PRM

PRM

PRM stands for Partner Relationship Management, which is a method used to standardize the partner channel and manage the life-cycles of partners by providing visibility to partnership risks and rewards, ongoing contract maintenance, forecast of planned revenues, and availability of metrics bearing on profitability and loss. The implementation of PRM in SMEs can result in improved overall project performances, including time reduction, cost compression, and better quality of results, together with increased transparency regarding risk exposure. PRM also helps to identify interactions between risks and to prioritize and address the most critical ones as early as possible, facilitating communication, understanding, and alignment between stakeholders with regard to risks.From: Introduction to e-Supply Chain Management [2019], Introduction to Supply Chain Management Technologies [2019], Fostering project risk management in SMEs: an emergent framework from a literature review [2022]

Project management practice

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Published in Riadh Habash, Professional Practice in Engineering and Computing, 2019

Riadh Habash

PRM, basically, is the process of conducting RM planning, identification, analysis, response planning, monitoring, and control. The expanded six-step process to establishing a project risk plan includes making a list of potential risks; determining the probability of risk occurrence; determining its negative impact; preventing or mitigating the risk; considering contingencies; improving the efficacy of the entire plan; and finally communicating risk with all stakeholders.

Fostering project risk management in SMEs: an emergent framework from a literature review

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Published in Production Planning & Control, 2022

Raffaele Testorelli, Priscila Ferreira de Araújo Lima, Chiara Verbano

The most relevant benefits and results obtained through the implementation of PRM in SMEs are the improved overall project performances, including time reduction, cost compression, and better quality of results, together with increased transparency regarding risk exposure; in addition, PRM helps to identify interactions between risks and to prioritize and address the most critical ones as early as possible, facilitating communication, understanding, and alignment between stakeholders with regard to risks (Willumsen et al. 2019). These results are more noticeable in SMEs with a higher level of PRM implementation, which are more likely to recognize the importance of PRM for improving project performances than those with a lower level of PRM practice (Hwang, Zhao, and Toh 2014).

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Project management practice

Fostering project risk management in SMEs: an emergent framework from a literature review