Project Risk Management: 10 Surprisingly Brilliant Tactics to Reduce Risk

Workamajig

Every project has some risk of failure. This guide on project risk management will help you understand and manage risks better. If there is one thing you can be certain about in project management, it's this: Every project carries some risk. As you might know, this process of "planning ahead" is called project risk management. In this guide, I'll share X critical tips for acing project risk management. Project risk is more amorphous.

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Risk Management Resources

Herding Cats

Risk Management is essential for development and production programs. Risk issues that can be identified early in the program, which will potentially impact the program later, termed Known Unknowns and can be alleviated with good risk management. Effective Risk Management 2 nd Edition , Edmund Conrow, AIAA, 2003. Risk Management is Project Management for Adults - Tim Lister. Risk Management Papers. “A Risk a Feelings,” George F. 3, 2008.

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Risk Management is How Adults Manage Projects

Herding Cats

In a recent exchange in social media, it was clear the notion of risk and the sources of risk, the consequences or risks and managing in the presence of risk was in very unclear, when it was conjectured , we can simply slice the work into small bits and REDUCE risk. . First, the only risk that can be reduced is the risk created by Epistemic Uncertainty. Making things small does not reduce the risk it may make the uncertainty smaller.

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A Compendium of Risk Management Resources

Herding Cats

This blog page is dedicated to the resources used to manage the risk encountered on software-intensive systems using traditional and agile development methods. Let's start with a critical understanding of the purpose of managing risk on software development projects. Risk Management is essential for development and production programs. Effective Risk Management 2nd Edition, Edmund Conrow, AIAA, 2003. Risk a Feelings,” George F. Hammonds, Risk Analysis 14.5

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Microeconomics and Risk Management in Decision Making for Software Development

Herding Cats

Research clearly shows the root causes of most software projects cost and schedule overruns and technical shortfalls comes from poor risk management. Most post-mortems of these software disaster projects have shown that their problems would have been avoided or strongly reduced if there had been an explicit early concern with identifying and resolving their high-risk elements. Now To Risk Management. Risk is the effect of uncertainty of objectives.

2007 32

Product-centric teams have skin in the game!

Kiron Bondale

Without this, we have an asymmetry since risks get transferred away from those who should have been held responsible. Another highly publicized example is that of the financial company executives who were never jailed for poor decision making which led to the 2008 financial crisis. Agile agile project management project decision making Risk managementI’m midway through Nassim Taleb ‘s latest book, Skin in the Game: Hidden Asymmetries in Daily Life.

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The Project Communication Plan

MPUG

Best Practices : It’s better to send information to too many people than too few, suggests Ron Taylor, founder of the Ron Taylor Group and PMI’s 2008 Leader of the Year. The project sponsor prefers to meet in person to review status, issues, and risks.

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A Compendium of Works to Increase the Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management. Product & Process Development Kaizen , LPPDE, Denver, Colorado, April 21-23, 2008. Risk Management. Five Easy Pieces: The Essentials of Managing Programmatic Risk , 10th Annual Rocky Mountain Project Management Symposium, Denver Colorado, April 2008. Managing in the Presence of Uncertainty and Resulting Risk. Handling Risk on High Technology Programs. Risk Management.

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Compendium of Works to Increase Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management Briefings and Presentations. Risk Management (#RM). Business, Technical, Systems, Risk, and Project Management. Managing projects in the presence of uncertainty means making decisions about cost, schedule, and technical performance all risk-adjusted , from the uncertainties that create risk. But in fact, risk management is part of the other 4 principles as well. Risk Management .

2015 37

What is Primavera P6? Uses, Features & Pricing

ProjectManager.com

In 2008, Primavera Systems was bought out by Oracle, who then developed the tool into the version that is used today. The modern incarnation sells itself as a tool to increase your efficiency when planning, which reduces the risk of schedule overruns.

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Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

The risk is created when we have not accounted for this natural variances in our management plan for the project. Dealing with Aleatory (irreducible) uncertainty and the resulting risk requires we have margin. An aleatory risk is expressed as a relation to a value. Epistemic uncertainty can also occur when there is a subjective evaluation of the system - a risk from a rare event or an event with little or no empirical data. One starting point is the value at risk.

Process Reduces Agility? Only on De Minimis Projects

Herding Cats

VanderLeest GLSEC 2008. "A And of course, each of these domains operates in the presence of reducible and irreducible uncertainty requiring Risk Management processes. When managing any project as Risk Managers as Tim Lister suggested, we need to make estimates in the presence of these uncertainties as well. NoEstimates Agile Estimating RiskA popular toss off aphrase in some agile circles is process reduces agility.

How has project management changed?

Girl's Guide to PM

I won’t forget presenting at the APM conference in 2008 where I spoke about how the rest of business worked in comparison to how project managers worked, and why we should be embracing technology and social media tools.

2020 333

Can the Words “Innovation” and “Project Management” Be Used In The Same Sentence?

