Agile Risk Management

Mike Griffiths is a consultant and trainer who help organizations improve performance through shared leadership, agility and (un)common sense. He maintains the blog LeadingAnswers.com.

Risks and opportunities are ever present on complex projects. We can rely on them occurring much like we can rely on the tide coming in. How we choose to deal with them--our risk management strategy--greatly influences whether we rise with the inevitable tide of issues and navigate successfully or become overwhelmed by them don’t reach our goal.

Agile methods incorporate many mechanisms for dealing with late-breaking changes (an easily reprioritized backlog, short iterations, frequent inspection, replanning, etc.) that also lend themselves to proactively responding to risks. We can insert risk avoidance and risk reduction actions into the backlog to proactively attack the risks before they have an impact on the project.

This can all be thought of as part of maximizing business value. The process of frequently asking: “What should we do next: build a business feature or reduce a project risk?” is valuable and often summarized by the term “The next best dollar spent.” It reminds us to think about risk avoidance and mitigation as part of the value proposition and agile planning cycle.

So when planning work for the next iteration, we balance delivering business value with reducing risks. Sometimes we select a feature since it is the best return on our investment; sometimes we will undertake a risk avoidance or risk mitigation step since …

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