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 154

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 205
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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 200

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.

The ‘Ready for Change’ 2017 Roadshow for Project Practitioners

Arras People

SPOCE, the project management training organisation and partners AXELOS and APMG are running three events soon called the ‘Ready for Change’ 2017 Roadshows. They take place in London 31 st May 2017 | Bournemouth 6 th June 2017| Southampton 13 th June 2017. It is what underpins all objectives in Project Management approaches. This summer, with the implementation of the PRINCE2 2017 changes, there is no better time to address this subject.

2017 150

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? The team captured the secondary risk and developed response plans.

Risk 150

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 165

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 154

The 10 Risk Management Commandments You’re Breaking Every Day

Project Risk Coach

Risk management is such an effective vehicle for climbing the tallest mountain or swimming the deepest sea. However, the risk management pitfalls are many, rendering us completely ineffective in our attempt to fulfill our dreams. I fear that many project managers live by the letter of the law and may fail to gain the true benefits of risk management. Thou shalt not make risk management complicated. Because your risks change over time.

2017 173

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 154

The Essential Project Management Competencies: A 2017 Perspective

Girl's Guide to PM

The Competencies You Need As A Project Manager Today. I’d say that the competencies you should be looking to develop as a project manager are definitely ‘soft skills’ in their widest form. We’ve already seen ‘stakeholder management’ evolve in the project management language to ‘stakeholder engagement’ and a new chapter appear in A Guide to the Project Management Body of Knowledge (PMBOK® Guide).

2017 223

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. How can we communicate risks more effectively? Communicating Risks. Analyze Your Risks. As risks are identified, assign a risk owner. What is the risk?

Risk 151

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.

2017 240

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 165

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

Risk 120

Risk Management Short Course

Musings on Project Management

Need a quick introduction to risk management? Try this very short course on risk management (no math required!). Risk management short course from John Goodpasture. Read my contribution to the Flashblog Risk ManagementDon't have much time for this? Read in the library at Square Peg Consulting about these books I've written Buy them at any online book retailer!

Risk 150

What You Need to Know About PRINCE2 2017

Arras People

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. Judging by the update, that principle is one that needs more attention – perhaps that comes as no surprise to anyone who works in project management because PRINCE2 being used in its entirety, letter by letter on a project is unheard of.

2017 170

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.

Risk 158

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 153

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 154

Extreme risk -- or, extremely risky?

Musings on Project Management

Ideas about extreme risk management have been around a long time. Here's a working definition: Extreme risks are those for which the consequences are nearly irreversible, and the impact is near-catastrophic. Risk ManagementNo news there, so let's press on. And, fortunately, in most cases, the likelihood of the event is low. Because the expected value is nearly zero, but the threat so high, people are.

Risk 190

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 182

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

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: ". Known Unknowns - For us this is our Risk Log. We know we have uncertainties, but we have identified and recorded them, analysed them and carefully manage them. Accepted Risk costs etc - but the basic principle is quite simple at its core.

Risk 120

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.

2017 120

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? As the authors state “ …when it comes to helping people evaluate risk, less is more.

Risk 131

5 Stats You Need to Know from the 2017 State of Project Management in Manufacturing Report

LiquidPlanner

But following structured project management methods can help companies reduce delays, stay on budget, and deliver quality products. To better understand how manufacturers practice project management, we surveyed more than 100 executives, engineers, and project managers, resulting in the 2017 State of Project Management in Manufacturing report. Work smarter, not harder” could be manufacturers’ motto in 2017. Featured Manufacturing Project Management Team

2017 91

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?

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 asked myself has the management of risks become more effective.

Risk 126

My Top 10 Project Risk Management Articles of 2019

Project Risk Coach

Thank you for being a part of the Project Risk Coach Community. In this article, I'm sharing my most popular project risk management posts of 2019. So, just how many of you came to the Project Risk Coach website in 2019? Oh, what a year!

2019 195

My Top 10 Project Risk Management Blog Posts of 2019

Project Risk Coach

Are you a better project manager today than you were a year ago? In case you missed some of my blog posts, I'm sharing my most popular project risk management posts of 2019. So, just how many of you came to the Project Risk Coach website in 2019? Risks derail our projects.

2019 196

My Top 10 Most Popular Blog Posts of 2017

Project Risk Coach

My aim this year was to help more project managers than ever. Allow me to share the results of my most popular blog posts of 2017. One of my goals was to have 50,000 people visit the Project Risk Coach website. I experienced a significant increase in the last quarter of 2017. Most Popular Blog Posts of 2017. You may have noticed that I wrote more about project risk management than ever with a sprinkling of general project management articles.

2017 151

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.

Risk 41

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.

2017 174

10 Things Successful Project Managers Never Tolerate: Ineffective Risk Management [Video]

Project Risk Coach

This video is part of the 10 Things Successful Project Managers Never Tolerate online course. The post 10 Things Successful Project Managers Never Tolerate: Ineffective Risk Management [Video] appeared first on If you can’t see this video in your RSS reader or email, then click here. Click here to enjoy the entire course.

2017 150

10 Things New Project Managers Should Know

Girl'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 329

Project Management Trends (2018 Edition)

Girl's Guide to PM

This article, Project Management Trends (2018 Edition) , first appeared on Girl's Guide to Project Management. Project management is no different: we see trends come and go, or stay with us and develop over time. Recently I’ve been reflecting on what the shifts are and where that is taking us as project managers. There are some things that are coming that will have a fundamental impact on project management, if I am right. Improving risk assessments.

2018 249

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. Risk Management.

2017 329

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 240