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. schedule management plan) Baseline (e.g.,

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30 Quick Risk Evaluation Tips

Project Risk Coach

In this article, I share 30 risk evaluation tips to help you tap into your genius. Use some of these tips to help you and your project teams determine which risks matter most. One of the top reasons for evaluating risks is to determine which risks are most significant.

2022 195
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Seven Project Management Influencers to Watch

Project Risk Coach

Up your game with new project management resources If you had to pick a few people who are helping you grow and mature as a project manager, who would those people be? Perhaps these individuals are influencing you through a blog, online videos, online courses, or books. Grab a cup of coffee as I share seven influencers that I follow. She is the author of The Project Management Coaching Workbook and The Power of Project Leadership.

Stakeholder Influencing Process [Video]

Project Risk Coach

Often times, the problems we encounter as project managers are not technical; they are interpersonal issues. Some project managers fail to reach their potential due to poor stakeholder management. In this video, Colin Gautrey shares his insights on how to influence stakeholders. The post Stakeholder Influencing Process [Video] appeared first on If you can’t see this video in your RSS reader or email, then click here.

How to Be a Project Risk Management Evangelist

Project Risk Coach

The Project Management Institute says, "high-performing companies manage risk in conjunction with projects and programs far more often than low performers do." How can you help your company manage risks and become a high performer?

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Seven Project Management Influencers to Watch

Project Risk Coach

Up your game with new project management resources If you had to pick a few people who are helping you grow and mature as a project manager, who would those people be? Perhaps these individuals are influencing you through a blog, online videos, online courses, or books. Grab a cup of coffee as I share seven influencers that I follow. She is the author of The Project Management Coaching Workbook and The Power of Project Leadership.

Six Essential Requirements of an Influencing Strategy

Project Risk Coach

This is a guest post from Colin Gautrey, an author, trainer and executive coach who has specialized in the field of power and influence for over ten years. He combines solid research with deep personal experience in corporate life to offer his audiences critical yet simple insights into how to achieve results with greater influence. He is the creator of the Stakeholder Influencing Masterclass. Proactively Manage Threats/Opportunities.

10 Things Successful Project Managers Never Tolerate

Project Risk Coach

Project managers are not just managers. Project managers shape and influence their project culture for good or bad. However, project managers must be deliberate in what we will tolerate and what we will not tolerate. They’re leaders.

2022 311

Stakeholder management: Your plan for influencing project outcomes

Moira Alexander

Stakeholder management is a key facet of project management — and one of high risks and high rewards. Having and executing a sound stakeholder management strategy can drastically improve individual, team, project, and company performance. Stakeholder management definition.

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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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. What’s a risk again? Yep, risks can be a good thing – with a positive effect. Internal risks.

Risk Management with Microsoft Project

MPUG

A recent survey of Microsoft Project User Group (MPUG) members found that one top concern for project managers using MS Project was how to manage issues and risks within the Project ecosystem. Usually managed in a ‘Risk Register.’. Risk/Uncertainty.

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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?

Risk management for agile projects

Kiron Bondale

What are the implications to project risk management when you choose to deliver a project using an agile approach? Here are a few similarities: Risk needs to be managed through the project’s lifetime, not just at the very beginning. Risk bias and appetite need to be assessed when managing risks. How a team, risk owner or sponsor will identify or respond to risk is tied to their individual perceptions.

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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

30 Quick Risk Evaluation Tips

Project Risk Coach

” In this article, I share 30 risk evaluation tips to help you tap into your genius. One of the top reasons for evaluating risks is to determine which risks are most significant. Always perform the qualitative risk assessment. Determine if organizational assets such as a risk register template and probability/impact rating scale are available to jump-start your evaluation. Be sure to update the risk register each time you evaluate your risks.

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Influencing the eternal optimism of a delivery team

Kiron Bondale

If it is a team which regularly completes more work than was forecast, this could be the result of traditional management oversight causing team members to act very cautiously when estimating their work. Poor risk management. Agile Project Management agile project managementWhen I teach agile fundamentals classes, I frequently emphasize the importance of inspection and adaptation.

IT Risk Management Strategies and Best Practices

ProjectManager.com

It’s big business that’s involved in almost every sector of the economy, and therefore carries some major risks. Jennifer Bridges, PMP, shows you the importance of IT risk management in this short tutorial video. In Review – IT Risk Management Strategies and Best Practices. Due to its expansive influence, it’s essential to talk about risk management in IT. What is IT Risk Management? Steps to IT Risk Management.

Don’t ignore appetite when it comes to risk response!

Kiron Bondale

I’ll admit to being hyperbolic with the title of this article, but a question posed today in one of the project management LinkedIn discussion groups managed to sidetrack what I was intending to write about this week.

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The Virtuous Cycle of Trust and Influence

Leading Agile

In today’s environment, organizations are striving for business Agility, or else they risk being put out of business. In today’s blog, a continuation of the first in this two-part series, we’ll talk about building trust and influence, and initiating the trust-influence loop.

Creating a Risk-Adjusted Backlog

Mike Griffiths

This article explains what a risk-adjusted backlog is, why they are useful, how to create one and how teams work with them. What is a Risk-Adjusted Backlog? The Economics of Risk Management. Negative risks are called threats, and positive risks are called opportunities.

