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How to Improve Results With Better Risk Statements

Project Risk Coach

Vague risk statements lead to poor risk response planning. When organizations or project teams fail to respond to significant risks (i.e., Risk management starts with identifying risks and writing clear risk statements. Why do people define risks poorly? Allow me to share some simple tips that can improve your ability to write clear risk statements. Test Your Risk Statements. ” But the smoothies are the cause of the risk.

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A risk management ode to project managers!

Kiron Bondale

Father’s Day might be a holiday which is much newer than the project management profession itself, but let’s not miss the opportunity to celebrate the many ways in which project managers help their projects succeed through effective risk management. Tagged: Project management terms , Risk management. Project Management Project management terms Risk management

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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. Without these estimates, there is no risk management.

Risk Management: Known / Unknown Unknowns

Project Health Check

It would become so famous that it would become the title of his autobiography "Known and Unknown: A Memoir", and provides a superb basis to discuss our approach to Project Risk Management: ". Be it what tasks are required to complete the project (design/build/test etc) the staffing requirements for a task based upon a solid estimate, or dependencies between two tasks. Known Unknowns - For us this is our Risk Log. Cost Management Project Planning Risk Management

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Let’s add a few tools to your risk identification tool belt!

Kiron Bondale

Risk identification is our first step towards converting unknown-unknowns to known-unknowns. It is neither possible nor advisable to identify all risks which could impact your project’s objectives – like any other project planning process, too much is as bad as too little. But how do we know that we’ve done enough risk identification? An effective project manager is an inquiring project manager.

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Risk Identification Workshops: An Overview

Project Health Check

Risk Management is one of the well established fundamentals of Project Management. Whatever system or tool you use, the basics of rating risks with some degree of severity and impact is well understood, and then doing something to stop it (because they usually are threats). But I have a challenge for you: look back over your last Project and consider - how many of the issues that occurred along the way were from impacted Risks that were identified on your Risk Log?

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. Just like risk management, estimating is how adults manage projects.

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2017 Project Management Trends To Watch

Girl's Guide to PM

This time last year I reviewed the trends in social and collaborative technology in the project management space: some of my predictions had come to nothing and it was interesting to look backward and hold myself accountable for what I said would happen. This year I’m looking forward into 2017 to highlight some of the project management trends I think it is worth watching out for. The APM has already made huge inroads to gaining Chartered status for Project Managers.

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Principles of Cost and Schedule Estimating

Herding Cats

One of the 4 summary root causes of project performance failures is Unrealistic Cost and Schedule Estimates based on inadequate risk-adjusted growth models. Those making these claims may have their own personal purposes, their own agenda, their own reasons for sell this idea that estimates are somehow no longer needed when we're spending other people's money to produce value in exchange for that money. Managing in the presence of uncertainty is standard business practice.

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. All Management decision should take uncertainty into account. Sometime the implcations of uncertanty are risk in the sense of significant potential unwlecome effects on orgainzation performance. .

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Risk Management Plan - What is the Process?

Brad Egeland

An ideal way to ensure this is by having a risk management plan so that you can avoid a data breach, which will ruin your IT supply chain up and down. Risk Management Planning What is the Risk Management Process? First, you must identify the risk before you can move to analyze and establish the proper risk mitigation steps. To put this into perspective, you will need to follow a set of steps to draw up an adequate risk management plan.

How to Talk About Estimates

Herding Cats

What is an estimate? An estimate as a noun is an approximate calculation or judgment of the value, number, quantity, or extent of something. An estimate as a verb is to roughly calculate or judge the value, number, quantity, or extent of. But those estimates, nouns, and verbs themselves's have other attributes. The best starting point for determining the NEEDED precision and accuracy is to determine the Value at Risk. . Estimates. IT Risk Management.

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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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. requires making estimates) ? Effective Risk Management 2 nd Edition , Edmund Conrow, AIAA, 2003. Risk Management is Project Management for Adults - Tim Lister. February 2017. “A

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Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

Managing Cost, Schedule, & Technical Performance Risk Is The Basis Of Good Project Management. Risk management is essential to the success of any significant project. The emerging risks that can be identified early in the project that impact the project later are often termed “known unknowns.” These risks can be mitigated with a good risk management process. Hope must be replaced with a risk tolerant plan.

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Risk Management for Agile Software Development Projects

Herding Cats

It is popular to state that Agile IS Risk Management - but that is not correct. Risk Management is a process as well. The two - agile and risk management - are well suited for each other. But Agile alone is not Risk Management. First some principles: All risk comes from uncertainty. Here's how Agile and Risk Management are joined. risk management agile+evm (v10.2) IT Risk Management.

