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Agile Risk Management

LeadingAnswers

This article aims to dispel the myth that agile projects somehow magical manage risks for us, and outlines a couple of practical tools that can be used to start improving risk management approaches.   Agile is Not a Risk Management Approach.   Consciously Adding Risk Management to Agile Approaches.   Thinking about Risk Management.

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Risk Management

Herding Cats

Risk Management is How Adults Manage Projects - Tim Lister. Risk Management requires making estimates of many things. The uncertainties that create the risk - reducible (Epistemic) and irreducible (Aleatory), the impacts from the risks, the efficacy of the corrective actions, the residual reducible uncertainty, and any changes in the irreducible uncertainties.

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Risk Management for Project Managers

Arras People

“Increasingly,” says Walaa Bakry, who runs Westminster Business School’s project management courses, “successful project management is becoming a synonym for successful risk management. It’s this evolution of the project management ecosystem that led Walaa and his colleagues at the Business School to add Management of Risk – M_o_R to their portfolio of executive development courses. “We’ve

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Risk management for agile projects

Kiron Bondale

What are the implications to project risk management when you choose to deliver a project using an agile approach? Here are a few similarities: Risk needs to be managed through the project’s lifetime, not just at the very beginning. Risk bias and appetite need to be assessed when managing risks. Multiple perspectives need to be considered when identifying risks.

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Estimating the Risk

Herding Cats

Risk is everywhere on projects. This risk comes from two types of uncertainty. The idea of risk and its management and handling is a critical success factor for all software development. One of the most rigorous theorems of economics [1] proves that the existing means of production yields greater economic performance only through greater uncertainty that is, through greater risk. While it is futile to try and eliminate risk, and questionable to try and minimize it, it is essential that risk be taken be the right risks. NoEstimates Risk

Risk Management is How Adults Manage Projects

Herding Cats

Risk Management is How Adults Manage Projects - Tim Lister. Here's how we manage risk on our software intensive system of systems using Agile. . Risk management requires making estimating of the reducible and irreducible uncertanties that create risk. IT Risk Management. Risk Management is How Adults Manage Projects. Estimating is Risk Management. NoEstimates RiskIf you're not estimating these uncertanties and their impacts, you're not managing as an adult. Related articles. Mr. Franklin's Advice. Late Start = Late Finish.

10 tips for project success: manage risk

The Digital Project Manager

Risks are ugly little things. But if the risks become issues, you’ll be in a bit of bother. Managing risk (or Management of Risk, sometimes helpfully abbreviated to MoR) is such a big deal that you. The post 10 tips for project success: manage risk appeared first on The Digital Project Manager. Posted in General. That’s a recipe for impending doom. General

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Match Game: Project Risk Management

Project Risk Coach

How’s your project risk management knowledge? Some of you are a certified Project Management Professional (PMP) or as a Risk Management Professional (PMI-RMP) so this test may be a good review for you. Matching Game: Project Risk Management. Instructions: Match the risk management Key Word to its Definition. Key Words for Project Risk Management. Risk.

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Evaluating Project Schedules Utilizing Quantitative Risk Analysis

Project Risk Coach

Often times, risks occur and project managers lack adequate schedule reserves. The team also identified 30 risks in the qualitative risk analysis. Of the 30 risks, the team identified six risks that had the greatest potential for affecting the schedule. Analyzing the Highest Risks. The team rated these six risks quantitatively as follows: Risk A.

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The Naive Notion that Agile Mitigates Risk

Herding Cats

The post Top 5 Ways Agile Mitigates Risk is one of those posts that's not wrong in what it says at the detail level - more or less, but is not right in principle. Agile Mitigates Risk - is not correct. Agile provides rapid identification of risk. First let's start with risk, risk management, and risk management frameworks. What is risk management?

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Risk Management is How Adults Manage Projects

Herding Cats

These uncertainties create the risk to the success of all projects. Without managing in the presence of risk, the probability of project success is significantly reduced, most likely reduced to zero. A risk is an issue or event that could prevent a program or project from meeting its technical, schedule, cost, or safety objectives. NoEstimates RiskFirst a definition.

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How to Identify and Manage Secondary Risks

Project Risk Coach

A response to risk can create other risks. These secondary risks may be more significant than the primary risks if we are not careful. What is a secondary risk? A secondary risk is a risk that is created by a response to another risk. What kinds of risk responses may cause secondary risks? How should we address secondary risks?

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12 Questions for Gaining Control of Your Risks

Project Risk Coach

Are you a project manager who focuses on gaining control of your project risks? Some project managers start their projects with a strong focus on risk management. When problems occur, they turn to their risk response plan. They run toward their risk management tools and techniques to aid them. Remember the definition for controlling risks? What have we learned?

Eat Risks for Breakfast, Poop Awesomeness All Day!

