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 337

Project Initiation: How to Start Your Project Off Right

ProjectManager.com

But if a project isn’t initiated correctly, then those hopes and expectations aren’t anchored in a solid foundation, and your project can drift off course and head for disaster. What Is Project Initiation? The first being project initiation. What is project initiation?

How to Communicate Risks

Project Risk Coach

Ninety percent of a project manager’s job is communication. And one of the most important things to communicate is your risks. How do you communicate risks? Communicating Project Risks 1. We can’t manage expectations if we haven't identified the individuals, groups, and organizations who may impact your project or be impacted by your project. As you initiate your projects, conduct interviews with the stakeholders and ask: What are your needs?

Risk 228

Five Ways to Reduce Risk Exposure Early

Project Risk Coach

When is risk exposure greatest in a project? Let's look at how to reduce risk exposure early in your projects. Why Risk Exposure Is Greatest in the Beginning So, why is your risk exposure greatest in the beginning? Project managers have the least amount of information. just kidding) Here are five activities that you can undertake to reduce the risk exposure early. […] The post Five Ways to Reduce Risk Exposure Early appeared first on Project Risk Coach.

Risk 228

How to Initiate a Project Steering Committee

Project Risk Coach

Someone decided that it was a good idea to bring project management into your organization. Perhaps it was your CEO or operations manager or IT Director. Project management has not been supported by your culture. How can we get more value from project management?

Managing Your First Strategic Initiative

Arras People

Strategic initiatives aren’t the same as typical projects—they tend to be considerably more complex and at times have hands on involvement from the top-level of management in the business. For other projects like the rolling out of new employment contracts some of the stakeholders at a management level will be sensitive and be more engaged. Stakeholder Management. On a strategic initiative the diversity of stakeholders is much broader than on a more typical project.

Agile Maturity & Change Management: 3 Steps for Achieving Executive Buy-In

Lindsey Marymont

Agile Portfolio Management. Project & Portfolio Management. Professional Services Portfolio Management. Agile Maturity & Change Management: 3 Steps for Achieving Executive Buy-In. Proactive project and resource management. Agile Portfolio Management Software.

No more initial estimates? NOOOOOOOOOOO!

Kiron Bondale

You are assigned to manage a project and before you or your team have had an opportunity to start to chip away at the looming mountain of uncertainty, you get put on the spot to provide a cost or schedule estimate by your project sponsor or some other stakeholder. Make this mistake this more than once and word will spread that you are an untrustworthy project manager. It’s unfortunately an all too familiar scenario.

How to Unite Enterprise and Project Risk Management

Project Risk Coach

Learn to Better Manage Enterprise Risks Through Project Risk Management Many organizations have adopted enterprise risk management (ERM) as a way to make better decisions, get stronger operating results, and meet regulatory requirements. These same organizations may have program and project managers managing scores of projects. However, few organizations have yet to actually unite the enterprise and project risk management efforts.

Risk 227

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 219

How to Unite Enterprise and Project Risk Management

Project Risk Coach

Learn to Better Manage Enterprise Risks Through Project Risk Management Many organizations have adopted enterprise risk management (ERM) as a way to make better decisions, get stronger operating results, and meet regulatory requirements. These same organizations may have program and project managers managing scores of projects. However, few organizations have yet to actually unite the enterprise and project risk management efforts.

Risk 209

7 Things You Should Not Do When Identifying Project Risks

Project Risk Coach

Known and unknown, internal and external, upside and downside—risks are woven into the fabric of every project. Project managers can waste a lot of time due to poor risk management. Dan the project manager just kicked off a new project, adding stress to his life.

Risk 235

Initiating Change Sucks

Ganttic

As a manager or an employee that cares, there are times when you feel like things aren’t going the way they should be going. Let’s say you are a project manager. You know that your office hours should be filled with more meaningful assignments than replying to emails and updating spreadsheets only to find out that the piece of equipment you booked for your project is stolen by another project manager. You know it would also make other managers’ job easier.

How to Communicate Risks

Project Risk Coach

How do you communicate risks? Some project managers rarely mention risks; others bore people to tears with too much information. Ninety percent of a project manager’s job is communication. And one of the most important things to communicate is your risks. How can we communicate risks more effectively? Communicating Risks. As you initiate your projects, conduct interviews with the stakeholders and ask: What are your needs? Analyze Your Risks.