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What is an Estimate? What is Estimating?

Herding Cats

I work in a domain where estimates are made every single week. Estimate to Complete (ETC), Estimate at Completion (EAC), Estimated Completion Date (ECD) are the life blood of our software intensive system of systems programs. The management of SISoS is really no different than the management of any other enterprise class software system. In the #NoEstimates paradigm, the term estimate is redefined to be Forecast and relabeled as NOT Estimating.

Basis of Estimating Software Development

Small Business CEO

The estimating of software development is both straightforward and complex. When it is suggested that estimating is hard, of no value, and unnecessary, always ask what principle is used to support that claim? Here are some resources that will provide guidance to produce credible software development estimates, in both traditional and agile domains. Software Sizing and Estimating: Mk II FPA , Charles Symons, John Wiley & Sons, 1991. IT Risk Management.

Decisions Without Estimates?

Herding Cats

Can you make a decision without an estimate? There are NO means of making a credible decision in the presence of uncertainty without estimating the outcome of that decision. These two points of view are the basis of any credible business management process. If you want to decide what's the probability of occurrence of some Epistemic uncertainty or the statistical processes for some aleatory activity you need to estimate. Don't assume, Estimate.

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. requires making estimates) ? Effective Risk Management 2nd Edition, Edmund Conrow, AIAA, 2003.

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In defense of Critical Chain

Kiron Bondale

Many years ago, I worked in an organization where I attempted to introduce CCM as an approach to managing key resource availability challenges as well as shifting leadership focus from individual tasks to milestones. I was unable to convince team members to provide such aggressive estimates given the organization’s prevailing culture. Calling these buffers does not resonate well with senior management as the perception is that these will be consumed carelessly.

Estimates, Forecasts, Projections

Herding Cats

Estimates. An Estimate is a value inferred for a population of values based on data collected from a sample of data from that population. The estimate can also be produced parametrically or through a simulation (Monte Carlo is common, but Method of Moments is another we use). . Estimates can be about the past, present, or future. We can estimate the number of clams in the Pleistocene era that are in the shale formations near our house. Estimate to Complete.

Risk Management: PMP Study Guide (PMBOK 6th Edition)

ExamsPM

Project Risk Management includes all the processes involved in risk identification, regulation, and mitigation on a project. The objective is to increase the likelihood of positive risks (opportunities) and decrease the likelihood of negative risks (threats). Risk factors – When looking at risks, one should determine. The anticipated frequency of risk events from the source (how often). Project manager’s role –.

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Software Estimating Resources

Herding Cats

This blog page is dedicated to the resources used to estimate software-intensive systems using traditional and agile development methods. The reason for this resource page is the lack of understanding of how to estimate, the urban myths about software estimating, and the fallacies that estimating is not needed, when developing software, in the presence of uncertainty, when spending other peoples money. 9, 2017. Estimating Probable System Cost,” Stephen A.

When to Estimate and When Estimates aren't Needed

Herding Cats

Paul Boos has a post about estimating and makes a case for the Principles of when NOT to estimate. This struck a cord around a bigger topic - the inversion of estimating. When should we NOT estimate? What business decision making conditions could be in place where we don't have to estimate the outcomes of our decision in the presence of uncertainty? Then on to the original conjecture for No Estimates from Paul's post. Not principles for NOT estimating.

Why Johnny Still Cannot Estimate

Herding Cats

He doesn't know how - He doesn't understand how estimates fit into the process of business and managerial finance of product or service development. He doesn't understand why estimates are needed - He doesn't understand the impact on the business for not knowing how long, how much, and what will be produced for the time and money. Coding work is much more fun than making estimates, documenting the requirements, writing tests. IT Risk Management.

GAO Cost Estimating and Assessment Guide Applied to Agile

Herding Cats

The GAO Cost Estimating and Assessment Guide has 12 steps. Uncertainty creates risk. Risk Management is how Adults Manage Projects - Tim Lister. Conduct Schedule Risk Analysis. Uncertanty creates Risk. Agile is a participant in Risk Management, but Agile is NOT Risk Management. . Risk Management has 6 processes, see SEI Continuous Risk Management.

6 Practical Ways to Actually Improve Your Cost Management

Project Risk Coach

PMP Exam Series - Cost Management Think about it for a minute – what have you done in the last six months to improve your cost management? Consider John, a savvy project manager, who was asked to manage a project to replace a dated network system. When John asked the project sponsor how the $100,000 was estimated, but he never got a clear answer. John reported the revised estimate of $120,000 with a range of accuracy of -5 percent to +10 percent.

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Project Manager Roles and Responsibilities: What does a PM Really Do?

