Risk Managment walks into a bar - Why does everyone leave?
Keith MelvinSumaria Systems, LLCDayton, OH, United States
Risk management isn't as dynamic as delivering software or a new capability, but it is equally as important.
Just think about it for a moment…why wouldn't you want to explore the things that could go wrong in an attempt to ensure things go right? But in my experience, Risk Management is treated as a necessary evil and we go through a rote drill of identifying a few things and creating a risk cube Versus the endeavor of peeking into the future and exploring the guardrails that could be put in place.
We put our seat belts on and we use turn signals...all to prevent the Risk of something happening to us in the car.
What’s your Risk Management journey?
Mark Mullaly has a fantastic webinar titled "Risk When People Don't Want to Know. It's very insightful.
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Keith MelvinSumaria Systems, LLCDayton, OH, United States
Oct 06, 2024 11:55 AM
Replying to Md. Golam Rob Talukdar
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Risk management is an ongoing process that should be integrated into every stage of planning and execution. It is crucial to carefully consider potential risks in order to maximize the likelihood of successful outcomes.
Golam.
Have you ever chaired a risk workshop?
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Keith MelvinSumaria Systems, LLCDayton, OH, United States
Oct 06, 2024 5:19 PM
Replying to Eric Simms
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I think some people shy away from risk management because it introduces a measure of accountability. Some people prefer working in environments so opaque that if an incident occurs it's impossible to pin the blame on anyone or trace the incident back to the actions someone took (or failed to take). That's the only reason I can think of that someone wouldn't want to significantly improve a project's chances of success by engaging in risk management.
Eric,
I've been a part of the blame game before.
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Keith MelvinSumaria Systems, LLCDayton, OH, United States
Oct 07, 2024 10:48 AM
Replying to Thomas Walenta
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Too often, I have seen project managers not do risk management or do it half-heartedly. This mindset goes like this: projects are considered best if parameters like scope, cost, and time are fixed for their durations, uncertainties are identified and taken care of at the beginning, changes and other surprises are not welcome, and risks are seen as threats.
OK, it does not work with longer durations as the project context tends to change, impacting the assumptions and changing project parameters. The mindset then needs to be open to change, even welcoming, and look at uncertainties as opportunities that can be turned into assets.
Thomas,
Great comment. It's important to remember Risk impacts multiple aspects of a project.
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Mark BelcikPrincipal Engineer| Greater Cincinnati Metropolitan Sewer DistrictCincinnati, Oh, United States
Effective risk management is crucial for a successful project, especially when it is prioritized by the Project Manager. Conversely, when risk management is neglected, accepted risks can negatively impact the project's outcomes.
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1 reply by Keith Melvin
Oct 12, 2024 10:43 AM
Keith Melvin
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Mark, I had an old boss that would always say, "Don't accept any unnecessary risk.
Thanks for the comment.
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Keith MelvinSumaria Systems, LLCDayton, OH, United States
Oct 10, 2024 10:49 AM
Replying to Mark Belcik
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Effective risk management is crucial for a successful project, especially when it is prioritized by the Project Manager. Conversely, when risk management is neglected, accepted risks can negatively impact the project's outcomes.
Mark, I had an old boss that would always say, "Don't accept any unnecessary risk.
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George FreemanThought Leader | Author | Architect| Florida, United States
Hi Keith,
The following three quotes, in large part, sum up my risk management journey:
[1] Managing and embracing risk finds reward; rejecting risk is an illusion.
[2] Risk aversion appears rational until you have a successful project with no adoption.
[3] Risk is a moldable substance and finds reward when the sculptor renders their work from a model of success.
These are from my learned experience and observations over four decades.
Project & PMO Manager | Research & Enterprise Mentor| GFB HoldingSouth America, Brazil
We've been winning it for a while, you know? It's been all about gut feelings and water cooler chats. Don't get me wrong, that's not totally useless, but it's got some big downsides. Like, all that good stuff stays stuck in people's heads or tiny teams, and it's super hit-or-miss across different projects.
The real problem? We're not getting organized about it. We need to step up our game and start doing this risk management thing properly. I'm talking about setting up some solid ground rules for spotting and sizing up risks, writing stuff down, and having one place where everyone can consult what's has been registered about risks. While we're at it, let's get everyone on board talking about risks openly and maybe even using some tech to help us out.
Now, if we do all this, we're in for benefits. We'll be making way smarter decisions because we can see the whole risk picture. Plus, we'll stop repeating the same mistakes because we're learning from them and sharing that knowledge. Our whole organization becomes tougher, ready to handle more complex and more difficult challenges. It's like giving our company the knowledge that lessons learned bring, to be prepared for anything!
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Paula MickuteDigital Project ManagerBath, Eng, United Kingdom
Oct 06, 2024 9:12 AM
Replying to Sergio Luis Conte
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With all my due respect, let me say I disagree with you. Risk management is as dynamically as all the disciplines and our personal life. One of the biggest mistakes in lot of initiatives is do not understand that. It impact things like estimations along the whole initiative. The great thing is that from time ago with the amount of information existing into the internet and now thanks to the use of generative AI all of us have great tools to support up to deal with risk.
Hi Sergio, Would you be able to share any useful AI tools you've tried or are aware of for risk management? Also, do you know if there's a way to predict potential risks using machine learning?
Hi Keith, my approach always has been take a step back to take a leap forward. There have been instances where I had to disagree with my manager because of "quick" demands. I knew that these quick moves would come back to bite me. For a project that I completed last year, I ensured that the entire team was dedicated to ensuring that there are no missing pieces in the project when we move forward because it wasn't an option at all from time and budget constraints. Hoping that things will go alright is the worst thing to do in a project in my opinion. Saving Changes...
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