Leanthia PacquetteMonitoring & Evaluation Analyst| United Nations Development Programme (UNDP) -Barbados & the Eastern CaribbeanDominica
Based on my experience as PMO in some instances financial risk management was ignored by the Executive Director, the projects successful outcome were affected by lack of proper financial management. This malpractice lead to project failures in terms of successful completion to meet deadlines with client satisfaction. It perceived that proper risk management is necessary for the project internal and external environment to successful achieve the project objectives. Saving Changes...
Risk identification is not just financial. Failure to mitigate or acknowledge bona fide risks during planning is just deferring action until such time that the risk presents itself later.
For a variety of reasons (some legitimate), it is not uncommon for project sponsors to downplay or ignore risks at the start of a project. Which is also why it's important to identify the risks (and the decisions to ignore/defer/monitor or address) upfront, so when they do become issues, you can return to the Charter and fashion a solution ... or a defense.
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1 reply by Leanthia Pacquette
Jul 17, 2017 3:37 PM
Leanthia Pacquette
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Casey thanks for the contribution, your points are noted. I recognize the importance of the project charter hence the reason I stated all the high, medium and low risks factors in the project charter. My main concern was when best can the project charter be presented Is it prior to client signing the contract or after signing the contract
Saving Changes...
Leanthia PacquetteMonitoring & Evaluation Analyst| United Nations Development Programme (UNDP) -Barbados & the Eastern CaribbeanDominica
Jul 17, 2017 2:54 PM
Replying to Cris Casey
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Leanthia -
Risk identification is not just financial. Failure to mitigate or acknowledge bona fide risks during planning is just deferring action until such time that the risk presents itself later.
For a variety of reasons (some legitimate), it is not uncommon for project sponsors to downplay or ignore risks at the start of a project. Which is also why it's important to identify the risks (and the decisions to ignore/defer/monitor or address) upfront, so when they do become issues, you can return to the Charter and fashion a solution ... or a defense.
Casey thanks for the contribution, your points are noted. I recognize the importance of the project charter hence the reason I stated all the high, medium and low risks factors in the project charter. My main concern was when best can the project charter be presented Is it prior to client signing the contract or after signing the contract Saving Changes...
Risk should be identified has early has possible. Even before the planning phase, in the initiation.
Risk identification let you better adjust your planning, but mitigation in place early.
Risk is a continuous process
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1 reply by Leanthia Pacquette
Jul 18, 2017 8:08 AM
Leanthia Pacquette
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thanks for the feedback
Saving Changes...
Anita DhirPresident/CEO| Medhira EnterprisesLong Island City, Ny, United States
Yes Leanthia, I agree with you. For a good project manager, it is equally important to identify certainty (technical and non-technical requirements) as well as uncertainty (all kinds of risks) as early as possible to that both can be addressed / managed appropriately to have a successful project. As Vincent states this is a continuous process. Saving Changes...
Edward DanielsProject Manager| IndependentGlen Burnie, Md, United States
Identifying risks is one of the most frustrating activities for a project team and the most rewarding if relevant risks are captured and correctly mitigated. It will ensure not only removing the obstacles to project completion, but activities would flow easily and you can be sure that your deadlines and budgets will be met.
In an ideal situation, the above is preferred but there are tradeoffs we have to make, because we cannot always know all the risks that a project faces. Risks by themselves are not always bad, i see them personally as "a proverbial rock that i see before stumble and break my ankle or worse a neck".
Most people are so paralyzed about something going wrong that risk management has become a bane in most organizations. I was on a project where the risk of something going wrong made the functional manager unnecessarily delay a project for 2 months. I cannot sign off on this because it might break something else. We went back and forth on this and guess what? We were right back where we started, those risks are still there and we knew them from day 1 but they are not showstoppers.
My 1-cent to other PMs out there, know that risks are inherent to everything we do, capture them as you go along. After all, it is easy to capture the known unknowns, it is the unknown unknowns that trip us up. Have a mitigation plan in place approved by your board so that it doesn't delay your project.
I keep my sanity by knowing that i am always upfront with my clients about what we know and set expectations that the team will capture toehr risks as soon as we know them. Also know that "having an agreement in place on what to be done can be usurped by the client at the last minute",. So i remain detached and report as it is. Not forgetting that, "when we know better, we do better".
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1 reply by Leanthia Pacquette
Jul 18, 2017 8:16 AM
Leanthia Pacquette
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Thanks for all the responses, I have a published article on Risk Management for development projects in the public sector with focus on societal issues, therefore I am aware of the positive and negative risk factors, however they should be controlled accordingly. Furthermore there are unforeseen risks that can occur at any given time of the project life.
Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
The issue is what level of formality or what degree you use in your whole risk management process. All involved stakeholders know about risk. In fact, a project is started to put organizational strategy into action where it does mean to take an opportunity then risk is inherent. From the zero minute all involved stakeholders are thinking "what if?" but is the art of project management to make it visible. Saving Changes...
Leanthia PacquetteMonitoring & Evaluation Analyst| United Nations Development Programme (UNDP) -Barbados & the Eastern CaribbeanDominica
Jul 17, 2017 4:56 PM
Replying to Vincent Guerard
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Risk should be identified has early has possible. Even before the planning phase, in the initiation.
Risk identification let you better adjust your planning, but mitigation in place early.
Risk is a continuous process
thanks for the feedback Saving Changes...
Leanthia PacquetteMonitoring & Evaluation Analyst| United Nations Development Programme (UNDP) -Barbados & the Eastern CaribbeanDominica
Jul 18, 2017 7:24 AM
Replying to Edward Daniels
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Identifying risks is one of the most frustrating activities for a project team and the most rewarding if relevant risks are captured and correctly mitigated. It will ensure not only removing the obstacles to project completion, but activities would flow easily and you can be sure that your deadlines and budgets will be met.
In an ideal situation, the above is preferred but there are tradeoffs we have to make, because we cannot always know all the risks that a project faces. Risks by themselves are not always bad, i see them personally as "a proverbial rock that i see before stumble and break my ankle or worse a neck".
Most people are so paralyzed about something going wrong that risk management has become a bane in most organizations. I was on a project where the risk of something going wrong made the functional manager unnecessarily delay a project for 2 months. I cannot sign off on this because it might break something else. We went back and forth on this and guess what? We were right back where we started, those risks are still there and we knew them from day 1 but they are not showstoppers.
My 1-cent to other PMs out there, know that risks are inherent to everything we do, capture them as you go along. After all, it is easy to capture the known unknowns, it is the unknown unknowns that trip us up. Have a mitigation plan in place approved by your board so that it doesn't delay your project.
I keep my sanity by knowing that i am always upfront with my clients about what we know and set expectations that the team will capture toehr risks as soon as we know them. Also know that "having an agreement in place on what to be done can be usurped by the client at the last minute",. So i remain detached and report as it is. Not forgetting that, "when we know better, we do better".
Thanks for all the responses, I have a published article on Risk Management for development projects in the public sector with focus on societal issues, therefore I am aware of the positive and negative risk factors, however they should be controlled accordingly. Furthermore there are unforeseen risks that can occur at any given time of the project life. Saving Changes...
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