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. Putting out these fires is your job as the project manager. As you might know, this process of "planning ahead" is called 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 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.

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Microeconomics and Risk Management in Decision Making for Software Development

Herding Cats

If we look at the discipline of software engineering, we see that the microeconomics branch of economics deals more with the types of decisions we need to make as software engineers or managers. Research clearly shows the root causes of most software projects cost and schedule overruns and technical shortfalls comes from poor risk management. Now To Risk Management. Risk is the effect of uncertainty of objectives. All risk comes from Uncertainty.

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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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How has project management changed?

Girl's Guide to PM

We aren’t managing projects now in the same way that people managed projects years ago. The approaches taken by many companies and professional bodies to managing projects are different now to when I first started out in the field in 2000ish.

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A Compendium of Works to Increase the Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management. Managment Processes. Nine Best Practices of Project Management , Software Program Managers Network (SPMN). Top Habits of Successful Project Managers. Integrated Master Plan: The Foundation of Program Success , College of Performance Management, May 21, 2014. The Nine "I's" of Program Success ," College of Performance Management. Ten Rules for Common Sense Program Management.

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PMI-RMP: FREQUENTLY ASKED QUESTIONS FOR 2021

Project Risk Coach

The PMI Risk Management Professional (PMI-RMP)® is one of the eight PMI certifications. There are several reasons that a project manager may with to obtain the PMI-RMP certification. The change is to the exam, not the Project Management Body of Knowledge (PMBOK® Guide).

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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. Management Processes (#MP). Project Performance Management (#PPM). Agile Project Management (#APM). Risk Management (#RM). Cost, Schedule, and Technical Performance Management (#CSTPM). Earned Value Management (#EVM). Integrating Agile and Earned Value Management (#AEVM). Business, Technical, Systems, Risk, and Project Management.

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

The IIL Blog

Senior Executive Director for Project Management, IIL. According to management guru Peter Drucker, there are only two sources for growth: marketing and innovation [Drucker, 2008]. The question, of course, is “How do we manage innovation needs?”. INNOVATION AND PROJECT MANAGEMENT. For years, there has been a debate as to whether the words “innovation” and “project management” should be used in the same sentence. PROJECT MANAGEMENT LITERATURE. 2008).

What is Primavera P6? Uses, Features & Pricing

ProjectManager.com

There are a lot of project management software tools to choose from, and there are a few that truly seem to dominate the space, like Oracle’s Primavera P6. How can you find the project management solution that fits your organization, project and the way your team works?

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Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

Uncertainty is related to three aspects of the management of projects: The external world - the activities of the project itself. 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. One starting point is the value at risk. 12, 2008.

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

Epicflow Blog

A profession of a project manager has always been in demand and seems to be gaining momentum more and more. Besides, about 88 million employees will be needed for project management jobs. . How Can I Understand that a Career of Project Manager Fits Me?

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

Planio

The number one thing every project manager needs to level up their skills is experience. A good project management book. While there are tons of fantastic resources online for learning how to be a better project manager (such as this blog!) 20 Minute Manager: Managing Projects.

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Cone of Uncertainty - Part Cinq

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). 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. This is the basis of a risk tolerant plan.

2017 33

Process Reduces Agility? Only on De Minimis Projects

Herding Cats

VanderLeest GLSEC 2008. "A A Closer Look at 804, A Summary of Considerations for DOD Program Managers, CMU/SEI-2011-SR-015. 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 Risk

Cone of Uncertainty - Part Trois

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). 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. This is the basis of a risk tolerant plan.

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Cone of Uncertainty - Part Cinq (Updated)

Herding Cats

The Cone is a project management framework describing the uncertainty aspects of estimates (cost and schedule) and other project attributes (cost, schedule, and technical performance parameters). 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. Agile 2008 Conference. [18]

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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 Best Gantt Chart Software of 2020

ProjectManager.com

Since 2008, ProjectManager.com has worked to transform the project management industry. Since then, more than 20,000 managers have followed suit. Task list management. In addition, managers can create private lists visible only to assigned employees. Risks.

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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. Collaboration Agile collaboration Communication task management team management teamwork

2019 85

The Perfect Storm for The Project Economy

Leading Answers

Driven by three macroeconomic trends, the need for projects and project managers was increasing. 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.

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Salesforce and Leankor Ensure Business Continuity

Leankor

How Salesforce and the Right Work and Project Management Solution Can Ensure Business Continuity and Accelerate Delivery Success in a Remote World. Managing projects has been around long before it had a name. Project Management Software and Cloud Evolution.

