Project Risk Coach

MARCH 5, 2023

I've looked at many risk registers through the years, and I've had difficulty understanding the risks many times. The risk statements were vague and lacked consistency. In this article, let's explore the benefits of clear risk statements. Clarity Improves Understanding When it comes to understanding the risk associated with any project, clarity is key.

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Project Risk Coach

JANUARY 8, 2023

Risk management is an important part of the decision-making process for any project. It involves identifying, assessing, and responding to potential risks that could impact the project. However, many project teams still make common errors. In this article, we will look at some of the most frequent project risk response mistakes and explain how to avoid them.

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Project Risk Coach

DECEMBER 11, 2022

You are a project manager and have to make decisions on the fly. And this can be particularly difficult when estimating the cost and the timeline of complex, volatile projects. In this article, I will share what you need to know about Monte Carlo risk analysis , how it works, and an overview of when it should be used. Whenever we manage projects, we rely heavily on assumptions.

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Project Risk Coach

DECEMBER 4, 2022

Risk identification is an integral part of project risk management. It is essential for any project manager to know what risks might affect a project and navigate them. This article will examine the five techniques for risk identification. Techniques for Risk Identification 1. Use a Risk List A risk list is a list of potential risks for an industry, organization, or company.

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Project Risk Coach

NOVEMBER 20, 2022

Risk management comes in many flavors – enterprise, operational, and strategic risk management. But what is risk management in projects? How can we integrate risk management with project management, resulting in greater project success? Hand in Glove Relationship Project risk management fits into project management like a hand-in-glove. Project managers can use it to achieve their project objectives and goals.

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Project Risk Coach

NOVEMBER 14, 2022

As a project manager, you constantly juggle a million tasks at once. And you may overextend yourself, wearing too many hats. How can we find a better balance? This article will provide clear guidance on how to define and assign risk management roles and responsibilities for projects and programs. Ensuring that all of the risks are addressed can be a daunting task, particularly for larger, complex projects.

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Project Risk Coach

OCTOBER 3, 2022

In everyday life, a threshold is a strip of wood or stone that forms the bottom of a doorway. And we cross that threshold to enter a room. Projects have risk thresholds that we may cross. In this article, we will explore what a risk threshold is, why it matters, and look at some examples. What is Risk? The PMBOK® Guide, Seventh Edition defines risk as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.

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Project Risk Coach

SEPTEMBER 28, 2022

A project manager makes decisions based on their risk perspective. That is to say, he or she perceives the organization and stakeholders’ desires and seeks to fulfill them. However, the project manager may miss the mark. Why? Misunderstanding of the stakeholders’ risk appetite. In this article, let's explore the what, why, and how of project risk appetites.

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Project Risk Coach

SEPTEMBER 12, 2022

On April 1, 2022, the Project Management Institute (PMI®) rolled out the new PMI-RMP® exam. In this article, let's examine why the new PMI® Standards matter and what to look for in your PMI-RMP® training. New PMI® Standards The new PMI-RMP® Exam Content Outline and Specifications (March 2022) includes Reference Materials. And the Reference Materials include two new PMI® Standards: The Standard for Project Management (found in the PMBOK® Guide, Seventh Edition 2021 ) The Standard for Risk Managem

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Project Risk Coach

SEPTEMBER 5, 2022

Charles Hall This is a guest post by my twin brother Charles. He is a CPA and a Certified Fraud Examiner. He is a partner in the firm McNair, McLemore, and Middlebrooks & Co. Charles lives in Macon, Georgia, with his wife Kelley. He is the author of The Why and How of Auditing , Audit Risk Assessment Made Easy , and The Little Book of Local Government Fraud Prevention.

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Project Risk Coach

JULY 5, 2022

The PMBOK® Guide, Seventh Edition contains eight performance domains including the Stakeholder Performance Domain. In this article, we will explore this domain, why it's critical to projects, how to engage stakeholders, and some common stakeholder risks. What is the Stakeholder Performance Domain? This domain "addresses activities and functions associated with stakeholders" ( A Guide to the Project Management Body of Knowledge, PMBOK® Guide, Page 8).

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Project Risk Coach

JUNE 20, 2022

The Project Management Institute (PMI) released the PMBOK® Guide, Seventh Edition in July 2021. This edition is a principles-based guide as opposed to the process-based guide of the Sixth Edition. In this article, let's look at each principle and why each one matters with respect to managing risks. Table Of Contents. What are Principles? 1. Be a Diligent, Respectful, and Caring Steward 2.