LeadingAnswers

I have submitted a presentation for Agile 2015 Conference about team based risk and opportunity management that may well get rejected based on its title alone! So it should come as no surprise that the best people to undertake effective risk management are team members. In the intervening years many teams have adopted these techniques and become much more effective at Risk Management.

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Information Technology Risk Management

Herding Cats

Risk Management is How Adults Manage Projects - Tim Lister (IBM). It can't be stated too often - either manage risk, or risk will manage you. Projects without risk management are late and over budget before they start. Reducible uncertainties can have specific actions to reduce to risks that result from the uncertainties. Irreducible uncertainties can have no specific actions, but must have margin to protect from the resulting risk. Here's a paper describing how to manage an IT project with Risk Management. IT Risk Management.

How to Be a Powerful Risk Management Evangelist

Project Risk Coach

Mark Langley, President and CEO of the Project Management Institute (PMI), penned a great article entitled Using Project Management to Reduce Risk. Indeed, “high-performing companies manage risk in conjunction with projects and programs far more often than low performers do.” If this is true, how can we help organizations adopt risk management? Educate stakeholders.

Get Ahead of Your Risks

Project Risk Coach

How to use key risk indicators Which would you prefer? To respond to risks after they occur or to see the risks early and take steps to prevent or reduce your risks? Project managers can get ahead of their risks by thinking differently. Read Dr. David Hillson’s article Earned Value Management and Risk Management: A Practical Strategy. Think about it.

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4 Project Risk Response Strategies for Opportunities

PM by PM

Do you use Project Risk Response Strategies to avail Opportunities? Most of us never think about Project Risk Response Strategies for Opportunities. The post 4 Project Risk Response Strategies for Opportunities appeared first on PM-by-PM. Risk Management definitions risk management strategiesLet us be frank here. Many of you would vociferously disagree with me.

Change your Project Risk Management Strategy

PM by PM

What is your Project Risk Management Strategy? Is there any other Project Risk Management Strategy?” ” In my experience “deal with the problem when it comes” is the most frequently used Project Risk Management Strategy (also called Project Risk Response Strategy). The post Change your Project Risk Management Strategy appeared first on PM-by-PM.

How to Look Backward and Forward at Your Risks

Project Risk Coach

Project managers may fail to achieve their project objectives because they don’t know how to take a look backward and forward at their risks. Project managers can use risk audits to look backward and risk reviews to look forward. Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” Who Performs the Risk Audits?

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Playing Whack-A-Mole With Risk

Tyner Blain

My assertion in that workshop was that assumptions and hypotheses, practically speaking, are risks. The risk is that those beliefs are wrong. It represents an implicit risk. Now, armed with a list of hypotheses, and limited time and resources to go test them all, we were faced with the challenge of determining which risk to address first. Risks of product failure.

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How To Better Your Qualitative Risk Analysis

Project Risk Coach

Last week, we looked at why we evaluate risks — it saves time and money by allowing us to focus on the risks that matter most. Before we look at HOW to improve your qualitative risk analysis, allow me to share one more quick example of WHY it’s important. Yes, the inspection cost us money, but what are our risks without the inspection? Risk B: 4 x 5 = 20.

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What Everybody Should Know About Controlling Risks

Project Risk Coach

Many project managers do a great job of identifying risks. Some even evaluate risks and develop response plans. However, project managers get busy as their projects progress and fail to control risks, resulting abandoned or wrecked projects. So, what does it mean to control risks? Do Project Managers Really Control Risks? Implementing Risk Response Plans.

Managing Uncertainty, Risk, Threat, and Opportunity

Herding Cats

I received a book over the Holidays - Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making , Chris Chapman and Stephen Ward. This is a seminal work on risk management in the presence of uncertainty. Sometime the implcations of uncertanty are risk in the sense of significant potential unwlecome effects on orgainzation performance. .

Risk Matrix -- One more time!

Musings on Project Management

In 1711 Abraham De Moivre came up with the mathematical definition of risk as: The Risk of losing any sum is the reverse of Expectation; and the true measure of it is, the product of the Sum adventured multiplied by the Probability of the Loss. Risk ManagementAbraham de Moivre, De Mensura Sortis, 1711 in the Ph. Trans. of the Royal Society I copied this quote from a well argued posting by Matthew.

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Are You Making These Mistakes When Responding to Risks

Project Risk Coach

Some project managers make timely responses to risks, resulting in positive progress toward their project goals; others act haphazardly, resulting in undesirable consequences. Chuck Swindoll told a funny story that illustrates the dangers of costly mistakes when responding to risks. Mistakes We Make When Responding to Risks. Failure to respond to several small, related risks.

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Extreme risk management

Musings on Project Management

Extreme risks: ever been there; done that? Extreme risks are those for which the consequences are irreversible, and the impact is near-catastrophic. Risk ManagementIn most cases, the likelihood of the event is low. You're probably thinking: "Black Swan". But no, a black swan is unanticipated and not-thought of -- never happened before so, not on the radar. No, I'm thinking of the knowable, if not the.

