Risky Business

 

News reports are dominated by events that could be considered mega-risks for megaprojects: terrorism, droughts, floods, failing states, revolutions and large-scale migrations. In this month’s PM Network cover story, experts advise those handling project risks to be resilient in the face of all that is happening. Make sure your disaster management plan includes potential cascading failures. Know when to escalate a risk and have an understanding of an enterprise’s risk appetite.

One category of megaproject is happening in countries around the globe—initiatives to upgrade wireless networks. These networks will support a more data-rich environment that includes the Internet of Things. The global 5G market could reach US$247 billion by 2025. These networks will have to handle the safety demands of self-driving vehicles, making risk management important.

Risk management has led to another type of project—initiatives to improve food safety. When people are sickened by food, it affects organizational finances as well as public health. The article includes case studies on rooting out disease in the Australian banana industry and using social media to identify restaurants having food-safety issues.

Recruiters are finding that strategic thinking is a hard-to-find skill among project managers. If you wish to adopt a strategic mindset, you should ask questions throughout a project’s life cycle, questions such as “What is the business case?” “How does the business landscape shape this project’s success?” “Does this project still make strategic sense?” and, at closing, “Was this project a strategic success?”

To get ready for the exciting PMI Professional Awards Ceremony later this month (held just prior to PMI Global Congress 2016—North America), PM Network presents a summary of the three Project of the Year Award finalists. Want to find out whether the big winner is the U.S. Department of Energy’s photon microscope project, the Guaiba 2 low-environmental-impact Pulp Mill in Brazil, or the Lady Cilento Children’s Hospital in Australia? Come to congress!

Beyond the global risks highlighted in our cover story, there is much going on in the world affecting the projects you work on now or might work on in the future. That is the raison d’être of the Edge section of PM Network. This month, Edge covers the rush to mine lithium, a metal feeding the demand for device and electric car batteries; the effects of Brexit on British construction projects; and the growth of tall-building construction projects using wood instead of steel.

Hear practical advice from practitioners, subject matter experts and executives in the magazine’s monthly Voices section. Andrew Robinson offers a framework and process that organizations can use to ensure strategy gets implemented. Kareem Shaker, PMI-RMP, PMP, provides a detailed list of traits and practices that can be used to build a team that thrives on innovation. Chris Burner, chief project officer of a public authority in California, tells how a public-sector megaproject can finish on schedule and within budget. Practitioners offer “Getting It Done” articles on why project management often fails in tech-driven companies and how coaching can help project managers gain confidence and unlock potential.

Did you know…if your native language is español or Português and you are a member of PMI, we have you covered! You can read the current and recent issues of PM Network in your language.