Eric HarterEstimating & Risk Management Team Manager| Siemens Energy - Field Service North AmericaOviedo, Fl, United States
No one likes a risk database like a busy PM yet, by their very nature every project is unique (at least in some aspect!) How does your team capitalize on risk data without being stifled by it? Saving Changes...
Developing effective metadata around storing risk data (such as categories and such) so you can retrieve the relevant data only
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1 reply by Eric Harter
Jul 20, 2016 12:19 PM
Eric Harter
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Samuel, with good organization that efficiently gets you to your 'known-unknowns.' How do you consider the risks that are not in your data, the 'unknown-unknowns?' How do you keep the database from becoming a crutch that is recycled for each project?
You're obviously correct that each project is unique, but sometimes the risks remain the same. For instance, the risk of a natural or man-made event that causes the company to execute its Disaster Recovery plan (in whole or part) is a known risk for every project. The impact of the realization of that risk will differ. So, determining the impact of risks when they occur (and this could vary depending on the phase of the project) and determining the risk responses (also could vary with project phase) is what makes recurring risks distinctive to each project. Risk response strategies should be developed by the PM in consultation with the Project Team, Project Sponsor/Stakeholders, and PMO (or corporate executive(s)). Saving Changes...
UnKnow-UnKnow by definition you ha no clue has stated by Raj.
A session with experience people and an open mind could get you to be more conscious of potential risk.
I consider you fill the Know-Unknow with event that where in the other group that append during a project your or an other.
A structure WBS is a great way to make it easier to gather from lesson learned. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
If you are not aware on risks then you are not performing project management. Why? Because the only thing you can be sure is that risk are inherent to a project. Risk is about information. Today, is too dificult to say that you have not information about your project and other project with the same type outside there. So, unknow-unknow risk are not usual to exists like some time ago. But, making a reserve for unkwnow-unknow risk management is a must. How much? 15%-25% of total project time-scope-cost.
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1 reply by Eric Harter
Jul 20, 2016 12:26 PM
Eric Harter
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Sergio, so for your projects you rely on the project contingency and reserve to address the risks that are not in your information/ database (our unknown-unknowns). Programmatically, how do you decide how large that contingency/reserve should be? Clearly some projects might only require 15% - others might need 25%, or only 10%. Is it a parametric kind of estimate based on similar projects - the quick and dirty- or is it a more detailed consideration of those unknown-unknowns?
Thanks!
Saving Changes...
Eric HarterEstimating & Risk Management Team Manager| Siemens Energy - Field Service North AmericaOviedo, Fl, United States
Jun 30, 2016 11:39 AM
Replying to Samuel Vaddi
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Developing effective metadata around storing risk data (such as categories and such) so you can retrieve the relevant data only
Samuel, with good organization that efficiently gets you to your 'known-unknowns.' How do you consider the risks that are not in your data, the 'unknown-unknowns?' How do you keep the database from becoming a crutch that is recycled for each project?
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1 reply by Samuel Vaddi
Jul 20, 2016 12:43 PM
Samuel Vaddi
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On the unknown-unknowns, by definition, you won't know, so I would go with the suggestions of others to maximize the knowns and minimize the unknowns.
As for the database becoming a crutch, I don't know that I would use the word crutch. I would focus on the good part of this - in that you are leveraging your past to plan better for future (and avoid repeat mistakes). And, for sure, you do have to bring in the discipline and force yourself to take some steps to minimize the unknown-unknowns and not simply conclude risk identification once the database is checked
Saving Changes...
Eric HarterEstimating & Risk Management Team Manager| Siemens Energy - Field Service North AmericaOviedo, Fl, United States
Jun 30, 2016 4:49 PM
Replying to Sergio Luis Conte
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If you are not aware on risks then you are not performing project management. Why? Because the only thing you can be sure is that risk are inherent to a project. Risk is about information. Today, is too dificult to say that you have not information about your project and other project with the same type outside there. So, unknow-unknow risk are not usual to exists like some time ago. But, making a reserve for unkwnow-unknow risk management is a must. How much? 15%-25% of total project time-scope-cost.
Sergio, so for your projects you rely on the project contingency and reserve to address the risks that are not in your information/ database (our unknown-unknowns). Programmatically, how do you decide how large that contingency/reserve should be? Clearly some projects might only require 15% - others might need 25%, or only 10%. Is it a parametric kind of estimate based on similar projects - the quick and dirty- or is it a more detailed consideration of those unknown-unknowns?
Thanks!
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1 reply by Sergio Luis Conte
Jul 20, 2016 1:50 PM
Sergio Luis Conte
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We use 25% for off shore projects and 15% for non-offshore projects. But before to use it we make an intensive analysis to avoid unknown-unknowns searchig for any type of information. The source is passed similar projects and the internet.
Samuel, with good organization that efficiently gets you to your 'known-unknowns.' How do you consider the risks that are not in your data, the 'unknown-unknowns?' How do you keep the database from becoming a crutch that is recycled for each project?
On the unknown-unknowns, by definition, you won't know, so I would go with the suggestions of others to maximize the knowns and minimize the unknowns.
As for the database becoming a crutch, I don't know that I would use the word crutch. I would focus on the good part of this - in that you are leveraging your past to plan better for future (and avoid repeat mistakes). And, for sure, you do have to bring in the discipline and force yourself to take some steps to minimize the unknown-unknowns and not simply conclude risk identification once the database is checked Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Jul 20, 2016 12:26 PM
Replying to Eric Harter
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Sergio, so for your projects you rely on the project contingency and reserve to address the risks that are not in your information/ database (our unknown-unknowns). Programmatically, how do you decide how large that contingency/reserve should be? Clearly some projects might only require 15% - others might need 25%, or only 10%. Is it a parametric kind of estimate based on similar projects - the quick and dirty- or is it a more detailed consideration of those unknown-unknowns?
Thanks!
We use 25% for off shore projects and 15% for non-offshore projects. But before to use it we make an intensive analysis to avoid unknown-unknowns searchig for any type of information. The source is passed similar projects and the internet.
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1 reply by Stéphane Parent
Jul 20, 2016 2:05 PM
Stéphane Parent
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The contingency reserve should be set based on the quantitative analysis results.
Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
You want to use both approaches. During the initiation stage, use a quick risk checklist, to provide you and your project with high-level risks.
Once you get to the planning stage, you can use exploratory techniques such as FMEA, SWOT, Delphi, and brainstorming to flesh out additional risks. Saving Changes...