Project Bliss

The job title of “project manager” is pretty common these days. But project manager roles and responsibilities can be pretty vague if you’re not already familiar with them. I know this firsthand, just by watching reactions when I tell someone I’m a project manager. When I took my first job as a project manager, my mother asked what I do. The title of Project Manager was unfamiliar to my mother. What a Project Manager Really Does.

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How to Keep Your Projects On-Time and On-Budget

Arras People

The simple truth is that organisations can avoid these issues by implementing and enhancing their project controls with industry best practices for project management. To put it simply, project controls encompass the people, processes and tools used to plan, manage and mitigate cost and schedule issues and any risk events that may impact a project. companies and government agencies an estimated $145 billion per year! Project Management Software Deltek project control

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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. When we hear about software development disasters and then hear that estimates are to blame, and NOT Estimating will somehow reduce or prevent these disasters, think again. Now To Risk Management. Risk is the effect of uncertainty of objectives. 55-66, 2017.

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Scrum Master vs Project Manager: What’s the Difference?

Project Bliss

Perhaps you’re considering Project Management because it uses many skills you already have. Or maybe you’re already a Project Manager, and you’re wondering if a Scrum Master job might be a good move. Here I’ll explain the difference between a Project Manager and a Scrum Master. Difference between a Project Manager and Scrum Master. Scrum Master vs Project Manager. Project Manager responsibilities. Manage vendors.

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4 Fallacious Reasons to Estimate and Why Those Are Fallacious

Herding Cats

There's a recent post titled Four Fallacious Reasons to Estimate. It lists the usual suspects for why those spending the money think they don't have to estimate how much they plan to spend when they'll be done producing the value they've been assigned to produce for that expenditure. And like many posts and tweets about estimating, it's made from this point of view, not the business point view, not from the point of view of those paying the developer. IT Risk Management.

Five Immutable Principles of Project Success and Estimating

Herding Cats

Let's start with a fundamental principle of all project management. Risk Management is How Adults Manage Projects - Tim Lister. All risk comes from Uncertainty - reducible uncertainty and irreducible uncertainty. [1] 1] No uncertainty No Risk. . If you're not managing risks You're not managing the project. In order to manage risk - and act as an adult when spending other people's money - you must estimate many aspects of the project.

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Estimating Accuracy Mathematics

Herding Cats

In the estimating business, like many things in project management, there is confusion about principles, practices, and processes. A good estimation approach should provide estimates that are within 25% of the actual results, 75% of the time. The term within 25% is the Mean Relative Error, that is the estimate is within 25% of the actual value - the real value compared to the estimated value. Risk Management is How Adults Manage Projects.

Are You An Intentional Project Manager?

Project Risk Coach

10 Things Successful Project Managers Never Tolerate This is a great time for you to be an intentional project manager. If you are like most project managers today, you are overwhelmed with several projects and you have too little time to get it all done. As you struggle with project estimates, budgets, and risks, you engage with team members that bring their personal and professional issues into your world. The Intentional Project Manager.

2017 160

Five Immutable Principles of Project Success and Estimating

Herding Cats

All project work is probabilistic (actually statistical and probabilistic), with reducible and irreducible uncertainties that create reducible and irreducible risks to the success of the project. Let's look at what estimates are needed to answer each of the Five questions: Principle. Estimate Needed To Answer The Question. Each requires us to make an estimate of the confidence in the elements of the Plan. Risk Management is How Adults Manage Projects - Tim Lister.

Improving portfolio management must be part of an agile transformation

Kiron Bondale

When we think of an agile transformation, improving portfolio management might not be high on the organization’s list of priorities. But what happens if your organization doesn’t have an effective and efficient portfolio management capability? There is a greater likelihood of having too many active projects which increases the risk of resource shortages. Tagged: agile project management , Project Portfolio Management , resource availability.

2017 138

7 Ethics Tips For Project Managers

Girl's Guide to PM

This article, 7 Ethics Tips For Project Managers , first appeared on Girl's Guide to Project Management. A project manager approached me recently with a problem. It’s probably fairer and less controversial to say that it was “estimated” rather than created totally randomly from scratch. But she was worried that other people were interpreting the estimate as definite fact. Tell your sponsor or your PMO manager that you feel there is a conflict of interest.

2017 245

Are You A Deliberate Project Manager?

Project Risk Coach

10 Things Successful Project Managers Never Tolerate This is a great time for you to be a project manager. If you are like most project managers today, you are overwhelmed with several projects and you have too little time to get it all done. As you struggle with project estimates, budgets, and risks, you engage with team members that bring their personal and professional issues into your world. 10 Things Successful Project Managers Never Tolerate.

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