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What is Project Risk?

PM by PM

Is it Important to understand Correct Definition of Project Risk? It is extremely important to understand correct definition of Project Risk. It is not only important to understand correct definition of Project Risk but also to use it in the correct manner. The post What is Project Risk? Project Management Risk Management definitions project risk

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2015 Risk 14

Two doors and the risk manager

Musings on Project Management

A narrative* Imagine two doors to the same room: One labeled risk manager; the other labeled decision maker. Though the risk manager's door, entry is for the inductive thinker: facts looking for a generality or integrating narrative Through the decision maker's door, entry is for the deductive thinker: visionary with a need to connect specifics to the vision And, consider this: Pessimists. induction Risk Management

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12 Wonderful Ways To Improve Your Risk Management

Project Risk Coach

How well did John use risk management to accomplish his goal? He and his team completed a project plan and identified project risks. He captured the risks in his risk register and periodically conducted risk reviews. He skipped capturing his risks and conducting the risk reviews. Improving Risk Management. Be sure to prioritize the risks.

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Seven Ways to Respond to Your Greatest Risks

Project Risk Coach

You and I encounter risks every day. Sometimes we actively respond; other times we passively accept the risk. Consider the following personal risks and responses: You feel a headache coming on. Seven Ways to Respond to Your Greatest Risks. We can respond to risks — including threats and opportunities — in one of seven ways. You take an aspirin.

Risk Management is All in YOUR Head

PMStudent

“Everything in life has some risk, and what you have to actually learn to do is how to navigate It.“ “ – Reid Hoffman No project is without risks. It is all in how you handle those risks. Risk identifying project risks managing project risks Project Risk Management risk management

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Sustainable Risk Management – Four Current Challenges with Solutions

Green Project Management

This post focuses on the current challenges of sustainable risk management within sustainable change delivery, with useful perspectives, tools, and techniques. The post Sustainable Risk Management – Four Current Challenges with Solutions appeared first on Delivering a better world, one project at a time. Benefits Management Business Case Change Delivery Management System Portfolio Management Project Management Risk Management Sustainability Sustainable Development Goals Value ManagementPrimum non nocere – First, do no harm” – Auguste François Chomel (Hooker, p.

How to Identify, Evaluate, and Respond to Sneaky Risks

Project Risk Coach

How do you know when to respond to sneaky risks? Part of our problem is unknown risks; these risks silently steal and kill over time. Even if we are aware of certain risks, we may be unsure of when to respond. How a Risk Can Sneak In. For the first time, I crossed into a High-Risk Category (240-349). How to Identify Sneaky Risks. I had more energy.

Perceptions on risk -- a perfect storm of problems.

Musings on Project Management

Ribeiro, writing in ASK magazine for NASA, has a nice posting on risk perception. He reports on a study Risk ManagementThe messenger: “Unfortunately, my King … here I am, unwilling and unwanted … because I know that no one ever welcomes a bearer of bad news.” Antigone by Sophocles, circa 442 BC The surprise: “It is pardonable to be defeated, but never to be surprised.” Frederick, the Great Pedro C.

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The first question of risk management

Musings on Project Management

The first question of risk management -- in my opinion of course: Where does the slack go? And, that's the first question because: No matter the nature, cost, impact, probability etc of the risk, you can't manage any of these without slack, ie "buffer" or "white space". "No Risk Management scheduleNo slack" is akin to "hope is not a plan" Usually, the first parameter to be abused is the slack Usually, the first abuse.

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Autocrats and Risk management

Musings on Project Management

Autocrates and autocratic leadership -- on the one hand -- and the classic risk management on the other hand. And we ask this because: From essayist Eric Grill writing in the leadership blog of St Thomas University we learn that: Autocratic leaders typically make all major decisions on their own, with little or no input from others Risk Managementis the latter pointless in the context of the former?

Match Game: Project Risk Management [Video]

Project Risk Coach

Download the Match Game: Project Risk Management. The post Match Game: Project Risk Management [Video] appeared first on If you can’t see this video in your RSS reader or email, then click here.

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Focus on individual impacts when communicating risks!

Kiron Bondale

A recent article by Uzma Khan and Daniella Kupor in Harvard Business Review adds support to the argument for keeping things simple when it comes to communicating risks. This biases us against taking positive risks and avoiding negative ones.” ” How might this sort of bias be relevant to our understanding of project risk management?

More on the risk matrix

Musings on Project Management

In 1711 Abraham De Moivre came up with the mathematical definition of risk as: The Risk of losing any sum is the reverse of Expectation; and the true measure of it is, the product of the Sum adventured multiplied by the Probability of the Loss. Quotations Risk ManagementAbraham de Moivre, De Mensura Sortis, 1711 in the Ph. Trans. of the Royal Society I copied this quote from a well argued posting by Matthew.

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Risk 2016 10