The Confusion Over Risk

Project Risk Coach

Why are many project managers confused over risks? Why do some project managers include positive risks in risk management and others do not? Let's clarify what we mean by the term risk. Most people think of risk as pure risk, as a possibility of loss.

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Scrum Methodology: Roles, Events & Artifacts

ProjectManager.com

Scrum is a framework that consists of values, roles , events and artifacts. Scrum Events. What is their impact, risk and how the item might help in the learning process? The post Scrum Methodology: Roles, Events & Artifacts appeared first on ProjectManager.com.

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PMBOK® Seventh Edition Principles and Risk Management

Project Risk Coach

In this article, let's look at each principle and why each one matters with respect to managing risks. Optimize Risk Responses 11. For example, one of the PMBOK® principles is to optimize risk responses. Risk Management Implications Projects invariably have difficult situations.

2022 195

How to Identify and Manage Emerging Risks

Project Risk Coach

Ask 10 different risk management experts to define emerging risks, and you will likely receive different points of view. In this article, let's define emerging risks, discuss ways to identify them, and look at different ways to manage these risks. What are Emerging Risks?

Risk 347

How to Communicate Risks

Project Risk Coach

And one of the most important things to communicate is your risks. How do you communicate risks? Communicating Project Risks 1. Analyze Your Risks We cannot communicate the things that we don’t understand. As risks are identified, assign a risk owner.

Risk 344

How to Plan an Event

ProjectManager.com

Need to know how to plan an event? If you’re planning a big event like a conference, we can help you successfully plan, structure and lay it out. This blog will go over everything you need to consider when planning an event, including an easy-to-use checklist. Planning an Event.

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What is Project Risk?

Project Risk Coach

If you say the word “risk” to ten people, each person may think of something different— insurance, threats, investments, bets, or potential loss. As we manage project teams, it's critical that you and your team members have a common understanding of what project risk means. Otherwise, people will be confused by your risk management efforts. It is no wonder that there is so much confusion about the meaning of risk. Next, agree on a definition for project risk.

Risk 270

How current are your risks?

Kiron Bondale

I’ve often referenced Dr. David Hillson’s definition of risk as “ uncertainty that matters ” in my articles about project risk management. If stakeholders don’t feel that the information presented to them about a risk matters to them, they will ignore it.

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How to Respond to Project Risks

Project Risk Coach

Once we've identified our project risks, we should plan and implement responses. We can optimize our risk responses over time. Project Risk Strategies How Can We Respond to Risks? Notice how the risk strategies for threats and opportunities are mirror opposites.

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How Poor Risk Management Is Hurting Your Program

Project Risk Coach

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. We can identify risks early. Let's look at the cost of poor risk management through the example of Tom Whitley.

2022 212

How to Build and Use a Risk Register

Project Risk Coach

Project managers constantly think about risks, both threats and opportunities. Let’s consider a simple but powerful tool to capture and manage your risks—the Risk Register. What to Include in a Risk Register. The Risk Register is simply a list of risk-related information including but not limited to: Risk Description. Consider using this syntax: Cause -> Risk -> Impact. ” Risk Owner. Probability Risk Rating.

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Enterprise Risk Management (ERM) and Risk Governance

Management Yogi

Let’s consider the following scenario based true events which occurred within an organization I worked closely with recently. Risks were identified, then qualified, and risk responses planned. For implementation of these risk responses, a number of actions were needed.

Risk Management: When All Hell Breaks Loose

Project Risk Coach

So, the project charter is completed and the top risks are recognized. What can you do to recognize and plan for the events and conditions that may have negative effects on your project objectives? […] The post Risk Management: When All Hell Breaks Loose appeared first on Project Risk Coach. 2=Planning Project Risk ManagementWhat would you do if all hell breaks loose in a critical company project that you are managing?

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Risk Breakdown Structure for Projects: A Complete Guide to RBS

ProjectManager.com

Risks will arise and threaten the successful delivery of your project. Using a risk breakdown structure (RBS) is how you prepare for the unexpected. A risk breakdown structure is great for identifying and prioritizing risks so you know which will be more or less impactful.

2022 305

2021 Online & On-Site Events for Project Managers

Epicflow Blog

2021 is going to be full of both online and offline events for project managers engaged in different areas of business: construction and engineering, IT, healthcare, and many others. Read further to choose the events that fit your goals and interests. .

2021 83

The Tale of Two Risk Owners

Project Risk Coach

In this article, we will look at what a risk owner is and why they are needed. Now imagine the risks listed above occurring under two different IT Directors. He runs wildly from one event to another. Which Director would you prefer to own the IT risks?

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? Risks are uncertain events or conditions, that if they occur, will have a positive or negative effect on the project objectives. What are some examples of scope-related risks?

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What Is a Risk Register & How to Create One

ProjectManager.com

What is a Risk Register? A risk register is a tool in risk management and project management. There is no time too early to start thinking about risk analysis in your project. Therefore, having a project risk register on hand and ready is essential in managing risk.

2021 327

The Power of If-Then Risk Statements

Project Risk Coach

Have you thought about the use of this two-letter conjunction in risk management lately? Let's look at how to use the power of If-Then risk statements. IF is a simple word that can open up new doors to writing clear risk statements. If-Then Risk Statements Write Opportunity Statements Opportunities are events and conditions, that if they occur, have a positive impact on your project objectives (e.g., 2=Planning Project Risk Management

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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? Risks are uncertain events or conditions, that if they occur, will have a positive or negative effect on the project objectives. What are some examples of scope-related risks?

2016 235

Event Project Management – Your Ultimate Guide to Organizing Successful Events In 2021

nTask

Event planning is an exhausting process, you have to pay attention to the tiniest details to make sure everything goes according to the plan on the D-day. Event management and project management are quite similar when it comes to the fundamentals. What Is Event Project Management?

