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. 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? Risks are not identified and turn into more costly issues.

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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 you have a PMO, see if they have a risk management template.

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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? Tom started his project with a risk identification exercise with several stakeholders resulting in a list of 77 risks. Risk Control Tools and Techniques. Risk audit.

How to Actually Define Risk Categories

Project Risk Coach

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. Your risk categories should be included in your risk management plan.

How to Package and Price Embedded Analytics

2017 State of Embedded Analytics Report, 93 percent of applications offer some form of embedded analytics capabilities. for all your users, you risk upsetting customers who don’t care about and may never. unnecessary risk and results in incorrect (and sometimes dangerous) decisions.

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. This summer, with the implementation of the PRINCE2 2017 changes, there is no better time to address this subject. PRINCE2 2017 Update. Here’s a few events worth checking out.

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How to Right-Size Your Risk Management Plan

Project Risk Coach

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? Work with your team to develop a risk management plan that is fitting to your project, aids in decision making, and adds value. Timing of risk management activities.

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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.

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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. 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. Work with the risk owner to define the risk including the following: Risk. What is the risk?

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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. However, few organizations have yet to actually unite the enterprise and project risk management efforts. What is Enterprise Risk Management? You would receive an inspection report listing all of the issues and risks.

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How to Right-Size Your Risk Management Plan

Project Risk Coach

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? Work with your team to develop a risk management plan that is fitting to your project, aids in decision making, and adds value. Timing of risk management activities.

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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. These individuals are too concerned with checking boxes and making the risk management processes overly complex.

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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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What You Need to Know About PRINCE2 2017

Arras People

The 2017 update introduces the whole concept at a much earlier stage, explaining exactly why it is so important in today’s working environment. Tailor to suit the project environment – PRINCE2 is tailored to suit the project’s environment, size, complexity, importance, capability and risk. *So Axelos announced that there will be a new update to PRINCE2 later this year. The last change, in 2009, had quite a big overhaul, but what about this one?

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The Essential Project Management Competencies: A 2017 Perspective

Girl's Guide to PM

As a line manager or a Project Office manager, the best thing to look for is projects that skip between green and red, projects with a lot of ‘surprises’ and a long list of risks and issues that don’t seem to be managed. Project Management Training To Help You Achieve Certification in 2017 Are you looking to go for a project management certifications this year? 2017 Project Management Trends To Watch There are a number of project management trends to watch for in 2017.

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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? How will you periodically review risks and your risk management processes?

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Risk Response Lessons from the Beach

Project Risk Coach

Learn threat response strategies Project managers may make risk decisions without much thought. 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. But with it, comes the risk of sunburn. Transfer risks.

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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. How do we manage risks and the causal factors? Risk management begins with the practice of identifying risks. Risk identification includes figuring out where, when, how, and why such events may occur. Not sure how to get the most value from risk identification? Why identify risks?

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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.

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Getting Results – The Bottom Line of Risk Management

Project Risk Coach

Some portfolio, program, and project managers make a big fuss over risk management. 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. We have a risk management plan. We perform all the risk management processes, but for some reason, we may fail to get the desired results. Risk Management Processes. Plan risk management.

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2017 Project Management Trends To Watch

Girl's Guide to PM

This year I’m looking forward into 2017 to highlight some of the project management trends I think it is worth watching out for. Will 2017 be the year we get our first Chartered Project Professionals? Our software tools are full of data from the risks we log to the estimates we fail to achieve. Not into what template you need to use or whether it’s a ‘ risk log ’ or a ‘risk register’. Be brave, find your people and have a wonderful 2017.

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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!

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

Project Risk Coach

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. Wise project managers know that there are unknown risks lurking in every corner. Three Ways to Stop Missing Top Project Risks.

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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.

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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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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.

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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? ” Tagged: improving project management , Risk management.

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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. There are complications of course: residual risk costs, secondary risk costs, action costs (factored in your plan baseline?), Accepted Risk costs etc - but the basic principle is quite simple at its core.

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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?

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

LiquidPlanner

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. To learn more about the challenges facing manufacturers today, download the free 2017 State of Project Management in Manufacturing report here. Work smarter, not harder” could be manufacturers’ motto in 2017. In manufacturing, time is money.

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My Top 10 Most Popular Blog Posts of 2017

Project Risk Coach

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. 7 Things You Ought to Know About Identifying Risks. 7 Ways to Treat Risks.

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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.

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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.

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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!

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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. NoEstimates Risk

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My Top 10 Project Risk Management Blog Posts of 2019

Project Risk Coach

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. Risks derail our projects.

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SwiftKanban Product Update- February & March 2017

Digite

For any column on your Kanban board, it helps you identify potential at-risk-of-delay or delayed cards in that column visually – so that as a team, you can track and manage them to closure with better control. The post SwiftKanban Product Update- February & March 2017 appeared first on Digité Blog.

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Seven Aspects of Project Risk in 2020

Strategy Execution | PMO Perspectives

Ahead of its January meeting in Davos, the World Economic Forum published its Global Risks Report 2020, based on the input of 750 experts and outlining the biggest risks faced by economies over the next 10 years [1]. And if the WEF didn’t see a risk coming, then what hope do we have?

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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. NoEstimates Risk

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

Project Risk Coach

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. This video is part of the 10 Things Successful Project Managers Never Tolerate online course. Click here to enjoy the entire course.

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