The IIL Blog

According to management guru Peter Drucker, there are only two sources for growth: marketing and innovation [Drucker, 2008]. Innovation requires: An acceptance of significant risk, more so than in traditional project management. 2008). By Harold Kerzner, Ph.D. Senior Executive Director for Project Management, IIL. INTRODUCTION. Companies need growth for survival. Companies cannot grow simply through cost reduction and reengineering efforts.

Cone of Uncertainty - Part Cinq

Herding Cats

Aleatory and Epistemic uncertainties, which create the risk to the success of the project. Other uncertainties that create risk include: Unrealistic performance expectation with missing Measures of Effectiveness and Measures of Performance. Inadequate assessment of risks and unmitigated exposure to these risks with proper handling plans. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. .

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4 Awesome Teamwork Examples for Agile Teams

nTask

Example #1: Dee Dee Trotter – 2008 Summer Olympics. In 2008 Games, DeeDee Trotter went to bag another gold medal in the 4×400 meter relay. On Brown’s part, there was an exhibition of risk-taking and present-mindedness. The coach did not take the risk and took an important decision in the team’s best interests. Teamwork and collaboration hold a significant impact on a project, an organization, and the overall customer drive.

2019 85

Cone of Uncertainty - Part Trois

Herding Cats

Aleatory and Epistemic uncertainties, which create the risk to the success of the project. Other uncertainties that create risk include: Unrealistic performance expectation with missing Measures of Effectiveness and Measures of Performance. Inadequate assessment of risks and unmitigated exposure to these risks with proper handling plans. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. .

2017 28

Cone of Uncertainty - Part Cinq (Updated)

Herding Cats

Aleatory and Epistemic uncertainties, which create the risk to the success of the project. Other uncertainties that create risk include: Unrealistic performance expectation with missing Measures of Effectiveness and Measures of Performance. Inadequate assessment of risks and unmitigated exposure to these risks with proper handling plans. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. .

2017 30

Why Johnny Can't Do The Math

Herding Cats

In a previous post, Why Johnny Can't Estimate , mentioned some resources for estimating, the principles of business and technical management that demand estimates be made to make decisions, and background on the sources of uncertainty, that create risk, that require estimating to increase the probability of project success. The 2008 mortgage crisis for example (although many did an made lots of money), the government didn't.

The Perfect Storm for The Project Economy

Leading Answers

Eric Ries documented his lean startup methodology in 2008 as a way for organizations to adapt and experiment with new ideas and perform market tests. With all the planning, estimation, risk management, and earned value tracking, there was a fair amount of math and admin involved.

2020 78

The Best Gantt Chart Software of 2020

ProjectManager.com

Since 2008, ProjectManager.com has worked to transform the project management industry. Risks. Technology might change at the speed of light, but there are a few classic designs that even time can’t touch. Gantt charts are one of them.

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When projects go wrong and it's the worst possible moment

Susanne Madsen

​A project is a unique undertaking that’s full of risk and uncertainty, because it has never been done before in that exact way. Just consider the most important techniques we use as project managers: we define scope, analyse requirements, plan and estimate work, add contingency, manage risks, track changes and check the quality. At the time of opening in March 2008, only 85% of project deliverables had been completed.

2018 74

Part II: A Simplified Approach to Determine IT Project Complexity

PM Times

It will discuss why the Core IT Complexity model is a good approach for most IT organizations and why it is important to determine project complexity as an ongoing and integral part of the Change Management and Risk Management process. It can also indicate potential risks to existing projects.

2021 52

Basis of Estimating Software Development

Herding Cats

Software Sizing, Estimation, and Risk Management: When Performance is Measured Performance Improves , Daniel Galaorath and Michael Evans , Auerbach, 2006. Scaling Lean & Agle Development: Thinking and Organizational Tools for Large-Scale Scrum , Craig Larman and Bas Voode, Addison Wesley, 2008. IT Risk Management. The estimating of software development is both straightforward and complex.

Treat Cause Not The Symptom

Herding Cats

1] Apollo Root Cause Analysis: Effective Solutions to Everyday Problems Every Time, 3rd Edition, Dean Gano, Atlas Books, 2008. [2] IT Risk Management. When gaps in performance, benefits shortfalls, unanticipated cost, schedule, and performance variances, faulty products, or any undesirable outcome, blame the process, not people. Root Cause Analysis is the means to fix the cause, rather than treat the symptom. [1][2]. 1][2].

2008 32

How To Help Teams Make Group Decisions

Girl's Guide to PM

Snap decisions One Saturday in 2008 I made Monica Enand, CEO and Founder of Zapproved, get up extra early to demo her new software for me. It’s an edited extract from his book Risk Happens! This is a guest article by author Edoardo Binda Zane. If you are a project manager, making tough calls and decisions is part of your everyday life. Usually, the more time you spend in this role, the more thick-skinned you become in making risky calls on your own.

