The Risk Management Plan

Project Risk Coach

Most of your project problems can be avoided or greatly reduced through risk management. The simple act of identifying and discussing risks goes a long way towards reducing problems in your project. Let’s look at how to start the risk management process. How will you identify risks? How often will you perform risk management activities? Who will own the project risks. If not, check with other project managers.

Risk 183

7 Ways to Identify Risks

Project Risk Coach

Successful project managers have a common trait – they identify and manage risks. Let’s look at seven tools and techniques to identify risks. Often project managers start with a splash. They get the team together, identify lots of risks, and enter them into an Excel spreadsheet. However, the risks are never discussed again. What happens when project managers and their team fail to identify risks in an iterative fashion?

Risk 250
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6 Tools and Techniques for Controlling Risks

Project Risk Coach

Changes in project risks are inevitable. As a project progresses, the probability and impact of current risks change, new risks emerge, and residual risks may increase or decrease. How can project managers optimize their risk responses and get the results they are looking for? Allow me to introduce you to two project managers—Tom and Susan. Susan, on the other hand, facilitated an early risk identification workshop. Risk reassessment.

How to Unite Enterprise and Project Risk Management

Project Risk Coach

Learn to Better Manage Enterprise Risks Through Project Risk Management Many organizations have adopted enterprise risk management (ERM) as a way to make better decisions, get stronger operating results, and meet regulatory requirements. These same organizations may have program and project managers managing scores of projects. However, few organizations have yet to actually unite the enterprise and project risk management efforts.

2017 228

How to Actually Define Risk Categories

Project Risk Coach

Tom is the program manager for a large, complex program comprised of eight projects. He thinks his project managers have identified most of their risks, but he’s not sure where to focus his attention. What areas have the highest risk exposure? Let’s look at how to actually define risk categories and how they can help Tom (and you). What are Risk Categories? Risk categories allow you to group individual project risks for evaluating and responding to risks.

How to Unite Enterprise and Project Risk Management

Project Risk Coach

Learn to Better Manage Enterprise Risks Through Project Risk Management Many organizations have adopted enterprise risk management (ERM) as a way to make better decisions, get stronger operating results, and meet regulatory requirements. These same organizations may have program and project managers managing scores of projects. However, few organizations have yet to actually unite the enterprise and project risk management efforts.

2017 210

How to Right-Size Your Risk Management Plan

Project Risk Coach

One reason a project manager may have a bad reputation is bloated project plans. While I’m a fan of planning, let’s use some common sense and right-size our risk management plans. A risk management plan for the Mercedes-Benz Stadium will be much larger than a plan for a Southern Living Idea House. Why is that some project managers have over or undersized risk management plans? Risk management plans typically include: Project risk background.

2017 183

How to Right-Size Your Risk Management Plan

Project Risk Coach

One reason a project manager may have a bad reputation is bloated project plans. While I’m a fan of planning, let’s use some common sense and right-size our risk management plans. A risk management plan for the Mercedes-Benz Stadium will be much larger than a plan for a Southern Living Idea House. Why is that some project managers have over or undersized risk management plans? Risk management plans typically include: Project risk background.

2017 177

How to Plan Your Risk Management From Start to Finish

Project Risk Coach

Let’s talk about how to plan your risk management from start to finish. Some people think of risk management plans in the wrong way. Risk management plans are not a list of risks and what you plan to do (e.g. risk register). Rather the plan is your approach to risk management. How do you plan to identify and evaluate risks? How will you develop risk response plans? What are your risk thresholds?

2017 183

Risk Response Lessons from the Beach

Project Risk Coach

Learn threat response strategies Project managers may make risk decisions without much thought. Well, after managing projects for years, you know the drill. You simply know how to respond to the most common risks. With each of these activities, I do things to manage risks and frankly, I rarely think about it (because I’ve done it for so long). Accept risks. That is to say, I accept the risks. Avoid risks. Mitigate risks.

2017 195

7 Things You Ought to Know About Identifying Risks

Project Risk Coach

Increase Your Risk Management IQ Every project manager deals with risks. Allow me to share seven things you ought to know about identifying risks. Project managers must address unrealistic time frames where failure seems unavoidable, scope creep, ambiguous requirements, delays from third parties, and the lack of required skills, to name a few. How do we manage risks and the causal factors? What You Need to Know About Identifying Risks.