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Project Risk Coach

JUNE 6, 2022

Do you want to be the Sherlock Holmes of project management? Let’s look at three ways to manage project uncertainty better. We find these aspects of uncertainty in the PMBOK® Guide, Seventh Edition – ambiguity, complexity, and volatility. Project managers walk into the unknown with each new project. You may be unsure about numerous factors including but not limited to: User requirements Team dynamics External events such as natural disasters or new political policies Changes in market conditions

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Project Risk Coach

MAY 24, 2022

Project managers are not just managers. They’re leaders. Project managers shape and influence their project culture for good or bad. Tolerance can be a great trait. However, project managers must be deliberate in what we will tolerate and what we will not tolerate. Project managers must refuse to tolerate things that cause disorder, degradation, and uncertainty.

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Project Risk Coach

MARCH 21, 2022

How often have you found new requirements towards the end of your projects? Or perhaps your team said they had gathered the requirements, but in reality, the team had hastily rushed through the requirement process resulting in rework, missed deadlines, and another blown budget. Let's look at 12 common requirements mistakes. If you want to improve your project success, improve your requirements processes.

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Project Risk Coach

FEBRUARY 14, 2022

I have had the privilege of managing three Project Management Offices (PMOs), composed of several project managers. The best project managers were the ones who had a habit of identifying and managing risks. Let's look at three ways you can improve your risk identification and reduce major misses. Wise project managers know that there are unknown risks lurking in every corner.

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Project Risk Coach

JANUARY 31, 2022

Some Project Management Offices (PMOs) never get off the ground. I've seen others that are implemented and a year or so later die a slow, painful death. So, how can you build a PMO, one that thrives? Why Are There So Many Troubled PMOs? Many PMOs fail to realize their potential. Why? There are several reasons, but one of the top reasons is the failure to engage key stakeholders.

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Project Risk Coach

JANUARY 24, 2022

Poor risk management is costly. Program managers are caught off guard by emerging risks. And these risks may turn into issues costing more time and money. But, it doesn't have to be that way. We can identify risks early. We can assess and prioritize our risks, allowing us to make better use of our limited time. Let's look at the cost of poor risk management through the example of Tom Whitley.

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Project Risk Coach

JANUARY 3, 2022

Winston Churchill said, "True genius resides in the capacity for evaluation of uncertain, hazardous, and conflicting information." In this article, I share 30 risk evaluation tips to help you tap into your genius. Use some of these tips to help you and your project teams determine which risks matter most. Enjoy! One of the top reasons for evaluating risks is to determine which risks are most significant.

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Project Risk Coach

DECEMBER 13, 2021

Once we've identified our project risks, we should plan and implement responses. In this article, let's look at ways to respond to project threats and opportunities. In our projects, we discover threats that may limit our ability to achieve our goals. We also identify opportunities that could allow us to make more progress. Our job is to increase the opportunities and reduce the threats.

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Project Risk Coach

NOVEMBER 30, 2021

Some project managers make a big fuss over risk management. And others use lots of acronyms and big words to impress people. But at the end of the day, all that really matters is getting results. For eighteen years, I worked for a property and casualty insurance company. Each year, our senior management team would meet with a credit rating agency to share our goals, strategies, and progress.

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Project Risk Coach

OCTOBER 23, 2021

Some project managers have a defensive mindset. They focus on threats only when opportunities abound. Let's increase our chance of success by seizing project opportunities too. Table Of Contents. 1 Self Assessment Quiz 2 What is an Opportunity? 3 Is an Opportunity a Risk, Really? 4 How to Get Started 5 Tools for Identifying Opportunities 6 Think Outside the Box 7 Where Will You Capture Opportunities?

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Project Risk Coach

OCTOBER 18, 2021

Are you aware that the Project Management Institute (PMI) is updating the PMI-RMP exam? The new exam will start in April 2022. Let's look at the PMI-RMP Pilot Exam process, what's different in the exam, the Pilot Exam Content Outline, and how to apply. Table Of Contents. 1 PMI-RMP Pilot Exam 2 What's Different in the New PMI-RMP Exam? 3 Here's the PMI-RMP Pilot Exam Content Outline 4 How to Apply for the PMI-RMP Pilot Exam.

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Project Risk Coach

OCTOBER 11, 2021

In this article, let's discuss why risk management standards exist and which Project Management Institute (PMI) standard you should study in preparation for the Project Risk Management Professional (PMI-RMP) exam ( until the updated PMI-RMP® exam comes into play April 2022 ). Why Standards Exist "A PMI practice standard describes processes, activities, inputs, and outputs for a specific Knowledge Area.