2016 234

The Best Gantt Chart Software of 2019

ProjectManager.com

Since 2008, ProjectManager.com has worked to transform the project management industry. Risks. Technology might change at the speed of light, but there are a few classic designs that even time can’t touch. Gantt charts are one of them. Named after their inventor, Henry Gantt, these bar charts help visually illustrate even the most complex project schedules in a simple and user-friendly format.

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Real Options and Decision Making for ICT Projects

Herding Cats

72, 2nd Quarter, 2008, pp. Olagbemiro, Dissertation, Naval Postgraduate School, December 2008. "A IT Risk Management. There was a classic #Noestimates post this week that said. Estimation locks down choices early through upfront t decision making, #NoEstimates preserves options. And attached the hashtag #RealOption.

2008 31

The 23 Best Project Management Books For Upgrading Your Career in 2020

Planio

Risk Up Front: Managing Projects in a Complex World. Published date: 2008 (revised edition). Risk Up Front: Managing Projects in a Complex World. Project managers working on large and complex projects who want to learn how to minimize risk.

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How to Start a Career in Project Management: Answers to FAQ

Epicflow Blog

According to PMI’s Job Growth and Talent Gap in Project Management 2017-2027 , organizations’ need for project talent has significantly increased since their previous investigation in 2008. PMI Risk Management Professional (PMI-RMP) (costs from $520 for members and $670 for non-members); .

A Real-World Success Story: New Zealand Government Improves Project Delivery

Planview

In 2008, New Zealand experienced a significant government shift in leadership. The Treasury Department was determined to get control of the government investment portfolio – to monitor investments, understand what investment decisions were coming up, identify and manage risk, and balance the portfolio to make sure certain sectors weren’t missing out. The ability to prioritize projects and maximize resources increasing success and minimizing risk.

How to Take a Digital Break When Your Job is Online

Teamweek

This all comes in addition to older studies claiming that freelancers are at increased risk for burnout too. “If The 2008 Physical Activity Guidelines for Americans recommends at least 150 minutes of moderate-intensity physical activity a week. “To Illustration: Kezia Gabriella.

2020 82

Decision Making in the Presence of Uncertainty

Herding Cats

Theory of Decision under Uncertainty, Itzhak Gilboa, July 2008. Managerial Decision Making Under Risk and Uncertainty Ari Riabacke. There's another rash of Twitter posters supporting the conjecture that decisions can be made about how to spend other people's money without estimating the impact and outcome of that decision. This is a core premise of #NoEstimates from the Original Poster. Here's a starting point to learn that simply not true .

2016 39

Salesforce and Leankor Ensure Business Continuity

Leankor

In 2008, Software as a Service (SaaS) began to become a norm. This improved experience allows individuals to effortlessly use their desktop or mobile app, which in turn assists in moving workflows and mitigating risk, since users can use the solution anywhere and at any time.

The Zombie Scrum Survival Guide

Scrum.org

It was early 2008 when an Agile Coach sat alone in an office in Western Europe. Approach at your own risk An article by Johannes Schartau , co-author of the Zombie Scrum Survival Guide. The dim light of his desk lamp did its best to drive the evening’s gloom away.

2008 65

The Agile Cannon

Herding Cats

Loss of control creates risk of failure. Compensate for cost variation by including risk reduction metrics. Alleman, "Product & Process Development Kaizen for Software Development, Project, and Program Management, LPPDE, Denver Colorado, April 2008. [5]

2016 50

Software Estimating Resources

Herding Cats

Monte Carlo Schedule Risk Analysis,” Intaver Institute, Inc. What the Data Say About IT project Risk in the Public Sector,” Alexander Budzier and Bent Flyvbjerg, in Commonwealth Governance Handbook, 2012/2013: Democracy, development, and Public Administration, Commonwealth Secretariat, December 2012. 11, November 2008. Monte Carlo Method in risk analysis for investment projects,” Victor Platon and Andreea Constantinescu, Proceedia Economics and Finance, 15 pp.

Book of the Month

Herding Cats

Estimates of the aleatory and epistemic uncertainties that create risk to the delivered Value need to be handled. The handling of the risks created by these uncertainties and the residual risk still present after the handling is complete need to be part of the assessment of the alternatives. Keeney, Militarty Operations Research , Volume 13, Number 2, 2008, pp.

2009 32

Estimating is a Learned Skill

Herding Cats

Sjøberg1, and Magne Jørgensen, IEEE Software , Volume 25, Issues 3, May-June, 2008. Estimates, Uncertainty, and Risk,” Barbara Kitchenham and Stephen Linkman, University of Keele, IEEE Software , May / June, 1997, “Software Project Scheduling under Uncertainties,” Intaver Institute Inc. “A Protecting Software Development Projects Against Underestimation,” Eduardo Miranda and Alain Abran, Project Management Journal , Volume 39, Issue 3, Pages 75-85, September, 2008.

How to Take a Digital Break When Your Job is Online

Teamweek

This all comes in addition to older studies claiming that freelancers are at increased risk for burnout too. “If The 2008 Physical Activity Guidelines for Americans recommends at least 150 minutes of moderate-intensity physical activity a week. “To

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