What is the difference between risk management, management consultancy, project management and project planning?
Project planning is the process of quantifying the amount of time and the size of the budget for a project. The output of the project planning process is a project plan that a project manager can use to track the project team’s progress. In this respect project planning is simply one element of the portfolio of techniques required to support project management.
Unless specialised risk management capabilities are available to a project, then the project planner should manage risk to time and, where applicable, risk to cost within the project plan. Thus at least some elements of risk management fall within the scope of project planning.
Management consultancy is a practice that takes place at a strategic level and facilitates organisational change. Sometimes the recommendations of management consultants may be accepted and implemented and there will come a point when this can be considered a project, naturally any such project should be well planned and thus it enters the project planner’s scope.
Thanks for that one Richard, I am sure all of us get confused at times and this clear explanation of the various terms will clarify things:-
- risk management
- management consultancy
- project management
- project planning