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

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.

Risk 321

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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.

Process Optimization: Get More From Your Processes

ProjectManager.com

No process is perfect immediately. Process optimization methods can help guide those tweaks and improvements. But if these workers have some glaring inefficiencies in their process, then the rest of your facility can be entirely thrown off course. What is a Process Optimization?

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. Analyze Your Risks We cannot communicate the things that we don’t understand. What is the risk?

Risk 228

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.

2020 288

How to Make a Risk Management Plan

ProjectManager.com

You identify them, record them, monitor them and plan for them: risks are an inherent part of every project. Some risks are bound to become problem areas—like executing a project over the holidays and having to plan the project timeline around them. But first, what is risk management?

Risk 266

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.

Risk 270

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.

Risk 181

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.

Risk 217

How to Make a Process Improvement Plan

ProjectManager.com

Project management is made up of processes. Project managers and their teams depend on those processes to ensure that a project runs smoothly. But what about those processes? Too often processes are relied on as if they were somehow perfect and cannot be touched. Complacency has no place in project management. Constantly analyzing your processes is the best way to reach a successful end. What Is a Process Improvement Plan?

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. Who will facilitate the process?

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. Information technology offers unique scenarios, and therefore, unique risks.

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.

Risk 279

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. So, most times you can expect to make lots of lists to keep up with the entire process.

Project Management Process & Phases

ProProfs Project Management

Project Management is the art of coordinating resources and directing working groups to execute components of work so that each group delivers components that can be tied together into a wholesome deliverable (contracted scope of work) within schedule and budget. Plan Scope Management .

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?

Risk 162

How to Conduct a Risk Audit and a Risk Review

Project Risk Coach

In this article, we will look at how to conduct a risk audit to evaluate the effectiveness of your risk management. Additionally, we'll also talk about how to be more forward thinking through risk reviews. How to Conduct a Risk Audit. Who Performs the Risk Audits?

Risk 224

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?

Risk 224

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?

Risk 239

"Open" risk management

Musings on Project Management

To be open Every text and paper I've read describes risk management like many other project processes: open, transparent, available to any on the project team. Risks are identified, evaluated, ranked, made subject to some form of risk reduction paradigm; and everyone is made aware. Most of us can handle the text book process. Risk Management

Risk 163

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.

Risk 215

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. Identify risks.

IT Risk Assessment Template

ProjectManager.com

Create a risk assessment document in order to prepare for the inevitable. An IT risk assessment template gives you the tools to see what might be waiting around the corner. Why You Need an IT Risk Assessment Template. Risk is something that is just part of life, but in business that risk can bring financial loss and send an enterprise spiralling down into ruin. The list of risks to an IT environment are long. How to Use Our Risk Assessment Template.

Risk 157

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.

Risk Management for Project Managers

Arras People

“Increasingly,” says Walaa Bakry, who runs Westminster Business School’s project management courses, “successful project management is becoming a synonym for successful risk management. Therefore, project managers who wish to successfully fulfil their project’s objectives not only need to manage the technical aspects of the project but also ensure that risks which may impact on the project’s objectives are well managed.”. programme risk.

2016 188

Early experimentation is key to reducing project risk

Kiron Bondale

Some relate to the team’s delivery process. Assumptions which have not been validated are a common source of project risks. Incorporating ongoing experimentation into the risk management life cycle might provide a more effective method of de-risking all types of projects.

Risk 233

How to Select Your Risk Responses

Girl's Guide to PM

Risk management is one of the core knowledge areas for project managers. You’ve identified and assessed your project risks—both threats and opportunities. Now, you are planning your risk responses with your risk owners. A risk response is the way you intend to address the risk. Risk Response Strategies for Threats. There are a number of ways you can act when faced with a risk. Risk Response Strategies for Opportunities.

Risk 305

A Deep Dive into Risk Matrix Reporting

MPUG

For example, in project management you have data such as planned start, planned cost, planned story points, total number of risks, etc. I’m referring to things such as start variance, cost variance, and the number of high priority vs number of low priority risks.

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?

2016 234

How Poor Risk Management Is Hurting You

Project Risk Coach

Poor risk management is costly. Project 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. Tom was promoted to program manager after only 12 months with the company.

Risk 169

The Relationship Between Project Risk Management and Project Management

Project Risk Coach

Project management is "the application of knowledge, skills, tools, and techniques to project activities to meet the project objectives" (PMBOK—6th Edition). So, how does project risk management fit into the world of project management? Hand in Glove Relationship Project risk management fits in project management like a hand in glove. It empowers the project manager to achieve the project objectives.

Risk 228

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. What tools and techniques can project managers use for controlling risks and getting 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.

How to Actually Define Risk Categories

Project Risk Coach

Tom is the program manager for a large, complex program comprised of eight projects. He thinks his project managers have identified most of their risks, but he’s not sure where to focus his attention. What areas have the highest risk exposure? Let’s look at how to actually define risk categories and how they can help Tom (and you). What are Risk Categories? Risk categories allow you to group individual project risks for evaluating and responding to risks.

12 Questions for Monitoring Project Risks

Project Risk Coach

Some project managers start their projects with a strong focus on risk management. In this article, I am providing questions that can help you in monitoring project risks and as a result, achieve better results. When problems occur, they turn to their risk response plan.

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

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

How To Help Your Team Manage Project Risk

Girl's Guide to PM

A project manager’s job isn’t just about managing the work. Part of a resource management plan is to build the skills of your team. However, you should also consider how good they are at doing the work of projects – project management. Yes, overall project management is your job, but why not make your life a little easier by helping your team members understand how they can be better at getting the project done? Risk management is a great example.

Risk 207

Phase-Gate Process in Project Management: A Quick Guide

ProjectManager.com

When you have a long-term project that needs to be evaluated regularly, and you’re dealing with numerous stakeholders, the phase-gate process could be an ideal fit for your organization. What is the Phase-Gate Process? Similar to the waterfall methodology , the phase-gate process is a linear project management concept punctuated by stages of development followed by benchmarks for assessment. Stages of the Phase-Gate Process.

The 10 Risk Management Commandments You’re Breaking Every Day

Project Risk Coach

Risk management is such an effective vehicle for climbing the tallest mountain or swimming the deepest sea. However, the risk management pitfalls are many, rendering us completely ineffective in our attempt to fulfill our dreams. I fear that many project managers live by the letter of the law and may fail to gain the true benefits of risk management. Thou shalt not make risk management complicated. Because your risks change over time.

Risk 213