12 Sure-Fire Ways to Improve Project Risk Management

Project Risk Coach

Mike was a functional project manager in an organization where I managed a PMO. But his projects were trending in the wrong direction and his manager was not happy with Mike's performance. Warren Buffett says, "Risk comes from not knowing what you are doing."

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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. Risks involve uncertainty.

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Change management helps when implementing risk responses

Kiron Bondale

A student in a project management class I taught shared the concern that it was very hard for her to get risk responses implemented. This is a fairly common problem and is likely one of the reasons that the volunteers who updated the PMBOK Guide, Sixth Edition added Implement Risk Responses as a new process within the Project Risk Management knowledge area.

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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?

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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? 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 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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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.

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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? Can project managers really control project risks?

10 Top Process Improvement Tools You Need to Create a More Sustainable Business

nTask

To generate a clear business case, organizations need to write business operations with sustainability in mind, which can be done by the following two steps: Document their business processes. Implement effective process improvement techniques for sustainability.

2021 90

Business Process Improvement: What it is and How to Implement it

nTask

According to surveys conducted, as of 2016, 66% of enterprises run a business process improvement program occasionally or never. Of the 20% that undertake process improvements , 5% record little to no success, 28% experience success limited to individual departments but do not record enterprise-level success, and 19% experience success after significant difficulties. What is Business Process Improvement? Generally, business processes can be divided into three key types.

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.

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How to Look Backward and Forward at Your Risks

Project Risk Coach

Project managers may fail to achieve their project objectives because they don’t know how to take a look backward and forward at their risks. Some project managers only look backward. Some project managers only look forward. Project managers who only look forward fail to learn from their past successes and mistakes. Project managers can use risk audits to look backward and risk reviews to look forward. Who Performs the Risk Audits?

2016 183

Project Risk Management: 10 Surprisingly Brilliant Tactics to Reduce Risk

Workamajig

Every project has some risk of failure. This guide on project risk management will help you understand and manage risks better. If there is one thing you can be certain about in project management, it's this: Every project carries some risk. Putting out these fires is your job as the project manager. As you might know, this process of "planning ahead" is called project risk management. Project risk is more amorphous.

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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?

12 Wonderful Ways To Improve Your Risk Management

Project Risk Coach

John Smith was hired as a new project manager at a leasing company, and he was assigned a small project with a team of six people. 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. He skipped capturing his risks and conducting the risk reviews.

2016 163

Signs that Your Project Management Process Needs an Update

EasyProjects

Whatever the case, here are five signals from the universe that indicate your project management process is due for a refresh. Process vs Methodology. Let’s first clarify what is meant by the word ‘process’ and how it is not to be confused with the term ‘methodology’. A process is simply a set of well-defined steps one would take to complete a task. An example of a process would be the steps you take to process payments from your clients.

Do NOT Resolve Project Risks for Good Career Growth

MPUG

Having been a project manager for all of my working life and now a teacher of project management skills for more than a decade, I always tell my students to follow sound project management principles and to manage risks proactively. Proactive project risk management is integral part of project management. In fact, I think good risk management is half of project management. What is Proactive Project Risk Management?

The Complete Guide to Project Risk Assessment (Free Template)

Workamajig

Project risk assessment is an essential part of any project management plan. This guide shares 6 key steps in assessing project risk. So much of project success depends on spotting and eliminating these risks. How exactly do you figure out which risks to look out for and which to ignore? And once you’ve spotted these risks, how do you create plans to counter them? I’ll answer all these questions and more in this guide to project risk assessment.

The Ultimate Guide To the Phase Gate Process

Wrike

Project managers have a number of processes and techniques they can use to ensure continued project viability and success. One such technique is called the phase gate process. . The phase gate process is a technique that is used to guide a project from conception to launch.

No more initial estimates? NOOOOOOOOOOO!

Kiron Bondale

You are assigned to manage a project and before you or your team have had an opportunity to start to chip away at the looming mountain of uncertainty, you get put on the spot to provide a cost or schedule estimate by your project sponsor or some other stakeholder. Make this mistake this more than once and word will spread that you are an untrustworthy project manager. It’s unfortunately an all too familiar scenario.

How to Conduct a Risk Assessment for Your Project

LiquidPlanner

One of the biggest challenges of project management is dealing with risks and opportunities. The difference between success and failure can come down to proper management of your risks and opportunities. First, it’s important to understand the difference between an issue and a risk. A risk is something that might happen, while an issue is something that has happened. A key tool to help you manage risk is a Failure Mode Effects Analysis (FMEA).

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How To Manage Constantly Changing Requirements

Girl's Guide to PM

If you are using agile methodologies, you have other tools available to you to manage changes in requirements because flexing the scope of the project is very much built into the agile way of working. Work on what you can manage, and put a process in place for adapting to future changes.

2021 294

Is Your Strategic Project at Risk Due to Poor Implementation of Proven Project Management Practices?

Strategy Execution | PMO Perspectives

The Project Management Institute also reports that in the projects that were deemed failures, the following causes were contributing factors: change in project objectives (37%), inaccurate requirements gathering (35%), inadequate vision or goal for project (29%), failure to identify opportunities and risks (29%), inaccurate cost estimates (28%), and poor change management (28%) amongst others. Many project managers intuitively produce a plan in consultation with team members.

2019 44

Risk-aware Product Development (a.k.a. Scrum)

Scrum.org

Product Management keeps telling me in this Agile way of doing things there is no committed scope, no plan, only 'Responding to change'. Dealing with Technology Uncertainty - The Waterfall Passive/Buffered Risk Management Style. Dealing with Technology Uncertainty - The Agile/Scrum Active Risk Management Style. The Risk Burndown Exercise. the X axis reflects the time or stages in their "Stage-gate process". The risk is there.

