An ongoing study on IT projects shows that spending 3 additional minutes per week on project risk factor management (PRFM) reduces the project risk exposure 4 to 5 times faster than not spending these 3 minutes per week. Saving Changes...
Hi Chui-Young. Do you have any links to this study? I'm interested in this topic.
Thanks!
Michelle
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1 reply by Chul-Young Byun
Mar 23, 2016 10:39 AM
Chul-Young Byun
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Hi Michelle,
sure! Here you go: bit.ly/PRFM-Overview
Best regards,
Chul-Young
Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
I am also interested in this study.
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1 reply by Chul-Young Byun
Mar 23, 2016 10:43 AM
Chul-Young Byun
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Hi Stéphane,
great! Here is the access to more information about the study: bit.ly/PRFM-Overview
Best regards,
Chul-Young
Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Silver Bullet (hehehehehe)
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1 reply by Chul-Young Byun
Mar 23, 2016 11:26 AM
Chul-Young Byun
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Hi Sergio,
I wish I had a silver bullet :-) but I don't have one.
It is an approach to get the most out of these 3 minutes per week.
If a PM has for example 8 hours per week for project risk management then I would recommend to spend 7 hours and 57 minutes on the traditional approach plus 3 minutes on this approach. Actually, the majority of PMs, who find this approach positive, are using traditional project risk management at the same time.
In any case I keep everyone posted on the study progress!
I wish I had a silver bullet :-) but I don't have one.
It is an approach to get the most out of these 3 minutes per week.
If a PM has for example 8 hours per week for project risk management then I would recommend to spend 7 hours and 57 minutes on the traditional approach plus 3 minutes on this approach. Actually, the majority of PMs, who find this approach positive, are using traditional project risk management at the same time.
In any case I keep everyone posted on the study progress!
Best regards,
Chul-Young Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
The argument is not sostenible Chung. Amount of time does not matter. What matters is quality. And there is not a traditional approach for anything. There is the right approach for the initiative you are working on. That is project quality. And sorry, but what stated as risk factor in the presentation has no sence (in my humble opinion) because those are allways risk factors no matter the type of project you are working on. On the other side, to name it as "Lean Project Risk Factor" has no sence if the use of "Lean" word means Lean as meaning in Lean factory method. Saving Changes...
Hi Sergio,
we are not having the same opinion and I fully respect that.
The driving motivation of this approach was that per a study one third of over 100 surveyed IT PMs are not doing formal project risk management for mainly cost reason. My initial plan was to find out whether this simple or thin or lean approach invites those IT PMs to do something in an efficient manner rather than nothing. I do not want to believe that even doing something - regardless how small it is - is worse than doing nothing. When I started the study I was surprised to learn that there are IT PMs, who find this approach beneficial even though they are applying formal project risk management.
I have presented this approach during a PMI event to over 60 PMs and the discussion afterwards actually confirmed what I have observed during the study so far.
I am open for what the study will reveal but so far it shows a tendency that for 3 out of 4 IT PMs it is worth spending those 3 minutes per week.
Best regards,
Chul-Young Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
That is the problem: 100 is not a representative number from the point of view of making an statistic analysis. And the list that of risk factor is totally obvious mainly when you have some experience in project management. In fact, you can find it in the best books or papers related to risk management including those that are IT related. But no problem. Thank you very much for giving to me the opportunity to express my comments. Saving Changes...
