The Risk Management Process in Project Management

ProjectManager.com

When you start the planning process for a project, one of the first things you need to think about is: what can go wrong? It sounds negative, but pragmatic project managers know this type of thinking is preventative. What is Risk Management on Projects? How to Manage Risk.

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What are the Risk Management Roles in Projects and Programs?

Project Risk Coach

As a project manager, you constantly juggle a million tasks at once. This article will provide clear guidance on how to define and assign risk management roles and responsibilities for projects and programs. Project Manager What is the primary role of the project manager?

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How to Identify and Manage Emerging Risks

Project Risk Coach

Ask 10 different risk management experts to define emerging risks, and you will likely receive different points of view. In this article, let's define emerging risks, discuss ways to identify them, and look at different ways to manage these risks.

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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. This edition is a principles-based guide as opposed to the process-based guide of the Sixth Edition. Build Quality into Processes and Deliverables 9. Optimize Risk Responses 11.

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Successful Change Management with Enterprise Risk Management

Speaker: William Hord, Vice President of ERM Services

Join us as we discuss the various tangents of data and the change management process that will help you make better risk-based business decisions to save time and money for your organization.

Resource Management: Process, Tools & Techniques

ProjectManager.com

Resource management is one of the most important aspects of project management. That’s because projects need resources and those resources must be managed. What Is Resource Management? To do so, they need to use resource management techniques and tools.

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. Analyze Your Risks We cannot communicate the things that we don’t understand.

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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."

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PMI-RMP: Monitor Risks

Project Risk Coach

The Project Management Body of Knowledge (PMBOK) 6th Edition defines Monitor Risks as “the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.”

4 Tips for Developing a Risk Management Plan

Project Risk Coach

Let’s talk about how to plan your risk management. First Things First Some people think of risk management plans in the wrong way. Risk management plans are not a list of risks and how you plan to respond. That's your project risk register.

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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.

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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. Mike Clayton.

How Poor Risk Management Is Hurting Your Program

Project Risk Coach

Poor risk management is costly. Program managers are caught off guard by emerging risks. And these risks may turn into issues costing more time and money. We can identify risks early. Program Management. Risk exposure is highest in the beginning.

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Construction Risk Management: An Introduction

ProjectManager.com

There is heavy equipment, crews working in precarious situations and complicated logistics to manage. How do you meet your deadline while managing all that risk? The answer is construction risk management. What Is Construction Risk Management?

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. Risks involve uncertainty.

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The Risk Management Plan

Project Risk Coach

Most of your project problems can be avoided or greatly reduced through risk management. The simple act of identifying and discussing risks goes a long way towards reducing problems in your project. Let’s look at how to start the risk management process. How will you identify risks? How often will you perform risk management activities? Who will own the project risks. If not, check with other project managers.

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CM at Risk (CMAR): Pros & Cons of Construction Management at Risk Delivery Method

ProjectManager.com

Construction management at risk, also known as CM at Risk or CMAR, is a construction management approach that’s been gaining popularity. But that doesn’t mean CM at risk is right for you as there are pros and cons to this innovative approach.

Risk Analysis 101: How to Analyze Project Risk

ProjectManager.com

Before you’re able to analyze the risk in your project, you have to acknowledge that risk is going to happen in your project. By planning for risks, you begin the process of knowing how to identify, monitor and close out risks when they show up in your project.

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The Practice Standard for Project Risk Management

Project Risk Coach

In this article, let's discuss why risk management standards exist and which Project Management Institute (PMI) standard you should study in preparation for the Project Risk Management Professional (PMI-RMP) exam ( until the updated PMI-RMP® exam comes into play April 2022 ).

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Getting Results – The Bottom Line of Risk Management

Project Risk Coach

Some project managers make a big fuss over risk management. Each year, our senior management team would meet with a credit rating agency to share our goals, strategies, and progress. The presentation included what we were doing for enterprise risk management.

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Risk Management Process Explained (+resources, templates)

PM Basics

I’ve been managing software development projects for more than 11 years. Risk management is arguably the most crucial piece in my project management approach. Therefore, I spent lots of time and effort creating a practical risk management process.

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Qualitative vs. Quantitative Risk Analysis

Project Risk Coach

In this blog post, we will explore the differences between qualitative and quantitative risk analysis. And when should you perform these processes? Qualitative Risk Analysis Once you've identified your risks, it's important to evaluate your risks.

