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.

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12 Sure-Fire Ways to Improve Project Risk Management

Project Risk Coach

In a one-on-one meeting, I asked Mike how he was identifying, analyzing, and managing his risks. His response revealed his belief in risk management but a lack of actual application with his teams. Warren Buffett says, "Risk comes from not knowing what you are doing."

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Manage Risks While Compressing Project Schedules

Project Risk Coach

Let us explore ways to compress project schedules and manage the associated risks. One risk is that we may fail to identify activities. In this exercise, we should consider: What deliverables must be created to achieve the project objectives?

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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. 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? Risks are not identified and turn into more costly issues.

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How to Package and Price Embedded Analytics

for all your users, you risk upsetting customers who don’t care about and may never. unnecessary risk and results in incorrect (and sometimes dangerous) decisions. This exercise is not a one-shot deal. exercise in imitation. HOW TO PACKAGE & PRICE EMBEDDED ANALYTICS.

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. Risk management requires investment from stakeholders outside of the project team to really make a difference.

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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? How to Identify Scope 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. Try a risk review.

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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. What tools and techniques can project managers use for controlling risks and getting the results they are looking for? Tom started his project with a risk identification exercise with several stakeholders resulting in a list of 77 risks.

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. Instructions: Match the risk management Key Word to its Definition. Key Words for Project Risk Management. Risk.

2016 195

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.

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. Exercise.

2016 200

5 Ways to Sneak in More Exercise at Work

ProjectManager.com

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.

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

Project Risk Coach

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. Wise project managers know that there are unknown risks lurking in every corner. Three Ways to Stop Missing Top Project Risks.

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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. Project managers can use risk audits to look backward and risk reviews to look forward. Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” Theodore Roosevelt” How to Look Backward (Risk Audit). The risk evaluation process needed improvements.

2016 183

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?

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. As you might know, this process of "planning ahead" is called project risk management. In this guide, I'll share X critical tips for acing project risk management. Project risk is more amorphous.

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Webinar Recap: Those darn Risk Register boxes! What really goes in there?

MPUG

Please find below a transcription of the audio portion of Carl Pritchard’s session, Those darn Risk Register boxes! Kyle: Hello everyone and welcome to today’s MPUG webinar, Those Darn Risk Register Boxes! I want to welcome you because I’m the risk guy.

2021 52

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. He skipped capturing his risks and conducting the risk reviews. If you survey project managers on the importance of risk management, a high percentage will say that risk management is important. Improving Risk Management.

2016 163

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.

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. That said, in this article, I am going to preach against proactive risk management.

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

Scrum.org

This post is dedicated to you guys out there trying to make sense of the confusion surrounding predictability and Scrum/Agile (Or as I often refer to it these days Risk-aware Product Development), whether you consider yourself one of the people quoted above or one of the people working for them trying to bridge the desire to work in an agile nirvana-like flow and dealing with those pesky executives stakeholders and customers bent on interrupting that flow. The Risk Burndown Exercise.

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. The practices we implement need to add value rather than being a ticking boxing exercise.

2019 44

12 Good Reasons You Are Struggling With Small Projects

Project Risk Coach

In general, smaller projects have less risk. This exercise allows the team to understand the context of the project. This exercise will provide a good foundation and reduce the changes later in the project. You are not performing project risk management. Yes, smaller projects typically have less risk. This does not mean there are zero risks. Risk management should not take much time, but be sure to integrate risk management in your project activities.

2019 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. The post How To Write Clear Project Goals appeared first on Project Risk Coach. 2=Planning Project Risk Management

2018 221

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. Risks revisited? If its been a few weeks since the contents of the risk register have been reviewed chances are some new risks could be identified and the assessment of older ones might need to be refreshed. Project Management improving project management Project performance Risk management Stakeholder analysis team building

2018 166

New PM, New Choices

Leading Answers

Yet when projects use new (to us) technology and tackle problems our organizations have not solved before, then risk, uncertainty, and rates of change will be high. Traditional approaches have plenty of tools for handling risks, uncertainty, and change; but modern, adaptive approaches were purpose-built for these types of projects and have proven to be effective in these circumstances. Designing something is typically a consensus-gathering and problem-solving exercise.