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. Project management, as a discipline, is a response to this ambiguity. 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. Project failure project management mistakes

2018 74

The Best Gantt Chart Software of 2019

ProjectManager.com

Since 2008, ProjectManager.com has worked to transform the project management industry. Since then, more than 20,000 managers have followed suit. Task list management. Designed for managers, teams and clients alike, ProofHub also consolidates myriad project management functions into a central platform. In addition, managers can create private lists visible only to assigned employees. The Teamwork platform spans beyond project management.

2019 215

Trello vs Asana vs Toggl Plan: What’s the Best Project Management Tool (2020)

Teamweek

Trello and Asana are two popular project management tools. Instead, both need to be evaluated based on: the size of your team, your project management workflow, and the tool’s onboarding time and ease of use. Essential features in project management tools. Team management.

2020 52

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. 2008)”.

2021 52

Basis of Estimating Software Development

Small Business CEO

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. Agile Project Management: Creating Innovative Products , Jim Highsmith, Addison Wesley, 2004. IT Risk Management.

Black Swans

Herding Cats

Here's a book review from 2008, about Black Swans and Fooled By Randomness in the context of managing software development in the presence of uncertainty. All is good so far until he mentions these concepts are applicable to the management of projects. What struck me was how disconnected Taleb is from the profession of project management. The critical success factor of managing projects in the presence of uncertainty is to determine which models are useful.

2002 32

Treat Cause Not The Symptom

Herding Cats

Anytime you hear a description of some problem - a symptom - say bad management, misuse of some process, or poorly performing people issue, ask what is the root cause ? 1] Apollo Root Cause Analysis: Effective Solutions to Everyday Problems Every Time, 3rd Edition, Dean Gano, Atlas Books, 2008. [2] IT Risk Management.

2008 32

Black Swans

Herding Cats

Here's a book review from 2008, about Black Swans and Fooled By Randomness in the context of managing software development in the presence of uncertainty. All is good so far until he mentions these concepts are applicable to the management of projects. What struck me was how disconnected Taleb is from the profession of project management. The critical success factor of managing projects in the presence of uncertainty is to determine which models are useful.

2002 28

How To Help Teams Make Group Decisions

Girl's Guide to PM

If you are a project manager, making tough calls and decisions is part of your everyday life. Regardless of how much project management experience you have, at a certain point you will still want or need to make a decision as a team. At this point then, the question is not so much how to manage team decisions, but rather how to manage this amount of complexity. If you manage to find that 1-2 hour span, you want to make the best possible use of it.

2016 235

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

Planview

New Zealand Government, like many other government agencies, was tasked with overcoming these obstacles to develop and manage project and investment portfolios to grow the economy to deliver greater prosperity, security, and opportunities for all citizens. This blog provides a summary of the recent case study and shares the challenges they were facing, their approach to improvement, and some of the benefits realized after improving portfolio management processes and project execution.

Real Options and Decision Making for ICT Projects

Herding Cats

Traditional methods of quantitative cost-benefit analysis, like Net Present Value (NPV) or Discounted Cash Flow (DCF), either ignore or cannot properly capture the needs of management for flexibility to adapt and revise later decisions based on the uncertainties found on all IT projects. Real Options the management the needed flexibility to take actions, in the presence of uncertainty, that itself emerges over time. 72, 2nd Quarter, 2008, pp. IT Risk Management.

2008 31

Build Awesome: RoR Devs Wanted

LiquidPlanner

In other words, it was like the wild west of project management. It took us six months to hone the LiquidPlanner company concept of a SaaS-based dynamic project management app; one capable of predicting completion schedules in real-time. We didn’t really realize it at the time, but we built and launched the company using many of the concepts that Eric Ries later elegantly defined in his 2008 book The Lean Startup. Featured LiquidPlanner Project Management

2016 64

Startups Should Lean on Lean Project Management

Wrike

How can CEOs and managers save money while chasing their dreams and accomplishing their goals? Enter Lean project management. As a more recent PM methodology, the term “lean startup” is credited as first appearing on Eric Ries’ blog in 2008. If they don’t want it, then they won’t pay for it, and you’re risking failure by wasting resources to build something customers don’t want. We are living in a world of entrepreneurs.

2014 34

The Agile Cannon

Herding Cats

Plans don't guarantee creative success - creative efforts operate in an economy - as system where people manage limited resources to maximize return and growth. 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

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

Women In Project Management | Infographic

Ganttic

We have women in project management that want to change the fact that it's still an area that's male dominant. Science says that project management, leadership, and contemporary workplace all are a good fit for women. But let's have a look a the fabulous women (or the statistics about them) in project management anyway, shall we? WOMEN ARE OFTEN ASSIGNED TO FEMALE MANAGERS According to PMI female project team members are 9.0

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