IT Risk Management Strategies and Best Practices

Information technology (IT) is no longer a tucked away department with little impact on day-to-day affairs. 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. What is IT Risk Management? Steps to IT Risk Management.

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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How to Build and Use a Risk Register

Project Risk Coach

Project managers constantly think about risks, both threats and opportunities. Let’s consider a simple but powerful tool to capture and manage your risks—the Risk Register. What to Include in a Risk Register. The Risk Register is simply a list of risk-related information including but not limited to: Risk Description. Consider using this syntax: Cause -> Risk -> Impact. ” Risk Owner. Probability Risk Rating.

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What is Strategy?

Herding Cats

Strategy is a much overused, misused, and abused word. It's tossed around by those who are unfamiliar with Strategy Making roles in businesses. . Strategy is creating fit among a company's activities. The success of a strategy depends on doing many things well - not just a few. If there is no fit among the activities, there is no distinctive strategy and little to sustain the strategic deployment process. The Framework for IT Strategy . Strategy

Risk Management Resources

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Risk Management is essential for development and production programs. Information about key project cost, (technical) performance, and schedule attributes is often uncertain or unknown until late in the program. 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.

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A Compendium of Risk Management Resources

Herding Cats

This blog page is dedicated to the resources used to manage the risk encountered on software-intensive systems using traditional and agile development methods. Let's start with a critical understanding of the purpose of managing risk on software development projects. Risk Management is essential for development and production programs. Information about key project cost, (technical) performance and schedule attributes is often uncertain or unknown until late in the program.

2012 33

Compendium of Works to Increase Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management Briefings and Presentations. Risk Management (#RM). Strategy (#Strategy). Business, Technical, Systems, Risk, and Project Management. Managing projects in the presence of uncertainty means making decisions about cost, schedule, and technical performance all risk-adjusted , from the uncertainties that create risk. But in fact, risk management is part of the other 4 principles as well.

2003 35

IT Governance: Definitions, Frameworks and Planning

Information technology is prevalent in nearly every industry and organization across the globe. On top of it all, information technology is constantly evolving. Assess risks associated with the IT department and mitigate as needed.

7 Steps for Effective Problem Management in IT

Information technology (IT) is a broad field that encompasses anything related to computer technology. Teams that work in IT are there to support these technologies and the people who use them. Unfortunately, the promise of technology often falls short of reality, and things malfunction. But as frustrating as it might be when something we depend on breaks down, that’s par for the course with complex technology.

2020 193

Six Sigma: A Simple Guide for Project Managers

But it was when Jack Welch made it central to his business strategy at General Motors, about 10 years later, that it became popular in the broader business world. Test those solutions, and figure out what risks are inherent. For one, it doesn’t incorporate information technology.

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Knowing the Role of Business: Chief Information Officer (CIO)


A Chief Information Officer (CIO) by definition is an executive job title commonly given to the person at an enterprise in charge of information technology (IT) strategy and the computer systems required to support an enterprise’s objectives and goals. With the evolution of technology, this role has become more and more important in business, making the CIO’s job ever more crucial.

2018 150

An Introduction to Supply Chain Management (SCM)

Supply chain management is used to describe a number of different approaches that are used to integrate the flow of materials, finances and information efficiently. It is made up of bits and pieces of industrial engineering, systems engineering, logistics management , operations management, procurement , information technology and marketing. While ideally there should be a continuous back and forth of information, it is more realistic to think of this flow as a process.

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How to Make a Disaster Recovery Plan

It enables the recovery and continuation of critical technology, infrastructure and systems. It focuses on the information and/or technology systems of supporting critical business continuity. Related: IT Risk Management Strategies & Best Practices. It starts with identifying and prioritizing, taking into account risk, and making sure the plan is shared among all parties impacted.

Product Manager vs Project Manager: The Main Differences


Fortunately, there are strategies that can help make you more marketable and successful in your career. What is the Role of a Product Manager According to CIO magazine, the job of a product manager is a complex, cross-functional role in information technology.

Why Use Project Management Software for IT Teams?

