Many organizations use a red, yellow, green rating system to quickly update senior management on the status of a large number of projects. Red indicates that some aspect of the project has fallen behind, encountered a setback or is outside of expected parameters. As the project manager, red is not necessarily your fault, but it is definitely your time to shine.
Identifying risks that are not related to the project is a common mistake, leading to incorrect analysis and poor responses. The end result is that risk management is frequently adding more waste and inefficiency instead of helping to increase project success rates.
This interactive session, with questionnaires and polls, will introduce the amazing progress and mini revolutions currently taking place in risk management: the cognitive and big data revolutions.
Save Time With Tools + Templates
If you could look at your project’s risk register, then peer into a crystal ball and foretell which risks will occur sometime during your project’s execution phase, would that be helpful? And if you could tell your project sponsor, with 90% confidence, how much risk contingency you need to protect your project – would you be interested? Learn how to soothsay your risk register using a special Microsoft Excel® template to do risk analysis. Use this deliverable in conjunction with the Soothsay Your Risk Register article.
This spreadsheet has worksheets showing the results of a Monte Carlo simulation on a sample project's work effort hours, and a companion estimate using Statistical PERT. This way, you can see how you can use just the built-in functions of Microsoft Excel to do probabilistic, risk-based estimation. Textbox comments have been added to the worksheets to aid in understanding. Use this in conjunction with the article Risk Management Starts Sooner Than You Think.
Has your project deviated from the planned scope, schedule, cost or quality requirements? Need to get it back in line with your project baselines? Corrective actions can help; use this form to make a request.
This presentation template is a formal customer-facing status report used for medium to larger projects, or for reporting multiple projects with the same stakeholder audience.
Learn From Others
In his Getting Project Risk Management Right webinar, Mario Trentim explained that we have to understand what project risk management is and what it is not so that we can get project risk management right. The session was packed with information, and here we cover the questions and answers that came out of that webinar.
In a perfect world, you start working on a project when the project is initiated. However, we do not live in a perfect world. Sometimes, you need to be ready to start on a project when it is already in progress.
It is critical that business leaders have the ability and courage to mitigate risk up front and actively monitor and act on project risks and performance as early warning signs materialize. Here we look at a framework to help business and project leaders actively, transparently and honestly monitor risk and issues through the entire project lifecycle.
"Everybody lies." Here are 10 common lies that you can find in project management or reporting. Being aware of these little truth deformations or misunderstandings will help you to get a real idea of the project status and act as quickly as required.
If you knew an event could cause your project to fail, what would you do? Sometimes, more isn’t always better...
How you react to unexpected events is important to reducing the detrimental impact they can have on your organization. There are a number of techniques in which your risk mitigation plan can be designed to help you soften the blows incurred when exposed to individual risks.
Not all project teams have the luxury of adequate time and budget to clearly define all elements of a project prior to starting delivery. This is not to say project managers shouldn’t be very detail oriented, but rather look for a balance between building a detailed plan and the business need to quickly deliver.
Today, risk management is an essential tool that enables C-level executives and boards of directors to understand the level of risk to the organization, the distribution of risks that contribute to that total, and insights into how best to manage strategic risks.
Risk management becomes difficult when risks begin to get out of control on projects. Learn when to recognize these out-of-control risks—and how to bring them back in line.
Effectively communicating schedule information in a VUCA environment can be very challenging, especially when powerful stakeholders create psychological schedule baselines based on preliminary estimates. There are commonalities between the challenges of forecasting project schedules and forecasting weather.
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