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Importance of Scenario Planning and Analysis in Business

ProjectManager.com

This is called scenario planning. To better position a business to be prepared to respond to the unknown, learn what scenario planning is and what the different types of scenario planning are. What Is Scenario Planning? Scenario planning is different from forecasting. All have advantages and disadvantages.

Planning 249
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PMBOK® Seventh Edition Principles and Risk Management

Project Risk Coach

The Project Management Institute (PMI) released the PMBOK® Guide, Seventh Edition in July 2021. 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.

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Risk Management and AI Algorithms: Be in Control of Your Projects

The IIL Blog

By Jorgelina Bross-Puglisi February 28, 2024 Project Managers Have One Key Goal: Project Success By integrating risk management into project management processes, project managers can anticipate and respond to potential challenges, increasing the likelihood of project success. So why not ask AI to give us a hand?

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Book review: Risk Happens

Rebel’s Guide to PM

Mike Clayton defines risk as “uncertain events that can affect outcomes,” in his book, Risk Happens!: Managing Risk and Avoiding Failure in Business Projects. Risk management is the most important of your project controls. So what exactly is project risk management? It won’t.

Risk 367
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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. Acceptance is a risk response strategy, but project managers are not supposed to just report on accidents, they are expected to prevent them.

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Managing Risk from Every Level of Your Organization

LiquidPlanner

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. This level of contingency planning allows your team to be competitive with others.

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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. It is used to identify potential risks in a project or an organization, sometimes to fulfill regulatory compliance but mostly to stay on top of potential issues that can derail intended outcomes.

Risk 388