Risk identification only works if everyone is truly engaged--not just participating, but engaged fully as if an owner of the activity. Read how one healthcare expert managed to bring together a wide range of diverse, talented groups to quickly achieve a potentially complicated end goal.
Establishing and managing schedule and cost contingency are integral to project risk management. Yet many organizations still struggle to define and adopt best practices that provide the organization confidence in their contingency setting processes.
Risk management has a variety of metrics, almost all dealing with how well the process is being maintained. What is needed are metrics that determine whether the process is working. In particular, risk management is a fundamentally a two step process: identify the risks, and mitigate the risks. Both can and should be measured to know whether your risk management process is effective. This presentation describes the first in a two part series on how to measure the effectiveness of risk management on projects and programs. The first metric will show how to measure how well your project is identifying the risks. Coupled with a later discussion on mitigation measures, the effectiveness of the R&O process can be determined.
Most projects are not successful. According to a 2014 survey, less than 30% of capital projects are delivered on time or on budget. Planning and executing a successful project requires finding balance between the project schedule and risk.
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This set of Excel worksheets include a general progress list for tasks, a milestone report, a risk register and sections to keep track of assumptions, issues and dependencies. Use in conjunction with the PMO Monthly Status Report.
This Project Status Report is a monthly document presented to the Project Control Group (Steering Committee). This report is used to monitor the progress of the project, discuss and support tactical decisions that need to be taken to keep or put the project on track, mitigate risks and issues escalated by the project team and/or the Project Working Group, and recommend/approve changes in scope, budget or schedule.
Assumptions and constraints need to be tracked on your project to minimize risk and keep you on track. Use this sample log to help with the process.
Defining a solution to a problem without conducting a cause/effect analysis is like shooting an arrow without aiming. By utilizing this presentation, you are ensuring that the solution you define will hit the mark by getting to the root cause of problems and understanding their impacts.
Learn From Others
In the midst of a project, you do what you need to do in order to get things done and meet the requirements and deadlines of the project. After the fact, though, you may need to decompress the issues that occurred.
|A.||Do not allow employees to work on mobile devices or in a BYOD (Bring Your Own Device) scenario. The only reason most people want to work on their own technological equipment is so that they can take company resources and access codes with them when they leave.|
|B.||Outsource your data to a third-party contractor. As part of the contract, make sure that they will take responsibility and pay reparations should a future infiltration happen. Transferring risk is one of the four suggested strategies for dealing with negative risk.|
|C.||Set up an internal audit of employees and their usage of organizational systems, especially in times of personal stress. Insider risk is an often overlooked factor in data breaches.|
|D.||Sweep the organization for anyone in the breached department who was involved in the creation of the software that was hacked. Fire them as a warning to anyone else who might write code that is vulnerable to outside attack.|
Risk analysis is a wonderful tool for project managers. But in order for risk management to be useful to a project or a program, the management team will need to move past risk analysis and into taking actions based on the analysis.
Randy Iliff presented the 3 Secrets to Successfully Managing Product Development Programs webinar to the ProjectManagement.com community and provided three secrets to successfully manage product development programs. Randy provided a wealth of information in his presentation. We were not able to get to all of the questions during the live session, but we have included them here.
|A.||No. One size fits all. There is always equipment failure and the chance of malware, just to mention two common issues, so follow the same risk processes as all projects do to mitigate risk in your environment.|
|B.||Yes. Make sure you have an open source set of source code analysis tools. Run them each time your developers make a change in the code to search out bugs and other vulnerabilities. That is sufficient to ensure you do not experience unfavorable risk events.|
|C.||No. If you deviate from the risk management processes used by others producing more tangible products, you won’t be able to coordinate your risk data to give management meaningful projection data.|
|D.||Yes. While you don’t have the typical risk issues, you have new and potentially more damaging ones that are seldom addressed in most IT environments. Use some business analysis tools to assess and deal with them.|
While it may seem like all of project management is dealing with issues, risks and problems with the team, if you can learn to deal with the problems in the correct manner, then every now and then you might just have one of those days where everything goes right.
Dealing with one project can be quite enough, but what happens when you are juggling two or more projects? It's not easy, and those times should be approached very carefully so that no balls get dropped and projects don't end up being left out in the cold.
Managing risks on a project is part of best practices, but how do you get started identifying risks? There are many avenues--and the project manager should explore as many as possible and realistic.
The flawless maritime response to the 2013 Boston Marathon bombings validated the campaign to change the status quo and prepare for the unthinkable through benchmarking, validation, consensus, training and implementation.
Not all projects are successful. Some just fail to make the grade while others go down in a firestorm of controversy. Those are the ones that are increasing causing damage to the reputations all of those involved. Here's some help to address this growing challenge.
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|Various Kinds of Risks||Gowri Shanker Balasa||Jun 25, '15 12:14 AM||1||1|
|Risk Management Articles||Jack Black||May 17, '15 12:41 PM||1||1|
|Risk webinars from PMI Risk COP||David Hillson||Mar 18, '15 4:47 PM||11||11|
|Mark All Read|