uses preventative and predictive maintenance to solve this problem. By using your EAM to the best of your advantage, you can ensure that all of your equipment is properly maintained and problems can be fixed well ahead of impacting your projects.

Risks in Cost

This all comes down to data and how you use it. Using and having a good understanding of historical data is the best way to make future cost projections. A lot of businesses don’t have an effective system to capture and collate this historical data, therefore forming inaccurate cost estimates. The Mainpac EAM system captures some of the most tricky costs such as equipment, maintenance costs, supplies, and overheads. Not only is capturing this data pivotal, but so is utilising a configurable reporting tool that allows project managers to assemble appropriate data into readable reports when needed.

Risks in Resources

Good project management requires the right people and the right equipment in the right place and the right time (and at the right price). Having this amount of organisation should be a key feature in any efficient EAM system. Mainpac EAM will give everyone in the organisation a clear view of the resources available so that you can keep your project on track at all times.

Risks in Communications

There are always risks in communication. Pieces of paper can get lost. Emails can get sent to the wrong person or end up in spam. Staff may think “ah I’ll just key that information in the computer when I get back to the office”.

Mainpac EAM systems allow all kinds of communications to be stored in the one place, so that data does not get lost. The mobility module also has the ability for the worker to input data into a tablet device which automatically uploads to the main system once back in WIFI range. Having this system in place can greatly reduce the risks of lapses in any project related communications.

Conclusion

There is no way to eliminate all project risks. Great project managers remove or at least greatly reduce all the risks that are under their control so that they can focus on the risks outside of their organisation. Regardless of the type of project in which you are engaged, data is bound to play a role in risk management and control. Of course, there is typically great variation in how well data is used and the systems that are in place for its control and manipulation. Increasingly, there is potential for data to be used in sophisticated and advanced ways such as via the Mainpac Enterprise Asset Management system in order to achieve successful risk control and project outcomes, including objectives being met while on-time and on-budget project deliverables.