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

Arras People

And now more than ever, projects that are over budget, behind schedule or are not delivering the value originally promised are in jeopardy of being cancelled. Deltek offers an integrated suite of solutions for project controls that reduce risk and improve profitability.

Budget 216

What is the Management Reserve for Project Budgets?

Project Risk Coach

How to budget for the unknown unknown risks Have you ever had a budget crisis due to the lack of a management reserve? You look at your budget, but you don’t have the funds to handle this work. Furthermore, project managers encounter unknown unknown risks.

Project Workbook + Budget Templates [Black Friday Flash Sale]

Girl's Guide to PM

Lots of people have been asking me for a budget template, and I’ve finally got one ready for you! In this template pack you get a complete project workbook compromising: action log change log decision log dependencies log issues log risk log contact list milestone tracker.

Budget 189

Project Risk Management: A Competitive Necessity

Arras People

Kicking off project management in the New Year, here’s Megan Cacioppo from Deltek with a post-Christmas present, Project Risk Management for Dummies, available for you to download. Are you on the forefront of effective risk management?

2018 139

Project management: 5 tips for managing your project budget

Moira Alexander

Budget overruns are a litmus test for project success or failure. Few companies have an unlimited budget, so the first thing project stakeholders look to in determining whether their project was a great success or a colossal failure is the bottom line. As such, effective budget management is a primary area of focus for project managers who value their careers. This crucial step should be completed before budgets are set.

30 Quick Risk Evaluation Tips

Project Risk Coach

” In this article, I share 30 risk evaluation tips to help you tap into your genius. One of the top reasons for evaluating risks is to determine which risks are most significant. Always perform the qualitative risk assessment. time-to-impact) of your risks?

Risk 56

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. Susan, on the other hand, facilitated an early risk identification workshop.

Small Batch Sizes are NOT Risk Management

Herding Cats

There is a popular fallacy in the Agile community that small batch sizes are Risk Management. What small batches do is provide information that informs risk management at a fast rate. Since all risk comes from Reducible (Epistemic) uncertainty and irreducible (Aleatory) uncertainty.

2018 77

How to Identify Scope Risks

Project Risk Coach

8 ways to identify scope risks Some project managers struggle to identify scope risks. Second, individuals may not know HOW to identify scope risks. Either way, the failure to identify (and manage) scope risks can be costly. What are Scope Risks?

Risk 80

Match Game: Project Risk Management

Project Risk Coach

How’s your project risk management knowledge? Some of you are a certified Project Management Professional (PMP) or as a Risk Management Professional (PMI-RMP) so this test may be a good review for you. Matching Game: Project Risk Management. Risk. Secondary risk.

Risk 66

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. Cost Management Project Planning Risk Managemen

Risk 52

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. What is Enterprise Risk Management?

Risk 72

How to Reduce Risk Evaluation Bias

Project Risk Coach

Let’s look at different types of biases and ways to reduce bias in the risk evaluations. PMI’s Practice Standard for Project Risk Management explains motivational bias is “where someone is trying to bias the result in one direction or another.” How to Reduce Bias When Evaluating Risks.

2018 52

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.

Risk 55

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 62

Epistemic Uncertainty Creates Reducible Risk

Herding Cats

Yesterday's Post What Is Risk? Risk is not there to be mitigated, it's there to be eliminated. Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Epistemic uncertainty and the risk it creates can be reduced with handling processes. Aleatory uncertainty and the risk it creates can NOT be reduced. Only margin can be provided to protect the project's cost, schedule, and technical performance from this risk.

Risk 46

Aleatory Uncertainty Creates Irreducible Risk

Herding Cats

Yesterday's Post Epistemic Uncertainty Creates Reducible Risk and What Is Risk? Risk is not there to be mitigated, it's there to be eliminated. Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Epistemic uncertainty and the risk it creates can be reduced with handling processes. The objective of identifying and managing aleatory uncertainty to be preparing to handle the impacts when risk is realized.

Risk 46

What is Risk Management?

Herding Cats

Risk management is about making informed decisions by consciously assessing what can go wrong, as well as the likelihood and severity of the impact when that possibility comes true. The heart of Risk Management is making informed decisions in the presence of the uncertainties that create risk.

Risk 70

Get Ahead of Your Risks

Project Risk Coach

How to use key risk indicators Which would you prefer? To respond to risks after they occur or to see the risks early and take steps to prevent or reduce your risks? Project managers can get ahead of their risks by thinking differently. How to See Through Risks.

Risk 55

12 Questions for Gaining Control of Your Risks

Project Risk Coach

Are you a project manager who focuses on gaining control of your project risks? Some project managers start their projects with a strong focus on risk management. When problems occur, they turn to their risk response plan. Remember the definition for controlling 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. What is Enterprise Risk Management?

Risk 52

What Everybody Should Know About Controlling Risks

Project Risk Coach

Many project managers do a great job of identifying risks. Some even evaluate risks and develop response plans. However, project managers get busy as their projects progress and fail to control risks, resulting abandoned or wrecked projects. Implementing Risk Response Plans.