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Risk Management Strategies for Financial Institutions

Brad Egeland

When managing risks, several financial institutions tend to focus their energy and time on scheduled risk management. What Is Risk Management? Risk Management Strategies Investments involve some amount of risk.

PMOs Shifting from Watchdogs to Strategic Enablers

Project Risk Coach

Unfortunately, many Project Management Offices (PMOs) become nothing more than a watchdog, one that ensures compliance to a strict set of rules. Management sees it as a way to give oversight to all the programs and projects.

2022 370

Creating a Risk Register: All You Need to Know

Epicflow Blog

Project management goes hand in hand with uncertainty and risks. The present-day disruptions caused by the pandemic bits and pieces, military conflicts, and geopolitical tensions can only increase the number of risks that projects will be exposed to. . Risk description .

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Have You Left Anything Out of Your Project Management Plan?

Project Risk Coach

Have you left anything out of your project management plan? As I define a project management plan, I strive for clarity, brevity, and simplicity. schedule management plan) Ancillary plans (e.g., Project Scope Management Plan Define how you will plan, execute, and control scope.

2021 318

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 78

10 PMO Problems and How to Manage Them

Project Risk Coach

I highlight 10 of the 40 PMO problems and provide ways to manage them. How to manage: Typically, a senior leader in your organization must make the decision to implement a PMO. How to manage: Interview the stakeholders. The lack of project management training.

2021 227

5 Ways You May Unintentionally Create Schedule Risks

Project Risk Coach

The Problems with Crashing, Fast Tracking, and other Schedule Compression Techniques How do project managers unintentionally create schedule risks? For sure, project managers have a responsibility to work with their sponsors to understand the requirements and to complete the projects within the sponsor-imposed deadlines. As we work to develop and compress our schedules, let’s be aware of the common causes of risk. 5 Causes of Schedule Risk.

2016 209

What can a project manager do then they need to influence a stakeholder but they don’t have direct access to the stakeholder? [Question]

Project Risk Coach

What can a project manager do then they need to influence a stakeholder but they don’t have direct access to the stakeholder? Answer this question on my blog and join the discussion → The post What can a project manager do then they need to influence a stakeholder but they don’t have direct access to the stakeholder?

2016 150

Using SWOT Analysis for Risk Identification and Risk Management

nTask

Gary David Cohn once said, “If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.”. Project manager or not – professionals on all levels have to interact with researching, identifying, and resolving risks. Organizations are struggling with risks on so many fronts including cybersecurity, underwriting, credit, asset and liability, investment, liquidity and more.

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5 Ways You May Unintentionally Create Schedule Risks

Project Risk Coach

In this article, let’s look at five causes of schedule risks and ways to avoid or reduce these risks. For sure, project managers have a responsibility to work with their sponsors to understand the requirements and to complete the projects within the sponsor-imposed deadlines. As we work to develop and compress our schedules, let’s be aware of the common causes of risk. 5 Causes of Schedule Risk. Just be aware that crashing may increase your risk.

2018 150

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 Build a Robust Project Risk Culture [8 Steps]

Online PM Courses

A robust risk culture goes beyond having a strong basic risk management process. Some of my readers may hope to influence the risk culture of their whole organization. For you, the right aspiration is to build a positive risk culture within your project. As a Project Manager, that’s entirely within your scope. What is Risk Culture? How to Build a Robust Project Risk Culture. What are the Benefits of a Robust Risk Culture?

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Focus on individual impacts when communicating risks!

Kiron Bondale

A recent article by Uzma Khan and Daniella Kupor in Harvard Business Review adds support to the argument for keeping things simple when it comes to communicating risks. This biases us against taking positive risks and avoiding negative ones.” ” How might this sort of bias be relevant to our understanding of project risk management? As the authors state “ …when it comes to helping people evaluate risk, less is more.

2017 120

What’s the Risk Analysis Process in Project Management? – Clarizen

Planview

Risk management is one of the core project knowledge areas, an essential and ongoing process which can be described as the methodical process of identification, analysis and response to project risks involving several major phases which are similar to all projects.

2021 78

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?

What are Project Assumptions?

Project Risk Coach

There may be inherent risks when we make project assumptions. Is the flipper a magician who is capable of influencing how the coin lands? Assumption analysis can help us discover the facts or supporting information when identifying project risks and later when evaluating risks. […] The post What are Project Assumptions? appeared first on Project Risk Coach. 2=Planning 4=Control Project Risk Management

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Risk Management Resources

Herding Cats

Risk Management is essential for development and production programs. Risk issues that can be identified early in the program, which will potentially impact the program later, termed Known Unknowns and can be alleviated with good risk management. Effective Risk Management 2 nd Edition , Edmund Conrow, AIAA, 2003. Risk Management is Project Management for Adults - Tim Lister. Risk Management Papers. “A

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6 Easy Ways to Manage Group Think and Risk at Work

Rebel’s Guide to PM

It’s an edited extract from his book Risk Happens ! Group Think Introduces Risk. Therefore, with dissent discouraged, groups tend to endorse higher risk decisions than individuals would. Risky shift is the difference between the average risk taken by individuals and the risk taken by the group. This can generate either a risky shift towards a higher risk position or, equally, a cautious shift towards a more risk-averse stance.

2018 208

Simplifying Schedule Risk Analysis Using Microsoft Project Custom Fields – Transcription

MPUG

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.