Risk 162

Lift Positive Risk-Taking

MPUG

Most people hear “project risk” and they think of an adverse event or threat that may occur. Regardless, the term carries a negative connotation, but this common belief means you may be missing out on positive risks or opportunities that potentially have a beneficial effect on your project’s deliverables and goals. When you are presented with a risk (and most projects have inherent positive risks), don’t try to avoid it. Articles positive risk

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? Risk culture is a shared set of processes, knowledge, attitudes, beliefs and values about how to deal with risk.

Risk 102

5 Major Benefits of Adopting an Effective Project Portfolio Management and PMO Initiative

Keyedin

In this post we explore the five major types of benefits to be gained by adopting an effective Project Portfolio Management/PMO strategy. Minimizing the risks to individual projects in terms of business impact. Making sure that success not only happens today, but is more likely with future project initiatives. 2 Minimize Risk. PMO Benefits Bucket two is the ability to avoid or reduce your exposure to risks.

Business Risks in a Portfolio of Investments

Leading Agile

We manage our investment decisions collectively. Is EACH initiative a good one, aligned with our strategy and a sound investment? How do we minimize the opportunity costs of pursuing one initiative before pursuing another?

What is Project Risk?

Project Management Resource Network

Project risks, what are they and how do you identify them? Project risk is uncertainty of something impacting the project. It could have a positive or negative effect on the project’s objectives if the risk happens. People tend to think of risks as something negative and to avoid. This negative classification of a risk would mean it is a threat. But risks can also be opportunities. A risk is something which is uncertain and the outcome is not known.

How to Connect Emerging Risks, Strategies, and Project Management [Snippet]

Project Risk Coach

How to Connect Emerging Risks, Strategies, and Project Management. Is your organization identifying and managing emerging risks? How have researchers and farmers responded to this risk? Emerging risks were recognized years ago but management has failed to take appropriate steps to mitigate these enterprise risks. Project management is a powerful tool for enterprise transformation. Poor recognition of emerging risks.

2016 203

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.

Risk 86

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. 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. I see two extremes: First, project managers do not follow any methodology.

2019 188

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. Complete the initial risk identification and assessment.

2018 230

How To Better Your Qualitative Risk Analysis

Project Risk Coach

Last week, we looked at why we evaluate risks — it saves time and money by allowing us to focus on the risks that matter most. Before we look at HOW to improve your qualitative risk analysis, allow me to share one more quick example of WHY it’s important. Yes, the inspection cost us money, but what are our risks without the inspection? There is always a cost of risks, now and later. So, how can we improve our risk analysis? Risk B: 4 x 5 = 20.

2016 206

Risk Management Plan - What is the Process?

Brad Egeland

An ideal way to ensure this is by having a risk management plan so that you can avoid a data breach, which will ruin your IT supply chain up and down. Risk Management Planning What is the Risk Management Process? First, you must identify the risk before you can move to analyze and establish the proper risk mitigation steps. To put this into perspective, you will need to follow a set of steps to draw up an adequate risk management plan.

Shuffle up and deal with qualitative risk analysis!

Kiron Bondale

user stories), planning poker can also be used to facilitate other types of decision making so why not use it for qualitative risk analysis? A common approach to this process is to utilize a Likert scale from very low to very high or even just low, medium and high to assess the probability and impact of identified risks. One concern with this is that at the end of the risk analysis workshop the team likely ends up with a significant volume of high probability or impact risks.

Risk 139

Using Technology to Streamline Project Initiation Instruction

MindGenius

Using Technology to Streamline Project Initiation Instruction. The Project Initiation Instruction (PII) – or the Definition Document – is one of the most important artifacts in project management because it provides a foundation for the project. It’s the contract between the project management team and the steering committee – or sponsor/stakeholders – if you like. Specify who takes the role of project manager, team leader, sponsor, supplier and user representative.

5 Major Benefits of Adopting an Effective Project Portfolio Management and PMO Initiative

Keyedin

In this post we explore the five major types of benefits to be gained by adopting an effective Project Portfolio Management/PMO strategy. Minimizing the risks to individual projects in terms of business impact. Making sure that success not only happens today, but is more likely with future project initiatives. 2 Minimize Risk. PMO Benefits Bucket two is the ability to avoid or reduce your exposure to risks.