Construction Risk Management: What to do when your project goes wrong

Geniebelt

There is a number of parameters that you should think about and an efficient management of the risk is surely necessary. In other words, you can’t really define risk on the exact same way in every construction project. How we could define risk in a construction project.

Information Technology Risk Management

Herding Cats

Risk Management is How Adults Manage Projects - Tim Lister (IBM). It can't be stated too often - either manage risk, or risk will manage you. Projects without risk management are late and over budget before they start. Reducible uncertainties can have specific actions to reduce to risks that result from the uncertainties. Irreducible uncertainties can have no specific actions, but must have margin to protect from the resulting risk.

Fixed Price Removes Risk — Fallacy of the Week

Herding Cats

Firm-fixed-price contracts are depicted as existing on the extreme left of the continuum of risk. As we progress through the various fixed-price flavors and into cost-type contracts, the assertion is that risk shifts from the vendor to the supplier. . This assertion appears reasonable, but this belief makes the assumption that there is goodness that results in shifting risk to the supplier. All Risk is Created by Uncertainty . Someone has to pay to handle that risk.

2018 46

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). Budgeting.

Risk 63

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. These risks can be mitigated with a good risk management process. Risk management structure.

Risk 69

How to Identify, Evaluate, and Respond to Sneaky Risks

Project Risk Coach

How do you know when to respond to sneaky risks? Part of our problem is unknown risks; these risks silently steal and kill over time. Even if we are aware of certain risks, we may be unsure of when to respond. How a Risk Can Sneak In. How to Identify Sneaky Risks.

Risk 62

How To Better Your Quantitative Risk Analysis

Project Risk Coach

How can we better your quantitative risk analysis? What is Quantitative Risk Analysis? The Importance of Quantitative Risk Analysis. When to Perform Quantitative Risk Analysis. The quantitative risk analysis is not always required.

Risk 64

INFOGRAPHIC: 7 Ways to Reduce Costs with Project Management Software

Celoxis

best practices capacity planning collaboration infographic Leadership PMO PPM Project Management Resource Management risk management Trends budget management celoxis cost optimization cost savings project management best practices project management software resource managementINFOGRAPHIC: 7 Ways to Reduce Costs with Project Management Software.

Risk Management for the Real PM World

Brad Egeland

Risk management. The process of performing risk management on the projects that we run should be a given – it should be an essential part of every single project and it should have the proper amount of time and attention given to it. I tout risk planning and the creation of a Risk Management Plan as a deliverable, but due to time constraints, budget constraints, and lack of customer interest, it happens on less than half of the projects that I manage.

Risk 40

12 Wonderful Ways To Improve Your Risk Management

Project Risk Coach

How well did John use risk management to accomplish his goal? He and his team completed a project plan and identified project risks. He captured the risks in his risk register and periodically conducted risk reviews. Improving Risk Management.

Risk 55

How to Respond to Your Risks From Different Angles

Project Risk Coach

Are you guilty of trying to control risks after they are full grown? In the world of business risks, the best time to attack risk is when it’s germinating. In general, you can save time, effort, and money by attacking significant risks early.

Risk 62

To avoid a dire fate, don’t forget to iterate!

Kiron Bondale

But let’s think about risk and stakeholder identification and analysis. Just like developing a schedule or a budget, these processes are commonly performed early in the life of our projects. The risk of ignoring them is significant.

2017 153

Project Crisis… Are you Ready?

Online PM Courses

Leading Indicators of Project Risk. Here is a table I compiled for my book Risk Happens! Leading Indicators of Project Risk. Schedule Risk - Minor milestones being missed. Budget Risk - Rate-of-spend variances against budget.

2018 63

Avoiding project change analysis denial of service!

Kiron Bondale

If so, the analysis effort itself should be approved, and the governance bodies should be apprised of the potential impacts of the analysis effort on remaining cost and schedule budgets. Tagged: project decision making , Risk management , Stakeholder analysis.

2016 194

Project Management Basics: 6 Steps to a Foolproof Project Plan

Wrike

Meet with the project sponsors and key stakeholders to discuss their needs and expectations, and establish baselines for project scope , budget, and timeline. Step 5: Identify Issues and Complete a Risk Assessment.

4 Tactics Business Analysts Can Employ To Keep The Project On Track

Brad Egeland

The budget? Risks? Who or what makes the big difference as to success or failure on a tech project? Is it the project manager? ​ Is it the business analyst? The tech lead? The customer? The timeline? The skill set of the project team? 3rd party vendors? Unknowns? Issues?

52

4 Tips for an Effective Project Management Plan

Wrike

Include any difficulties the team may encounter and risks involved in the project. Keeping workers on task and on schedule makes all the difference in whether an initiative accomplishes its goals while staying within budget.

Project managers, just say no!

Ron Rosenhead

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! Risk management – have a clear risk register that is scored with clear actions and responsibilities to manage each risk.