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."

2020 371

Manage Risks While Compressing Project Schedules

Project Risk Coach

Project managers are pressured to deliver projects quickly. Sponsors think their project managers are magicians. Let us explore ways to compress project schedules and manage the associated risks. One risk is that we may fail to identify activities.

2020 329

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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.

Risk 270

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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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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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?

2016 235

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

Project Risk Coach

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. Checklists make risk identification much easier.

2022 195

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. If you are preparing for the PMP or PMI-RMP exam, this exercise will certainly be helpful. Matching Game: Project Risk Management. Feel free to share it with other project managers. Key Words for Project Risk Management.

2016 195

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. What tools and techniques can project managers use for controlling risks and getting 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.

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?

How to Be a Powerful Risk Management Evangelist

Project Risk Coach

Mark Langley, President and CEO of the Project Management Institute (PMI), penned a great article entitled Using Project Management to Reduce Risk. Indeed, “high-performing companies manage risk in conjunction with projects and programs far more often than low performers do.” If this is true, how can we help organizations adopt risk management? Mr. Langley encourages us to play the role of both champion and sponsor of risk management.

2016 200

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.

2017 220

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

How to Cash In on Project Opportunities

Project Risk Coach

Some project managers have a defensive mindset. 3 Is an Opportunity a Risk, Really? Project managers may use qualitative and quantitative risk analysis to evaluate opportunities. Therefore, negative risks are considered to be threats and positive risks are opportunities.

2021 307

9 Steps to Managing Risk for Your Projects


Risk and uncertainty are inherent parts of all project work, making project risk management an important topic for teams to address. But there are ways you can mitigate and manage risk. Create a project risk register. Identify project risks.

2022 136

A Deep Dive into Probability Distribution in Risk Management


But, how does all of this fit into Risk Management? Risk Managers don’t toss coins or calculate heads/tails in an experiment. Probability Distribution and Risk Management. I propose just one more exercise. Ever tossed a fair coin? I’d bet you have!

2022 60

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

How to Manage Stakeholder Conflict

Project Risk Coach

Project managers encounter conflict regularly over schedules, project priorities, human resources, requirements, and technical opinions, to name a few. I once managed a project where the organization wanted to create a customer service representative (CSR) position for 158 remote locations.

2021 329

How to Conduct a Killer Kickoff Meeting

Project Risk Coach

Project managers should work closely with their project sponsor to develop an agenda for the project kickoff meeting. 1=Initiation Project Integration ManagementOne thing that I've learned after twenty years of projects. Double down on your initial efforts.

2021 329

How to Be a Productive Project Manager: 7 Tips

Project Risk Coach

Many project managers feel overwhelmed with emails, phone calls, and meetings. Although we are all given the same amount of time each day, some project managers are able to produce greater value for their organizations. How can project managers prevent issues?

2021 329

Responding to Risk – PMBOK 3.10

Bridge the Gap Consulting

“Continually evaluate exposure to risk, both opportunities and threats, to maximize positive impacts and minimize negative impacts to the project and its outcomes.” “That’s a risk I’m willing to take” I responded. Talk about and document these risks.

Managing Risk from Every Level of Your Organization

Liquid Planner Leadership

If project management were an off-road 4×4 expedition, where teams had to plot a course through the unknown, cost and schedule contingency would be akin to the number of spare fuel cans you can carry successfully to complete the trip. Risk is not solved with a calculation.

2022 76

5 Ways to Sneak in More Exercise at Work


Switching from a spreadsheet to social media doesn’t count as exercise at work. Why Is Exercise Important? Exercise is important, especially so for those of us working sedentary jobs. But it’s not just for us desk jockeys; all people, regardless of their age, can benefit from exercise. According to the National Institute of Health , the benefits of exercise are many. Improves Sleep: Exercise helps you fall asleep faster and stay asleep longer.

2019 41

Project Risk Management: 10 Surprisingly Brilliant Tactics to Reduce Risk


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.

2018 80

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?

3 Ways to Improve Cost Estimates with Your Teams

Project Risk Coach

Brainstorming A senior leader asked Jane to manage a project to implement a new insurance policy administration system. She facilitated the round robin exercise asking each participant for their top three. 2=Planning Project Cost Management

How to Improve the Performance of Your Project Teams

Project Risk Coach

Use your interpersonal skills to influence the resource manager and others who select the team members. Encourage collaboration early by facilitating team discussions, problem-solving, and brainstorming exercises. 3=Execution Project Resource Management

2021 329

12 Good Reasons You Are Struggling With Small Projects

Project Risk Coach

I'd like to give a few brief reasons why project managers struggle with small projects. In general, smaller projects have less risk. This exercise allows the team to understand the context of the project. Project managers are assigned projects at the last minute with a tight deadline. Rather than discussing the project with stakeholders and documenting the business case, problems, goals, and deliverables, the project manager hits the ground running.

2019 188

How to Create a Work Breakdown Structure

Project Risk Coach

One of the reasons that project managers fail to properly estimate their projects is they miss key activities when developing their schedules. Whether we are creating a Pixar movie , a building, a highway, or a service center, wise project managers break down their projects into pieces.

2021 329

How to Create an Event Budget


Prices for things change and there’s an inherent risk in putting together an event that can impact your budget. Creating and managing a budget is one of the most important parts of delivering a successful event. Event Management Planning ProjectManager Blog Risk Management

Budget 283

What Is Risk Identification in Project Management?


A lot of the reasons are procedural relating to scope definition , methodology, and communication, for example, but there is a common theme: an inadequate risk identification process. Poor risk management isn’t just an issue that impacts big businesses. Risk identification.

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Simplifying Schedule Risk Analysis Using Microsoft Project Custom Fields – Transcription


Please find below a transcription of the audio portion of John Owen’s session, Simplifying Schedule Risk Analysis Using Microsoft Project Custom Fields, being provided by MPUG for the convenience of our members. Well, thank you everybody for joining this webinar, we’re just going to talk about some simple ways of performing Schedule Risk Analysis basically just using Microsoft Project with an add in that we sell called Full Monte. I’m using those to model risk.

How To Manage Fixed Date Projects

Project Risk Coach

So, what's a project manager to do? How can we manage fixed date projects? 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. Complete the initial risk identification and assessment. The contingency reserve is based on known residual risks.

2018 188

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. Develop Project Management Plan.

2016 240

Tailoring project management for a home move (part 3)

Kiron Bondale

Nearly all boxes are unpacked and we’ve even managed to put some of our home decorations up but there’s still a lot left to do to achieve our desired outcome. Nearly every threat risk response with the exception of avoidance was utilized.

2021 188

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.

2018 224

Do NOT Resolve Project Risks for Good Career Growth


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)


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.