article thumbnail

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.

Risk 423
article thumbnail

What Is Change Management? Process & Models Explained

ProjectManager.com

To best plan and respond to change, first, a clear definition of change management must be understood. What Is Change Management? ProjectManager helps you make a change management plan and track it in real time, whether you’re managing project changes or organizational changes.

2023 329
Insiders

Sign Up for our Newsletter

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

article thumbnail

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?

2022 329
article thumbnail

What Is Project Risk? 7 Project Risks to Track

ProjectManager.com

Controlling risk is one of the most important areas of project management. Project managers need to know how to identify, track and mitigate project risk. Let’s learn what is project risk, some common examples and how can you manage it. What Is Project Risk?

2023 335
article thumbnail

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.

article thumbnail

Risk Mitigation Plan: Definition & Top Strategies

ProjectManager.com

Risk is always present. If we were to try and avoid all risks, it would be paralyzing—not to mention impossible. Project managers don’t have the luxury of locking the door, turning off the lights and hiding in a corner. It’s called risk mitigation. What Is Risk Mitigation?

Strategy 369
article thumbnail

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.

Risk 347
article thumbnail

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.

Process 344
article thumbnail

Project Risk Management: From Principles to Methods

Project Risk Coach

The Project Management Institute (PMI) recently published the Project Management Body of Knowledge Guide (PMBOK®), Seventh Edition which is radically different from previous editions. 3 The Risk Management Principle 4 What is a Method? Look for upside and downside risks.

2021 328
article thumbnail

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 371
article thumbnail

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.

Strategy 239
article thumbnail

Risk Identification Techniques and How to Brainstorm Well

MPUG

Risk Identification Techniques At the start of every project, you as a project manager (PM) have a lot of important things to do, and you don’t want to forget any of them. The risk management process is core to our practice of Project Management.

2023 56
article thumbnail

Project Prioritization: How to Prioritize Projects & Strategy

ProjectManager.com

Project prioritization is the process of determining which existing and new projects are the most urgent for an organization. This can be done through several project prioritization methods that allow portfolio managers to assess the feasibility, impact and potential value of a project.

Strategy 322
article thumbnail

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? Here are strategies for threats and opportunities.

Risk 195
article thumbnail

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.

2021 137
article thumbnail

10 Strategies for Successful Project Execution

ProjectManager.com

Is your organization failing to close the gaps between strategy and project execution? Fortunately, there are strategies ( and tools! ) Let’s review strategies and tools you can use, and learn how they can help you close that gap to promote successful project execution.

Executing 406
article thumbnail

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.

2021 195
article thumbnail

Project Time Management: Strategies, Tips & Tools

ProjectManager.com

Time is not on your side when it comes to project management. While project managers haven’t figured out how to bend time and space to their bidding, there are time management techniques that you can use to manage the time you spend on tasks. Time Management Tips.

2021 299
article thumbnail

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.

Risk 338
article thumbnail

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 278
article thumbnail

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 321
article thumbnail

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 254
article thumbnail

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.

Risk 74
article thumbnail

Project Risk Audits: What you need to know

Rebel’s Guide to PM

Are you looking for a way to better manage the risks associated with your projects? Risk audits are an effective tool that can help project managers and program managers identify potential issues before they become problems. Who carries out the risk audit?

2023 300
article thumbnail

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 222
article thumbnail

Organizational Change Process Steps and Your Projects

The Strategic Project Manager

This post explores a change process that can help, regardless of your role. It looks at the various organization situations, how the change process steps can help manage risk, and the strategic and project management impacts for having such a process.

2023 52
article thumbnail

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.

article thumbnail

What Is a Risk Register & How to Create One

ProjectManager.com

What is a Risk Register? A risk register is a tool in risk management and project management. There is no time too early to start thinking about risk analysis in your project. There is no time too early to start thinking about risk in your project.

2021 328
article thumbnail

Qualitative Risk Analysis for Beginner Level Project Managers

nTask

To deal with risks successfully, each project manager should develop and implement a risk management strategy, plan, and tools at the start of each project. Mostly, People are bad at assessing risk.

Risk 85
article thumbnail

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.

2017 228
article thumbnail

Risk Register Template

ProjectManager.com

Plan for project risks with this risk register template for Excel. Define risk priority and the potential impact for each. Risk is going to happen, but with this free risk tracking template handy, you can prepare for it and have a response already thought out and in place.

Risk 275
article thumbnail

What Is Aggregate Planning? Strategies & Tips

ProjectManager.com

Let’s take a look at what aggregate production planning is and some aggregate planning strategies. Aggregate planning is most often focused on targeted sales forecasts, inventory management and production levels in the mid-term (3-to-18-month) future. Resource Management.

2021 322
article thumbnail

What’s in YOUR risk register?

Kiron Bondale

Tracking and reporting risk information is a standard part of any project management approach. Given this, is it possible to come up with a minimum set of risk information elements which we’d want to capture on most projects?

Risk 190
article thumbnail

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.

2017 210
article thumbnail

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?

Process 275
article thumbnail

What Is Demand Planning? Tips, Strategies and Tools

ProjectManager.com

That’s where a process called demand planning comes in. Demand planning is a cross-functional process that businesses use to meet customer demand while avoiding supply chain or inventory management disruptions. Either way, you lose money due to poor demand management.

2021 375
article thumbnail

Risk Response Strategies: Full Roundup

Online PM Courses

Risk response strategies are the basic ways you can handle project risks. They are also also one of the areas of project management practice that the PMI updated in the 6th Edition of its Project Management Body of Knowledge (PMBoK ? ). So, it seems like a good time to look at this vital aspect of project management in some detail. Introducing Project Risk Management. ’ This video introduces a four-stage risk management process.

Risk 64
article thumbnail

Risks in the project: an overview

Inloox

Know the risks in your project! Risk management plays an enormously important role in project management. The task here is to identify, analyze, control and ultimately minimize risks. Although some risks can be eliminated with a suitable solution strategy, certain risks can never be completely avoided in the project context. It should not be neglected that risk management is not the only decisive factor for project success.

2023 134
article thumbnail

10 Best Process Management Software Reviews 2022

nTask

In today’s business world, the need to have a good process management tools is pivotal. In this blog, we have gathered the 10 best process management software reviews for you to choose the best pick for your company. What is Process Management?

2022 85
article thumbnail

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.

Process 131