ProProfs Project Management

Managing risks as and when they are encountered? Risk Management. But, with the right strategy and project management software, it definitely raises the bar. While creating a perfect project plan is impossible, you can ensure your execution is easy and hassle-free by noting down all the intricacies, along with risks, issues or potential problems that may occur. Identify potential risks before project execution. Reduce project risks. Risk Management.

Integrated Change Control


Let’s look at each area: Change Management : Within information technology (IT) systems and quality managing systems (QMS) is a strategy and process used to insure that changes to a product or service are introduced in a controlled and contained way. Common document control software used by CM is Information Technology Infrastructure Library (ITIL), which contains a set of practices on aligning its’ services with the needs of the business.

No Pain, No Gain?


In the field of information technology (IT), most people think that performing financial analyses on new projects is hard work, but it doesn’t have to be if you know what you are doing. A company might face upgrading outdated hardware with faster processors, so users can get information in a timelier manner to do their work. A higher Internal Rate of Return (IRR) means that the investment is less exposed to risks that could corrode the value of the investment.

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Governance and Estimating

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A structural component that pertains to the organisation’s information technology activities, the way those activities support the goals of the business, and the people who help manage those activities. All businesses that operate inside governance frameworks, which address: Risk, Conformance and Compliance - COSO, CoBit, ISO 27001, ISO 38500. Information & Technology Balance Sheet - Balanced Scorecard, Zachman . Business Strategy - Balanced Scorecard.

Without a Root Cause Analysis, No Suggested Fix Can Be Effective

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Here’s the process used in our domain [link] Buy the Reality Charting tool, buy Apollo Root Cause Analysis: Effective Solutions to Everyday Problems Every Time download Seven Steps to Effective Problem-Solving And Strategies for Personal Success Then this approach may be useful in your domain as well. Information Technology Estimating Quality. IT Risk Management.

2016 57

The Ultimate Guide to Creative Project Management

ProProfs Project Management

Initially, project management was meant mainly for construction, finance, and information technology (IT) sectors. Furthermore, the introduction of cutting-edge technologies from time to time upsets conventional workflows of creative projects. This unsettling due to fresh technologies further complicates a creative project manager ’s work. Hence, a project manager has to find a balance between conventional knowledge, the latest technologies, and best practices.

Biases in Project Management and How to Remove Them

Herding Cats

Cognitive bias - a mistake in reasoning, evaluating, remembering, or other cognitive processes, often occurring as a result of holding onto one's preferences and beliefs regardless of contrary information. Optimism bias - a cognitive bias that causes a person to believe that they are at a lesser risk of experiencing a negative event compared to others. When System One works it is because of memories and past experiences inform the decision.

Commonly Used Project Management Software For 9 Key Use Cases

TrustRadius Project Management

Risk Manager, and Insurance Agent | Insurance Agency Inc. #2 Verified User | Employee in Information Technology | Information Services Company. #3 We share the same schedule with customers to inform them of the status of their project on a weekly basis.

The Urge to Strangle(The Strangler Pattern)

Leading Agile

Business agility means having the capability to “turn on a dime” at low cost and with low risk, to drive innovation, respond to market changes, and overcome the competition. Once a technology becomes part of the environment it tends to stay there, even after the shine wears off.

2018 101

Diversifying a City’s Economy by ‘Innovating Out’ From the Core


So, as we analyze what Calgary has built over the past few decades, let’s allow our past successes to inform both our strategy and tactics – so we aren’t building our technology ecosystem from scratch, but rather by leveraging the powerful and deep skills and assets in our energy sector. Managing complex, large-scale projects with substantial investments and risks. Building, deploying and managing information technology to support the above.

Real Options and Decision Making for ICT Projects

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Instead is providing how Real Options is applied to decision making int he presence of uncertainty for ICT (Information Technology and Communications) here's a reading list. An Investment Criterion Incorporating Real Options ," Hirofumi Suto, James Alleman, and Paul Rappoport, Communications and Strategies , No. IT Risk Management. There was a classic #Noestimates post this week that said.