Risk Management Examples: 9 Behind the Scenes Stories

PM Basics

It is hard to imagine what you can do with a project risk. What can you, as a project manager, do to mitigate a risk? Adding some risk reserves and removing requirements from the scope are not the only options. I want to share some stories of risk management with you.

Risk 86

Sample Project Management Flow Chart

ProjectManager.com

In project management, a flow chart is a visual aid to understand the methodology you’re using to manage the project. Project managers use a flow chart to offer a clear picture of process and to find ways to improve project efficiency. Task Management to Stay Productive.

2020 332

Ask the Right Questions at the Right Time

Project Risk Coach

The success of a project manager largely lies in the individual’s ability to communicate. Some project managers have great oratory skills but don’t ask the right questions at the right time. Here are some key questions for each of the project management process groups. Ask the Right Questions at the Right Time Initiating Process Group Why are we doing this project? What is the authority level of the project manager? What are the most significant risks ?

2019 172

Best Practices for Your Project Management Initiation Phase

Wrike

So to improve the way projects are managed, we break them up into phases. The Guide to the Project Management Body of Knowledge officially recognizes five project management phases or process groups. These are: Initiating, Planning, Executing, Controlling, and Closing. And together they make up the entire project management life cycle. For this article, we tackle the best practices for the first step in the lifecycle: the project management initiation phase.

2015 42

Why Stakeholder Analysis is Important

Project Risk Coach

Why Analyze Project Stakeholders Some project managers say they don't have enough time to analyze the stakeholders. 1=Initiation 2=Planning Project Stakeholder Management

2019 243

Key Personal Qualities of an Excellent Project Manager

Epicflow Blog

Read more: What Do Companies like Apple, Amazon, and Google Look for in Project Managers? Let’s immerse deeper into the sphere of project management from the perspective of character traits that assist in gaining your occupational success. Key Responsibilities of a Project Manager .

What You Need for a Great Project Charter

Project Risk Coach

Think about it—in the project charter process, project sponsors and managers have the opportunity to engage key stakeholders for the express purpose of defining the vision of a project. Wise sponsors invite key stakeholders to the initial meetings to discuss the project charter and to obtain their input. When sponsors choose to ignore stakeholders or purposely keep them out of the charter process, risk increases. 1=Initiation Project Integration Management

2019 249

Risk Register Example – All You Need to Know About It

PM Basics

Risk Register is the most important document in the project management. Risk Register is a document that contains the information about identified risks, results of Risk Analysis (impact, probability, effects), as well as Risk Response Plans. Risk Category.

Risk 56

Risk Management is How Adults Manage Projects

Herding Cats

These uncertainties create the risk to the success of all projects. Without managing in the presence of risk, the probability of project success is significantly reduced, most likely reduced to zero. A risk is an issue or event that could prevent a program or project from meeting its technical, schedule, cost, or safety objectives. Management in the presence of risk has the following steps: [1]. Track - is a fundamental step in controlling risks.

2016 53

10 Ways to Engage Project Stakeholders

Project Risk Coach

The stakeholder engagement plan is "a component of the project management plan that identifies the strategies and actions required to promote productive involvement of stakeholders in project or program decision making and execution ( PMBOK® Guide – Sixth Edition, Page 723 )." A component of the project management plan that identifies the strategies and actions required to promote productive involvement of stakeholders in project or program decision making and execution.

2019 195

9 Simple Ways to Quickly Start a Project

Project Risk Coach

1=Initiation 2=Planning Project Risk Management Project Scope ManagementI wish I had a dime for every time that I have been handed a project with a deadline of yesterday. You've been there too? Well, let's talk about some practical steps that we can take to quickly start a project. Jumpstarting a new project requires time and focus. Clear your calendar as much as possible. Secure a project administrator to help you with your administrative tasks.

2018 162

Using Project & Risk Management to Build Your Startup

Brad Egeland

The healthcare industry is laden with risks. While businesses regularly announce forecasts and projections, managers understand that the ability to manage existing and potential risks can mean the difference between success or failure. To survive in today’s volatile economy, your medical-based startup should have a risk management plan. Project management is the organizing and managing of existing resources to help in achieving the end goal.