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.
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.
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.
Risk management is often discussed, but it is amazing how few project managers truly embrace the process. This article presents an overview of risk management in context to project management, and shares some guidance on the components that should be considered when implementing a risk management process framework.
As portfolio management becomes an increasingly important organizational approach to project delivery, new risk management skills are required. Here we look specifically at the role risk plays in project selection and portfolio definition.
Risks will happen on a project whether you are ready for them or not. Having a risk plan is the insurance you need to keep the project from being hurt and destroyed.
When resources are asked to focus on multiple different work areas, everyone can suffer. How do we maximize productivity while minimizing disruption?
Is your project team diligent about addressing risks? Risks tend to stick around for far too long in projects. Part of risk management should be working to resolve the risks and close or escalate them as needed.
Addressing seven common risks can help companies better prepare for transformational programs, save time and money, and lay the groundwork for a positive return on investment.
The objective of governance is benefits realization, risk optimization and resource optimization. A good governance framework can help a performing organization develop a more holistic approach toward analytics.
Low client satisfaction scores. Inadequate project success. Internal coordination problems. Such problems can be found in many organizations. However, how many organizations find ways to deliver significant improvement in all three areas?
The failure of a “successful” project came as a shock to an experienced PM. Turns out that managing projects according to the triple constraints alone is not enough.