2017 183

Getting Results – The Bottom Line of Risk Management

Project Risk Coach

Some portfolio, program, and project managers make a big fuss over risk management. Each year, our senior management team would meet with a credit rating agency to share our goals, strategies, and progress. The presentation included what we were doing for enterprise risk management. They have a risk management plan. They regularly identify, analyze, and respond to risks. Project managers can be guilty of talking a good game too.

2017 174

How to Communicate Risks

Project Risk Coach

How do you communicate risks? Some project managers rarely mention risks; others bore people to tears with too much information. Ninety percent of a project manager’s job is communication. And one of the most important things to communicate is your risks. The communication process can be challenging. How can we communicate risks more effectively? Communicating Risks. Analyze Your Risks. As risks are identified, assign a risk owner.

Risk 163

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.

2017 177

Are You Tired of Missing Big Project Risks? 3 Ways to Stop It

Project Risk Coach

I have had the privilege of managing two PMOs, both composed of several project managers. It was always interesting to watch—the best project managers were the ones who had a habit of identifying risks, both threats and opportunities. And these individuals did not perform the risk identification just once at the beginning of their projects. Rather, they had a habit of reevaluating their projects with an eye toward new risks. Risk Checklist.

2017 220

5 Simple Reasons Why Processes Don’t Work

Rebel’s Guide to PM

I bet you have plenty of project management processes, don’t you? One for risk, one for escalations, one for changes, issues, new project kick-off, closure, logging dependencies… the list goes on and on. The reasons why processes don’t work are actually pretty simple.

2022 285

How to Develop a Quality Management Plan

Project Risk Coach

Let’s look at the project risks when there is no quality management plan. The Quality Management Plan. Before we discuss the quality management plan, let’s get our arms around the concept of quality. For project management, quality is “the degree to which a set of inherent characteristics fulfills requirements.” ” Project managers and teams focus on meeting the customer’s needs. What is a Quality Management Plan?

2017 293

What You Need to Know About PRINCE2 2017

Arras People

According to Axelos , the guidance has been updated – the principles, themes and processes remain the same – to concentrate on the application of PRINCE2 and how best to tailor it. It’s always been there – the principle that PRINCE2 should be tailored for specific projects or to an organisation’s specific way of managing projects. Management products can be combined or split into any number of documents etc.

2017 155

2017 Project Management Trends To Watch

Rebel’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.

2017 195

Shuffle up and deal with qualitative risk analysis!

Kiron Bondale

user stories), planning poker can also be used to facilitate other types of decision making so why not use it for qualitative risk analysis? A common approach to this process is to utilize a Likert scale from very low to very high or even just low, medium and high to assess the probability and impact of identified risks. One concern with this is that at the end of the risk analysis workshop the team likely ends up with a significant volume of high probability or impact risks.

2017 139

PMI-RMP® Training for the New Exam

Project Risk Coach

On April 1, 2022, the Project Management Institute (PMI®) rolled out the new PMI-RMP® exam. Simply put, PMI® did not use the Standard for Project Risk Management (2009) or the PMBOK® Guide, Sixth Edition (2017) to validate the exam. Why Take the Risk?

PMI 212

Things You Need To Know About Business Process Management

Project-Management.pm

Way back in the world of business industries, different forms of management were similar to one another in terms of roles or tasks like schedules and deliveries. Business Process Management was not an essential tool for project management since the latter has a set of alternative factors that can work on its own. It doesn’t take a genius to work it out that each stage of the project undergo different processes that are all at work to make the desired success happen.

2017 86

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. So, most times you can expect to make lots of lists to keep up with the entire process.

5 Things You Should Know About the PMI-RMP®

Project Risk Coach

Every project has risks—events or conditions that, if they occur, have positive or negative effects on a project’s objectives. And project managers are risk managers, some better than others. If you want to improve your project success through better risk management, consider getting certified as a Risk Management Professional. First, you may simply want to improve your ability to identify, evaluate, respond to, and control risks.

2017 214

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. Cost management is rarely a straight shot. Let’s look at some ways to improve your cost management. Practical Ways to Improve Your Cost Management. Create a management reserve.

2017 210

How To Do An Effective Project Selection Process?

Project-Management.pm

A stable and sturdy project management is one of the crucial factors to make a project process work. In the corporate world, an organization needs more than just top-notch tools and up to date process to bring the project to its full potential—it also needs a strong manpower, a human resource that has a particular set of skills and capabilities that will greatly contribute the entire organization. The Need for Risk Assessment.

