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.
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.
When the going gets tough in project risk management, you have to get tough with your tactics. Get the key participants you need in the session through proactive invitee management. Get the risks identified during the session by using pre-selected, mentally stimulating terms and phrases.
Through your own intuition and “sixth sense,” you are managing risks in a project without even knowing it. Learn how intuition replaces risk management rigor in resource-constrained environments.
Risk analysis is a critical element of risk management. Why is it so often ineffective? How should we undertake it to maximize accuracy?
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.
Agile approaches do not have risk management approaches built in as standard; they have the integration points, but not the steps required. Fortunately, with a little effort, we can fill those gaps and equip teams with the skills they need to address risks and opportunities effectively.
Risks get a bum rap! Many believe a project risk carries a negative connotation—meaning an adverse event or threat may occur. You may be missing out on positive risks or opportunities that can potentially have a beneficial effect on your project’s deliverables and goals. Learn how to recognize positive risks.
Everything comes with some form of risk. But why do we focus on risk management before we have eliminated as much of it as we can?
Some studies have suggested that risk management is more critical than every other project management tool and approach combined. It should be at the top of everyone’s mind. And yet, while many of us pay it lip service, it isn’t.
We can’t simply equate risk management to the project’s risk register. In truth, risk management starts the moment we make any estimate about a project’s future state. One easy way to make probabilistic estimates for project uncertainties is to use Statistical PERT®.
Working on projects involves dealing with risks, whether you have a formal process or are just discussing problems over the cubicle wall. Risk templates can help guide and control the process efficiently.
A risk assessment process is useful in helping you determine what kind of impact your organization may experience when specific failures occur. And while creating them may seem daunting, they are nonetheless important in determining where you may need some stronger practices that will help reduce that concern.
Projects are undertaken to deliver business benefits. How well does our risk management approach support the protection of those benefits?
There is an opportunity for organizations to uncover the hidden potential of individual project risk registers and transform risk data into enterprise value. This can be done by developing a set of metrics that link the quality of the risk management process to project outcome.
Risk management is one of the most critical functions that every PM and every business leader must focus on. This article will focus on some common mistakes to avoid when managing project/organizational risks.
We have risk registers, risk workshops and other options. Yet many projects are still derailed by risks that result in delays, loss and public criticism. Big Data—a term that took off in the 2000s—is part of the answer.
Establishing a “program approach” allows leadership to control performance across multiple projects to achieve maximum efficiency and ensure alignment to strategic goals. The “Intelligent Project Management” model (iPM) provides a fully integrated approach utilizing smart controls, greater visibility of performance data and ensuring people have the right capabilities to support delivery.