2019 87

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. Performance Risk - Staff absence rates. Scope Risk - New stakeholders emerging. - Quality Risk - Schedule squeeze with no requests for time extensions. A lack of concern at senior level for significant risks.

2018 79

No more initial estimates? NOOOOOOOOOOO!

Kiron Bondale

Becoming frustrated with increasing levels of estimate obesity, sponsors and project managers exercise Theory X practices such as eliminating contingency reserves or cutting estimates. Tagged: communications , improving project management , Process compliance stupidity , Project scheduling , Risk management , Stakeholder analysis , Valuable projects. It’s unfortunately an all too familiar scenario.

How to Manage Stakeholder Conflict

Project Risk Coach

Turn Conflict into a Problem-Solving Exercise You can help stakeholders resolve the conflict by reframing the conflict as a problem-solving exercise. The post How to Manage Stakeholder Conflict appeared first on Project Risk Coach.

2021 244

How to Create a Work Breakdown Structure

Project Risk Coach

One of the most powerful tools for this exercise is the work breakdown structure (WBS) which is a hierarchical decomposition of the scope of work. The post How to Create a Work Breakdown Structure appeared first on Project Risk Coach.

2021 195

7 Ways to Improve Project Estimates

Project Risk Coach

Gain buy-in and better definition by engaging stakeholders in a Work Breakdown Structure (WBS) exercise. Define contingency reserves Identify risks in your project activities. The post 7 Ways to Improve Project Estimates appeared first on Project Risk Coach.

Agile 2018 Conference – Unraveling Team Dependencies

Leading Answers

Through case studies and exercises, we explore the hidden impacts of well-intentioned small teams. Agile Project Management Leadership Lean NoProjects Risk Management Tailoring Approaches Teams Theory of Constraints Travel Warning SignsI am excited to be presenting on the Enterprise Agile track at the Agile 2018 conference in San Diego, August 7. I have worked with several organizations this year that had issues with work dependencies between teams.

2018 75

A Balanced View of the Competing Demands through the Lens of Evaluation

The IIL Blog

In project management, keeping a balanced view of the competing demands (cost, time, scope, quality, risk and resources), requires evaluation to be at the center of the model. Risk = Uncertainties that can be positive or negative. RESOURCES , it is expected that the RISK will be reduced. Project Management Uncategorized domino effect managing opportunity project Project management quality resources risk scope time willis thomasBy Dr. Willis H. Thomas, PMP, CPT .

2018 77

10 Simple Ways to Improve Your Project Meetings

Project Risk Coach

Undertake a team-building exercise. Wise leaders know how and when to inject team-building exercises. Facilitate a problem-solving exercise, develop a work breakdown structure , or identify ways to improve project communication.

2019 238

Agile 2018 Conference – Unraveling Team Dependencies

Leading Answers

Through case studies and exercises, we explore the hidden impacts of well-intentioned small teams. Agile Project Management Leadership Lean NoProjects Risk Management Tailoring Approaches Teams Theory of Constraints Travel Warning SignsI am excited to be presenting on the Enterprise Agile track at the Agile 2018 conference in San Diego, August 7. I have worked with several organizations this year that had issues with work dependencies between teams.

2018 60

How to Engage Participants in a Project Management Workshop

Project Risk Coach

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. Periodically break up the participants for group exercises and activities such as an affinity diagram. Changing the teams for each exercise provides good networking opportunities. Ask for volunteers for an exercise. Provide handouts/exercises to take home.

2017 163

Ask a PM: How to Get Proper Estimates

LiquidPlanner

You might not need to document this granularity on your work breakdown structure, but your team could go through the exercise to split out tasks into their component parts. Where you can’t remove the uncertainty, add this as a risk to your project risk register. You can also build trust by implementing proper change management and risk management processes. Dear Elizabeth: I work in a technical team as a project manager.

How to Engage Participants in a Project Management Workshop

Project Risk Coach

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. Periodically break up the participants for group exercises and activities such as an affinity diagram. Changing the teams for each exercise provides good networking opportunities. Ask for volunteers for an exercise. Provide handouts/exercises to take home.

2017 150