2021 78

Beware false accuracy with quantitative risk assessment

Kiron Bondale

If you view an advertisement touting multiple benefits of a product with which you’ve had no previous personal experience and are later asked about the risks associated with its use, you are likely to state that it is less risky even though there is no connection between its benefits and risks.

Risk 199

How to Analyze Risk in Project Management?

nTask

Life is a series of unexpected events, however having a plan can save you from catastrophe. Having a risk management plan is crucial for the successful initiatives of any business or project venture. Risk assessment has never been more vital than it is […].

2022 85

What’s in YOUR risk register?

Kiron Bondale

Tracking and reporting risk information is a standard part of any project management approach. Given this, is it possible to come up with a minimum set of risk information elements which we’d want to capture on most projects? For risks which are only going to be monitored (e.g.

Risk 186

Enterprise Risk Management (ERM) and Risk Governance

MPUG

Let’s consider the following scenario based true events which occurred within an organization I worked closely with recently. Risks were identified, then qualified, and risk responses planned. For implementation of these risk responses, a number of actions were needed.

2022 Online and In-Person Events for Project/Resource Managers and Industry Professionals

Epicflow Blog

Are you thinking of attending an event to gain new knowledge, find out recent trends in your industry, share your experience with colleagues, or network with leading experts in your industry? Online Events. Events for Industry Professionals. In-Person Events.

2021 83

The unfolding course of events

Musings on Project Management

"It is not given to human beings -- happily for them, for otherwise life would be intolerable -- to foresee or predict to any large extent the unfolding course of events" Winston Churchill Of course, project management can modify such a bit to tolerate some of the intolerable: Simulations can add to the extent of foresight of unfolding events Systems tests can reveal unforeseen hazards in. Risk Management

2020 163

14 Common Project Risks (+ more)

Rebel’s Guide to PM

Risks matter. That’s the point of risk management: thinking about what might go wrong before it does, so you can put a plan together to deal with it if it does. In this article we’ll look at common project risks so you can start filling up your risk log and making the right plans.

Scrum Events Reduce Meetings

Scrum.org

One of the first things that I usually hear after describing the Scrum framework and its five events to someone new to Scrum is, “that’s a lot of meetings!” . . The Sprint Planning meeting happens just once per Sprint, and the same goes for the Review and Retrospective events.

2022 57

How to Conduct a Risk Audit and a Risk Review

Project Risk Coach

In this article, we will look at how to conduct a risk audit to evaluate the effectiveness of your risk management. Additionally, we'll also talk about how to be more forward thinking through risk reviews. Good Risk Management fosters vigilance in times of calm and instills discipline in times of crisis.” -Dr. How to Conduct a Risk Audit. Who Performs the Risk Audits? ” Review the effectiveness of the responses to risks. Try a risk review.

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Some risks aren't manageable

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. And, fortunately, in most cases, the likelihood of the event is low.

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It’s Easy to Miss Project Risks

Project Risk Coach

It's easy to miss project risks. And, until a project manager has identified the threats and opportunities, the risks cannot be managed properly. Projects rise and fall with the project manager's ability to properly identify and manage their most significant risks. Project managers don't want to spend an inordinate amount of time identifying risks—rightly so. Neither can project managers afford to miss the critical risks. Risk Identification Techniques 1.

Risk 174

Are You Making These Risk Response Mistakes?

Project Risk Coach

Some project managers make timely responses to risks, resulting in positive progress toward their project goals. Let's look at some common risk response mistakes and how to overcome them. So, what do I mean by risk response mistake? If you treat risk management as a part-time job, you might soon find yourself looking for one." He and the team had identified the project risks, but they had failed to analyze the common causes of the most significant risks.

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Project Risks and Issues – What’s the Difference?

Project Risk Coach

Some negative events that you thought might happen has now occurred. Well, let's talk about project risks and issues, the differences, and why it's so important to manage risks. What is Risk? The Project Management Body of Knowledge (PMBOK) defines risk as, “An uncertain event or condition that, if it occurs , has a positive or negative effect on one or more project objectives.” Let's examine a risk statement and underscore some key attributes of risks.

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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. Instructions: Match the risk management Key Word to its Definition. Key Words for Project Risk Management. Risk. Quantitative risk analysis. Secondary risk. Risk owner. Risk management plan.

2016 195

12 Questions for Monitoring Project Risks

Project Risk Coach

Some project managers start their projects with a strong focus on risk management. In this article, I am providing questions that can help you in monitoring project risks and as a result, achieve better results. Other project managers start out strong and stick with their risk management. When problems occur, they turn to their risk response plan. They run toward their risk management tools and techniques to aid them. 12 Questions for Monitoring Project Risks.

Risk Management (3) - The Risk Catalog

Inloox

Introduction: The risk catalog The risk catalog - also called risk inventory - can serve as a basis for a risk analysis or the FMEA method. A risk catalog represents a structured compilation of potential project risk events.

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Risk Response Plan in Project Management: Key Strategies & Tips

ProjectManager.com

There is so much that can impact them; a storm cutting off the supply chain, equipment failure or a labor dispute are merely three possible situations in a seemingly endless succession of risks. It’s no wonder so much of project management is focused on risk! Negative risk?

2021 309

PMXPO – The Virtual Event Before Virtual Events Were Cool

Keyedin

PMXPO , the largest virtual event for project managers hosted by PMI (the Project Management Institute) had its 13 th edition of its relished event this past month.

2020 78

What Project Managers Should Know About Monitoring Project 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 monitor their risks, resulting in challenged or failed projects. Here are some key factors that you should know about monitoring project risks. Do Project Managers Really Control Risks? I've heard countless debates about whether project manager can control risks.