2017 92

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?

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 183

Is risk management really that effective?

Ron Rosenhead

I explored the need for a systematic risk process for projects. I discussed the need for a systematic approach to risk management and I am assured this happens. Risk is not seen as a key process. People have described risk management as weak, not owned by the project sponsor or project board and generally not good enough. Are we really managing risks or playing at it? I was looking for a blog posting put out a few years ago.

2017 126

Do You Make These Quality Management Mistakes?

Project Risk Coach

Last week, I talked about How to Develop a Quality Management Plan. Today, I’d like to share common quality management mistakes. Being aware of these failure points can help you and your project teams to identify and manage quality risks. Quality Management Mistakes. What does quality mean to a project manager and the project team? Scope management includes the development of requirements. Failure to Right-Size Your Quality Management Plan.

2017 183

The Magic 7 Project Portfolio Management Process Steps

Project-Management.pm

Countless business articles have provided you viable information regarding project portfolio management , accompanied by its objective, the roles of the portfolio manager, and the benefits of the project portfolio management as a whole. But how does one exactly execute project portfolio management? Implementing project portfolio management takes more than just assessment, evaluation, and tracking. Project Portfolio Management Process Steps : #5 – Balance is Key.

2017 94

15 Awesome Ways to Manage Your Project Stakeholders

Project Risk Coach

If you put some care and time into identifying, analyzing, and managing your project stakeholders, you’ll have a better project experience and improve your chance of success. One of the most critical elements of project management is developing relationships with key stakeholders—individuals, groups, and organizations. It is through these relationships that we can better define and control scope, understand requirements, mitigate risks, and improve project processes.

2017 174

10 Things New Project Managers Should Know

Rebel’s Guide to PM

This article, 10 Things New Project Managers Should Know , first appeared on Girl's Guide to PM. It would be nice to think that every company has a formal mentoring scheme, and that you can tap into the experience of other project managers through this. As a result, people managing projects for the first time often find themselves making mistakes. These are the things that I wish someone had told me when I first started managing projects. Manage Scope.

2017 324

10 Essential Project Management Skills

ProjectManager.com

Project management is not an easy job. That’s a lot to ask of any one individual, but project managers have a variety of skills to get the job done. These include the expected technical business and management skills you’d expect, but also a number of soft skills. Project managers aren’t only dealing with systems and processes, but also people. But that’s just one aspect of the project manager’s many faceted job.

2017 329

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.

2017 163

Reduce the Risk – Share the Success

International Institute for Learning

By Luigi Morsa , Aerospace Engineer and Project Manager, SII Engineering & IT Risk Management is the act or practice of dealing with risk. Risk Management is important because it is directly connected to the Project Success.

Risk 56

How to Develop a Stakeholder Register

Project Risk Coach

Project Stakeholder Management Last week, we looked at 15 awesome ways to manage your project stakeholders. The register is particularly helpful when managing large projects and projects that are moving at a fast pace. This helps me to identify participants for the project charter process. Some stakeholders are obvious—the project sponsor, the project team, project manager, and your customers. Stakeholder Management Series.

2017 207

How to Engage Participants in a Project Management Workshop

Project Risk Coach

John, Sally, and Bill just left a full-day project management workshop. Are you responsible for project management workshops for a PMI Chapter, a Project Management Office (PMO), or your organization? Project managers will leave your workshops excited about what they learned. Imagine that you are planning a project risk management workshop. Conduct an online survey with the participants to find out their greatest risk management challenges and interests.

2017 163

Preventing Kickbacks to Those with the Power to Purchase

Project Risk Coach

Last week, Harry and I were running, and he told me about his procurement risk blog series. Since I am a fraud prevention guy, we began discussing the risk of vendor kickbacks to those with the power to purchase. Later, Sleeze sends inflated invoices directly to Acme’s purchasing manager, and he gladly approves them. Given this risk, what can be done? 2=Planning 4=Control Project Procurement Management

2017 204

Project managers, just say no!

Ron Rosenhead

But use what is in project management system and your people skills. Over the last 18 months I have seen more and more pressure placed on project managers. There is a huge demand from senior managers and stakeholder and clients to deliver quicker, with the same level of quality and of course, on budget! I have seen some pretty stressed project managers and they have expressed it to me in many ways; some direct others not so. Is there anything a project manager can do?

2017 214