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.

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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?

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. Risk: Determine what risks are likely, how they’ll impact the project and then plan how to resolve them.

"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

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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. ” Risk Owner. Probability Risk Rating.

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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. Second, the process may not fit the maturity level of the project team. Qualitative Risk Analysis.

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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. Risk Response Strategies for Threats.

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The What, Why, and How of Process Mapping

Project Risk Coach

Operational risks includes people risk, technology risk, external event risk, and process risk. In this article, let's talk about process risk and how to reduce these risks through process mapping.

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. Acceptance is a risk response strategy, but project managers are not supposed to just report on accidents, they are expected to prevent them.

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A Quick Guide to Business Process Mapping

ProjectManager.com

That guide is called business process mapping. An Overview of Business Process Mapping. With a clear diagram or detailed business process map, it is easy to see where improvements in the business process can be made to increase efficiencies and productivity.

5 Powerful Ways to Improve Your Project Approval Process

Project Risk Coach

Today, let's look at five ways to improve your project approval process. Project Approval Process. Project Approval Process. Many organizations have a Project Board that approves programs and projects resulting in a project portfolio.

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?

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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.

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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.

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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.

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?

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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. Susan, on the other hand, facilitated an early risk identification workshop.

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. They get the team together, identify lots of risks, and enter them into an Excel spreadsheet. When to Identify Risks.

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How to Actually Define Risk Categories

Project Risk Coach

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?

Project Risks and Issues – What’s the Difference?

Project Risk Coach

Well, let's talk about project risks and issues, the differences, and why it's so important to manage risks. What is Risk? Let's examine a risk statement and underscore some key attributes of risks. So, how does an issue differ from a risk?

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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?

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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. Susan, on the other hand, facilitated an early risk identification workshop.

30 Quick Risk Evaluation Tips

Project Risk Coach

” In this article, I share 30 risk evaluation tips to help you tap into your genius. One of the top reasons for evaluating risks is to determine which risks are most significant. Always perform the qualitative risk assessment. time-to-impact) of your risks?

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Risk Assessment for Information Security

Brad Egeland

Risk assessment methods and programs should be key components of your security plan, as they guide your team in establishing a strong framework for compliance. ISO 27005 ISO 27005 is a framework that guides businesses towards effective risk management.

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Tracking a Risk

Project Smart

Every project carries some element of risk. Being able to deal effectively with these risks can be what makes or breaks a project in the end. The result of all risk management should be the ability to track a risk from beginning to end. Risk Management

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The Battle Between Process and Progress

Girl's Guide to PM

As Project Managers, we’re all familiar with process. In fact, sometimes it can feel as if a project manager’s world is but a never-ending universe of interlocking processes and procedures. After all, project managers are not process monkeys. It needs processes.

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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.

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. New risks arise over time.

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. Management of Risk was the next obvious area for us to expand into.”. programme risk.

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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. And one of the most important things to communicate is your risks. The communication process can be challenging. Communicating Risks.

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Risk Response Lessons from the Beach

Project Risk Coach

Learn threat response strategies Project managers may make risk decisions without much thought. You simply know how to respond to the most common risks. With each of these activities, I do things to manage risks and frankly, I rarely think about it (because I’ve done it for so long).

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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. In today’s article, let’s look at seven things not to do when identifying project risks.

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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. What is Enterprise Risk Management?

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Risk Response Strategies: Full Roundup

Online PM Courses

Risk response strategies are the basic ways you can handle project risks. In this article we’ll examine the risk response strategies you have available to you, what they mean, and when you should use them. Introducing Project Risk Management. Remove the Risk.

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5 Tips for Better Decision Making (With Process)

Girl's Guide to PM

Something you can do to make decision making easier is to have a process for it. A process helps you step through the different options to give yourself confidence that you’ve covered all the angles and are ready to make the decision. The Decision Making Process. The decision making process is the main tool for making decisions. So you decide to recommend a risk mitigation strategy? We make hundreds of decisions on projects.

The 10 Risk Management Commandments You’re Breaking Every Day

Project Risk Coach

I fear that many project managers live by the letter of the law and may fail to gain the true benefits of risk management. These individuals are too concerned with checking boxes and making the risk management processes overly complex. Thou shalt not forsake the risk reviews.

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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. Let's look at the cost of poor risk management through the life of Tom Whitley.

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Big Data and Risk Management

Brad Egeland

Furthermore, big data is an essential and powerful risk management tool. These interactions offer an excellent opportunity to obtain organizational risk insight, which facilitates the reduction and assessment of threats. Once your business uses big data in managing risk, you will get a comprehensive overview that assists you in structuring your financial revenue streams. Risk is virtually part of every company’s decision. The Big Data age is finally here.

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Staying Ahead of Business Risks

Brad Egeland

Sadly, such risks are the norm in the modern-day business world. Since risk is ever dynamic, with new dangers arising each day, it only makes sense to try and be steps ahead of these threats. The trick is to build a culture of risk management in your organization.

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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. Thou shalt not make risk management complicated.

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