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How to Respond to Project Risks

Project Risk Coach

Once we've identified our project risks, we should plan and implement responses. We can optimize our risk responses over time. Project Risk Strategies How Can We Respond to Risks? Notice how the risk strategies for threats and opportunities are mirror opposites.

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Project Management Processes & Phases

ProjectManager.com

If so, it might be time to start implementing proven project management processes and phases at your organization in order to bring your company’s workflow under control. At first, the concept of the project management process and its practical adaption can seem a little daunting, but this article will give you everything you need to set up PM processes and phases at your business. Phases of Project Management. Get Buy-In for a New PM Process.

A Quick Guide to Contractor Risk & Contractor Risk Management

ProjectManager.com

Risk is always present in construction projects. By definition, construction risk feels unpredictable and damaging, but you can identify and manage them. Contractor risk is important to understand. What Is Contractor Risk in Construction Management?

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Risk, but no plan

Musings on Project Management

In my experience, a lot of projects operate more or less on the edge of risk, with no real plan beyond common sense and a bit of past experience to muddle through if things go wrong.Problematic, as a process, but to paraphrase the late Donald Rumsfeld: You do the project with the resources and plan you have, not the resources or plan you wantYou may want a robust risk plan, but you may not have. Risk Management

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Using a Risk Assessment Matrix for a Qualitative Risk Analysis

ProjectManager.com

All projects have risks, but not all risks are the same. There are many potential risks that can affect a project and you need to have a risk management process in place to manage them. To assess the level of risk, use a risk matrix.

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Change Control Board: Roles, Responsibilities & Processes

ProjectManager.com

Project management is methodical, but change is not. If changes are requested, the change control board shows how those changes are managed with the least amount of disruption to the project’s plan. Once the change control board has approved a change, the change must be managed.

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. Risk Score.

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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. Often project managers start with a splash. 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?

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Project Management Process Groups: A Quick Guide

ProjectManager.com

To keep to your schedule and manage costs, you need to gather and process project data throughout the five PMBOK project management groups. What Are the 5 PMBOK Project Management Process Groups? The project management process groups are the following.

Risk Breakdown Structure for Projects: A Complete Guide to RBS

ProjectManager.com

Risks will arise and threaten the successful delivery of your project. Using a risk breakdown structure (RBS) is how you prepare for the unexpected. A risk breakdown structure is great for identifying and prioritizing risks so you know which will be more or less impactful.

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5 Ways to Improve Your Digital Project Management Process

The Digital Project Manager

The post 5 Ways to Improve Your Digital Project Management Process appeared first on The Digital Project Manager. Communication Leadership & Team Management Quality Management Risk Management Topics

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Project Evaluation Process: Definition, Methods & Steps

ProjectManager.com

Managing a project is a very challenging, but project evaluation makes it easier. But it’s not as simple as it sounds, project managers need to keep track of costs, tasks and time during the whole project life cycle to make sure everything goes as planned.

2022 310

Enterprise Risk Management (ERM) and Risk Governance

MPUG

Risks were identified, then qualified, and risk responses planned. For implementation of these risk responses, a number of actions were needed. Hence, when risks were reported, team members didn’t understand, or if they did, they wouldn’t know how or whether to act.

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?

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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. 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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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. How can project managers optimize their risk responses and get the results they are looking for? Allow me to introduce you to two project managers—Tom and Susan. Susan, on the other hand, facilitated an early risk identification workshop. Risk reassessment.

How to Evaluate Risk Velocity

Project Risk Coach

Life is filled with risks. Some risks occur slowly. Let’s look at how to evaluate risk velocity and why it matters. What is Risk Velocity? Risk velocity is the time to impact. Think of velocity as an estimate of the time frame within which a risk may occur. Why Risk Velocity Matters. When the velocity is low, we have more time to respond to the risks. The risk owner has time to develop a contingency plan (i.e., Risk Score.

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Evaluating Risks Using Qualitative Risk Analysis

Project Risk Coach

Have you ever endured a project meeting where you spent hours evaluating risks? Today, let’s discuss the use of qualitative risk analysis to get you back on track. First, the evaluation process may not fit the project – too complex for simple projects or deficient for large, complex projects. Second, the process may not fit the maturity level of the project team. Third, team members view the process as burdensome with little value. What is Risk Evaluation?

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