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Project Risk Coach

OCTOBER 4, 2021

The Project Management Body of Knowledge (PMBOK) 6th Edition defines Monitor Risks as “the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.” Here is a crossword puzzle to help you learn about some of the key terms and principles of monitoring risks.

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Project Risk Coach

AUGUST 30, 2021

Life is filled with new adventures and experiences. Remember the first time you rode a bike, climbed a tree, or took a job. New adventures are exciting, but they can be filled with great uncertainty. Projects are unique, some more than others. Let's look at how to manage a different kind of project. Project managers may be asked to manage a project, unlike anything they've ever faced.

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Project Risk Coach

AUGUST 23, 2021

Project managers, team members, and other stakeholders have disagreements. Some are heated, some not. Let's look at the top reasons for conflict and five ways to resolve conflict. Successful project managers do not run away from conflict; they run toward it. And they quickly engage the appropriate stakeholders in order to discuss and resolve the issues.

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Project Risk Coach

AUGUST 9, 2021

One thing that I've learned after twenty years of projects. Double down on your initial efforts. And one of the most critical events is your project kickoff meeting. Let's ensure that our meeting participants leave the kickoff meeting with a good understanding of the project and motivated for the hard work ahead. Prepare Your Agenda Do you know the 5 P's?

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Project Risk Coach

JULY 12, 2021

In this article, we will look at what a risk owner is and why they are needed. Have you ever had a really bad day as a project manager? Imagine that you are managing a software development project. Several simultaneous events have occurred that put your project at great risk: The defect level of source code has risen well above the defined threshold or trigger point for the third consecutive week The test region has been very unstable (and is going down once or twice per day) Your best developer

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Project Risk Coach

JUNE 28, 2021

Watch what happens when new teams are formed? Maybe you’ve seen a new team of baseball players, a music group, a civic group, or a business team. The initial dynamics can be rather rocky and uncertain, even with skilled individuals. Let's explore ways to improve the performance of your project teams. Imagine a new project team that was formed to consolidate customer service centers from 20 locations across the United States to five regional locations.

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Project Risk Coach

JUNE 14, 2021

This is a guest post from Colin Gautrey , an author, trainer and executive coach who has specialized in the field of power and influence for over ten years. He combines solid research with deep personal experience in corporate life to offer his audiences critical yet simple insights into how to achieve results with greater influence. We’ve all been there.

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Project Risk Coach

JUNE 1, 2021

This is a guest article by Elizabeth Harrin from GirlsGuideToPM.com. When I’m on holiday I want to be, you know, actually on holiday. Enjoying my vacation time, chilling out with a cocktail and a barbeque and playing ball with my kids. I don’t want to be checking emails, dealing with phone calls from my project sponsor or still doing project reports from the cabin in the woods because no one else can possibly write them in my absence.

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Project Risk Coach

MAY 24, 2021

Many project managers feel overwhelmed with emails, phone calls, and meetings. They often work overtime, but few feel as though they are making progress. Although we are all given the same amount of time each day, some project managers are able to produce greater value for their organizations. Some are more engaged. Imagine yourself as a more productive project manager, one with greater capacity and energy to complete each day’s tasks.

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Project Risk Coach

MAY 17, 2021

If you are like most project managers, you are managing several projects. And when you finish one, you are anxious to start your next assignment. However, I encourage you to actually close each project before moving to the next one. There are many benefits. As your project comes to an end, here are some steps that you can take to close out the project: Evaluate the project Review the risk register Archive the documentation Pay the invoices Thank the team Reassign the human resources Let's look a

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Project Risk Coach

MAY 3, 2021

Do you ever feel like the Lone Ranger when working on cost estimates? Actually, you're not alone; you have a team. Let's explore how to engage your team members and subject matter experts to improve your cost estimates. So, let's look at three techniques to use with your teams: Brainstorming Delphi Technique Nominal Group Technique 3 Team Techniques to Improve Cost Estimates 1.

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Project Risk Coach

APRIL 26, 2021

Think about it for a minute – what have you done in the last six months to improve your cost management? How many of your projects came in over budget? Let's look at some practical ways to actually improve your cost management. Consider John, a savvy project manager, who was asked to manage a project aimed at replacing a dated network system. The project sponsor told him that he had $100,000 for the project.

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Project Risk Coach

APRIL 18, 2021

One of the reasons that project managers fail to properly estimate their projects is they miss key activities when developing their schedules. Why does this happen? The failure to engage stakeholders and create a work breakdown structure (WBS). Steven Pressfield said, "A great trick that I learned having worked as a screenwriter for many years, the way screenwriters work, is they break the project down into three-act structure: Act 1, Act 2, Act 3.

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