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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Without risk management you are not managing a project.
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1 reply by Keith Melvin
Oct 07, 2024 2:40 PM
Keith Melvin
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Hi Kiron, I heard the saying slightly different. The phrase we use in my social circle is "Risk Management is Project Management".
Thanks for the comment.
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Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
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.
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2 replies by Keith Melvin and Paula Mickute
Oct 07, 2024 2:43 PM
Keith Melvin
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Sergio,
I love your perspective. I'm working with my team to slow things down and have deep discussions about Risk. Even if you're incrementally delivering, there is still risk to consider in those small delivery window.
Thanks for the comment.
Oct 14, 2024 7:37 AM
Paula Mickute
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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?
Project Manager| AWR Development (BD) Ltd. Cox's Bazer , Bangladesh
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.
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1 reply by Keith Melvin
Oct 07, 2024 2:48 PM
Keith Melvin
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Golam.
Have you ever chaired a risk workshop?
Thanks for the comment.
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Eric SimmsSenior Program ManagerBaltimore, Maryland, United States
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.
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1 reply by Keith Melvin
Oct 07, 2024 2:49 PM
Keith Melvin
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Eric,
I've been a part of the blame game before.
Thanks for the comment.
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Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
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.
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1 reply by Keith Melvin
Oct 07, 2024 3:12 PM
Keith Melvin
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Thomas,
Great comment. It's important to remember Risk impacts multiple aspects of a project.
Thanks for the comment.
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Candice ShubbieConsultant| PROJECT40 ConsultingOntario, Ca, United States
I would argue that risk management is very dynamic. We put our seatbelts on and use turn signals to mitigate, or reduce the likelihood of an accident, or serious injury during an accident. We can also choose to accept the risk and prepare to deal with it via insurance and medical directives. We can avoid the risk entirely by not driving, or share the risk with a third party driver or insurance company. Failing to consider all options is a fast track to project failure.
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1 reply by Keith Melvin
Oct 07, 2024 2:46 PM
Keith Melvin
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Good stuff. How you decide to handle a risk is part of the equation, and for me, part of the "fun" of solving a potential risk.
Risk Management Avengers...Unite!!
Thanks for the comment.
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Keith MelvinSumaria Systems, LLCDayton, OH, United States
Oct 06, 2024 5:33 AM
Replying to Kiron Bondale
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Without risk management you are not managing a project.
Hi Kiron, I heard the saying slightly different. The phrase we use in my social circle is "Risk Management is Project Management".
Thanks for the comment. Saving Changes...
Keith MelvinSumaria Systems, LLCDayton, OH, United States
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.
Sergio,
I love your perspective. I'm working with my team to slow things down and have deep discussions about Risk. Even if you're incrementally delivering, there is still risk to consider in those small delivery window.
Thanks for the comment. Saving Changes...
Keith MelvinSumaria Systems, LLCDayton, OH, United States
Oct 07, 2024 2:29 PM
Replying to Candice Shubbie
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I would argue that risk management is very dynamic. We put our seatbelts on and use turn signals to mitigate, or reduce the likelihood of an accident, or serious injury during an accident. We can also choose to accept the risk and prepare to deal with it via insurance and medical directives. We can avoid the risk entirely by not driving, or share the risk with a third party driver or insurance company. Failing to consider all options is a fast track to project failure.
Good stuff. How you decide to handle a risk is part of the equation, and for me, part of the "fun" of solving a potential risk.
Risk Management Avengers...Unite!!
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