Seven Project Management Lessons for Entrepreneurs

ProjectManager.com

That description can also fit your typical project manager, which makes sense because launching a business is a project. The second difference is that few entrepreneurs have training in project management. So, managing the project that is launching a new business can be a little haphazard! In this article, I’ll offer seven lessons from my own project management experience that are directly relevant to you, as an entrepreneur. De-Risk Your Business.

2019 315

You Can Unlock the Power of Integration Management

Project Risk Coach

How Bring All the Pieces Together If you were asked to describe project managers with one word, what would it be? ” Like a child putting Lego pieces together to build a house, project managers put the project pieces together to create unique products and services, transforming their organizations. Operational managers assimilate people, processes, technologies, and external resources, which are interdependent, one with another. Performed in this Process Group.

2016 240

How To Write Clear Project Goals

Project Risk Coach

Occasionally, someone will ask me for risk management tips. Yes, g ood risk management always starts with clear goals. In risk management, we ask ourselves—what may help or hinder our ability to achieve our goals. Personal Goal Examples To maintain my exercise of 3 times per week for 45 minutes through the end of the year. To have 5 project managers achieve their Project Management Professional (PMP) designation between April 1 and June 30 of 20xx.

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How To Manage Fixed Date Projects

Project Risk Coach

So, what's a project manager to do? How can we manage fixed date projects? Explain the process you went through, who was involved, the constraints, and the results. Include a problem statement, goals, deliverables, assumptions, constraints, exclusions, high-level risks, stakeholders, and team members. One of the best ways to engage your team members and define the scope is through the facilitation of a WBS exercise. Risks are eliminated or decreased.

2018 177

3 Best Project Management Charts for Project Planning

ProjectManager.com

To avoid a catastrophic misunderstanding that can delay or derail a project, project managers need a communication plan that informs every phase of the project—especially the planning phase. Project management charts are worth considering when thinking about how to best communicate, especially when you’re communicating complex information. Online project management charts take abstractions and make them concrete. It doesn’t show process.

2019 263

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

Managing Virtual Teams Successfully

The IIL Blog

Tuckman model of forming-storming-norming-performing), they can benefit from a Simple Interactive Meaningful Practical Learning Exercise (SMILE). So COMMON SENSE should be at the forefront to manage the perception of how these activities are facilitated. Evolution of Learning Exercises for Collaboration. No one author or source can take credit for the evolution of learning exercises for virtual teams. Types of Interactive Exercises. By Dr. Willis H.

2018 100

The Close Sibling of Communications and Stakeholder Management: Resource Management

MPUG

In one of my earlier articles, The Twins–Communications and Stakeholder Management , I outlined how deeply and closely these two knowledge areas of the PMBOK® guide interact with each other. First, let’s look at the basics of resource management. Resource Management – What Happens?

10 Knowledge Areas of Project Management (PMBOK 6) With PPT & PDF

Girl's Guide to PM

This article reviews and explains the 10 project management Knowledge Areas from the PMBOK® Guide – Sixth Edition. PMI defines a Knowledge Area in the PMBOK® Guide – Sixth Edition Glossary like this: An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. So how many knowledge areas are there in project management?

2019 321

Have you rotated your project’s tires?

Kiron Bondale

This exercise also presents a good opportunity to catch up on any other outstanding preventative maintenance for our vehicles. While this isn’t a primary responsibility for most project managers, ignoring expected outcomes might be considered negligence. Is there any waste that’s been introduced in our product or project processes which could be eliminated? Risks revisited?

2018 166

Marketing Project Management – A 101 for Managers

ProProfs Project Management

Absence of effective project management severely impairs Marketing from successfully launching quality products – Madeline A. Therefore, a marketing manager needs to constantly adjust his approach for successful marketing. Hence, project management is the key!

How to Engage Participants in a Project Management Workshop

Project Risk Coach

John, Sally, and Bill just left a full-day project management workshop. Are you responsible for project management workshops for a PMI Chapter, a Project Management Office (PMO), or your organization? Project managers will leave your workshops excited about what they learned. Imagine that you are planning a project risk management workshop. Conduct an online survey with the participants to find out their greatest risk management challenges and interests.

2017 163

Delphi Technique In Project Management (How to + Example)

PM Basics

But that is not what a project manager does. In project management, you never use a tool or a technique as is. I also want to get an opinion from a Project Manager who implemented it already. He might point out some risks in estimation and real-life benefits. So, I talked with a department manager. What risks do you see? Delphi Technique Process. There is a step-by-step process: Select the expert that you would like to question.

2018 163

What is a Stakeholder in Project Management?

Planio

A 3-part stakeholder management process for keeping everyone happy. Step 3: Best practices for stakeholder management and communication. Create and enforce transparent processes for communication. And learning how to identify, handle, and manage them is an essential skill for any project manager. They’re the ones responsible for keeping the project on track, guiding the team, and communicating with and managing the rest of the project stakeholders.

2018 244

New PM, New Choices

Leading Answers

These days, new project managers are exposed to conflicting guidance. When our projects undertake defined, repeatable work using technologies and approaches our organizations have experience in, then uncertainty and change rates are typically low and manageable. Here, traditional project management approaches work great. Designing something is typically a consensus-gathering and problem-solving exercise. Consider the process of designing a new car or home.

2019 87

What should a good project management training simulation include?

Kiron Bondale

Project management is a profession where the most common response to a scenario question is “it depends” This stems from the basic definition of a project – it is a unique endeavor and hence a good practice for one project may be the wrong practice on another. While this can be frustrating for those asking the questions, it also makes it challenging to develop effective training programs for new project managers. Process tailoring.

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