2008 31

Concept of Operations

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The CONOPS facilitates a shared understanding of ideas, challenges, and issues on the possible solution strategies to the problem at hand , without addressing the technical solution or implementation. Johns Hopkins University's Whiting School of Engineering provides an approach to making the decision about what's in the ConOps and its format based on some Systems Engineering analysis of criteria: Program risks - reducible and irreducible uncertainties that create these risks.

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Biases in Project Management and How to Remove Them

Herding Cats

Cognitive bias - a mistake in reasoning, evaluating, remembering, or other cognitive processes, often occurring as a result of holding onto one's preferences and beliefs regardless of contrary information. Optimism bias - a cognitive bias that causes a person to believe that they are at a lesser risk of experiencing a negative event compared to others. When System One works it is because of memories and past experiences inform the decision.

Principles of Project Success

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Plans are strategies. Strategies are Hypotheses. People, money, facilities, technology. risk management is how adults manage projects - Tim Lister. All risk comes from uncertainty. Information Technology Estimating Quality. Projects produce products, services, solutions. Projects deliver capabilities that fulfill Missions and Vision, Projects are a vehicle to accomplish and outcome. Every project should have a goal, an objective, and outcome.

2017 37

The 40 Best Organizational Tools to Enhance Your Work


It uses different organizational strategies like Waterfall and Agile to tackle all of your issues. It is one of the most secure cloud storage services that help you keep all of your confidential business information in one place and be in control of whether those files are shared with someone or not. Information technology. This will let you process your information more in-depth and not waste any good ideas.

2019 101

DDSTOP The Saga Continues

Herding Cats

Define the risks - reducible and irreducible - to each Capability and their Features. For each risk define the probability of occurrence, the probability of impact, the probabilities of duration or cost impacts from that impact, the probability of success for the corrective or preventive actions, and the probability of any residual risk. Place all the information into some modeling tool. What is the Value at Risk for your Project? Irreducible Schedule Risk.

DDSTOP The Saga Continues

Herding Cats

If we take Tim Lister's advice about managing risk while spending other people's money in the presence of uncertainty, where is the adult supervision here? . . They don't care about cost, risk, schedule, the probability that they'll get what they paid you for. Irreducible Cost Risk.

2018 42

What It Takes to be a Project Portfolio Manager


Here is an example of a project portfolio manager job description: The PPM role is responsible for overseeing the planning, development, and implementation of project efforts that utilize information technology solutions, principles, standards, and best practices. Delivering on Strategy – A thought leadership report done by the Project Management Institute on the power of project portfolio management.

DDSTOP The Saga Continues

Herding Cats

Judgment from experience requires repeatability (experts work best in Complicated or Ordered cynefin domains) The moment you have little-to-no repeatability experts are at best useless, adaptability is a better survival strategy. If you're not an expert, you're not going to recognize the possible solutions, risks, impediments, and opportunities for the problems you'll encounter in developing a solution that has never been developed before. Irreducible Schedule Risk.

How the Fail Fast Approach Brings Innovative Solutions

The concept of fail fast and embracing failure entails testing new ideas and innovating on current strategies. Additionally, in the ever-changing technological environment of today, it is difficult to pinpoint exactly what needs to be measured in order to reduce variance.

Complete Collection of Project Management Statistics 2015


The data and statistics below are sorted into categories so you can quickly skim to find the information you need. Simply grab the stats you want and find the corresponding original source information at the bottom of this page. 89% of high-performing organizations value project management, 81% actively engage sponsors, 57% align projects with business strategy. [6]. 64% of organizations say they frequently conduct risk management. [6]. Information/. Technology.

2015 49

Do You Actually Need a Project Management Certification?


ITIL (Information Technology Infrastructure Library) covers a larger area than PMP. ITIL is about the whole service lifecycle, and project management is just a part of it (the course also covers Service Strategy, Service Design, Service Transition, and Service Operation). I would be very much in favor of a rewrite of the book (PMBOK), and consolidate and streamline the information into a more coherent framework.