Abbott Project Management Playbook

• Routinely review and update how decision authority is distributed • Avoid too much centralization and too much democracy • Assign decision rights unequivocally • Don't confuse a particular outcome with the process itself

3.13 A PPROVAL The project charter is formally accepted and approved by the project sponsor and other designated stakeholders. Formal approval acknowledges the completion, review, and acceptance of all the deliverables produced during the initiate stage. Signatures on the project charter document, final approval of the charter, is the go-forward agreement to continue project planning. The applicable teammembers are usually the project manager, project sponsor, and project stakeholders. A formal approval process encourages the completion and acceptance of the deliverables/results from project Initiation to project charter development. The distribution and review of the project charter to the project sponsor/stakeholders and appropriate team members will provide an opportunity for making any necessary changes before finalizing the project charter deliverables. The project sponsor should indicate the reasons for rejecting the project if the decision is a no-go. If the project is a go, signatures from the project sponsor and any other designated stakeholder must be obtained. Useful Links: • Project Charter Template 1 Basic • Project Charter Template 2 Detailed • IT Specific Templates (Business & Technology Services PMO Processes and Templates Library)

4 R ISK M ANAGEMENT Project Risk Assessment

Project risk management endeavors to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers and other team members. Risk Assessment requires identification of events that may or may not occur and are therefore described in terms of likelihood or probability of occurrence, as well as their impact on objectives. It’s important to note that risk assessment is an iterative process that occurs throughout the project lifecycle and serves as a basis for effective project governance.

The Risk Management Process, the six processes are broadly defined as follows:

1.0 Plan Risk Management 2.0 Identify Risks

3.0 Perform Qualitative Risk Analysis 4.0 Perform Quantitative Risk Analysis 5.0 Plan Risk Responses 6.0 Monitor and Control Risks

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