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. Management in the presence of risk has the following steps: [1]. MORE
What is your Project Risk Management Strategy? Is there any other Project Risk Management Strategy?” The post Change your Project Risk Management Strategy appeared first on PM-by-PM. Humor Risk Management definitions risk management strategies MORE
Is it Important to understand Correct Definition of Project Risk? It is extremely important to understand correct definition of Project Risk. It is not only important to understand correct definition of Project Risk but also to use it in the correct manner. MORE
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? MORE
Extreme risks: ever been there; done that? Extreme risks are those for which the consequences are irreversible, and the impact is near-catastrophic. Risk ManagementIn most cases, the likelihood of the event is low. You're probably thinking: "Black Swan". But no, a black swan is unanticipated and not-thought of -- never happened before so, not on the radar. No, I'm thinking of the knowable, if not the. MORE
A recent article by Uzma Khan and Daniella Kupor in Harvard Business Review adds support to the argument for keeping things simple when it comes to communicating risks. This biases us against taking positive risks and avoiding negative ones.” MORE
Mark Langley, President and CEO of the Project Management Institute (PMI), penned a great article entitled Using Project Management to Reduce Risk. Indeed, “high-performing companies manage risk in conjunction with projects and programs far more often than low performers do.” MORE
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. MORE
Risks are ugly little things. But if the risks become issues, you’ll be in a bit of bother. Managing risk (or Management of Risk, sometimes helpfully abbreviated to MoR) is such a big deal that you. Posted in General. MORE
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. How can we communicate risks more effectively? Communicating Risks. MORE
Do you use Project Risk Response Strategies to avail Opportunities? Most of us never think about Project Risk Response Strategies for Opportunities. The post 4 Project Risk Response Strategies for Opportunities appeared first on PM-by-PM. MORE
You and I encounter risks every day. Sometimes we actively respond; other times we passively accept the risk. Consider the following personal risks and responses: You feel a headache coming on. Seven Ways to Respond to Your Greatest Risks. MORE
How to use key risk indicators Which would you prefer? To respond to risks after they occur or to see the risks early and take steps to prevent or reduce your risks? Project managers can get ahead of their risks by thinking differently. How to See Through Risks. MORE
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. MORE
A narrative* Imagine two doors to the same room: One labeled risk manager; the other labeled decision maker. Though the risk manager's door, entry is for the inductive thinker: facts looking for a generality or integrating narrative Through the decision maker's door, entry is for the deductive thinker: visionary with a need to connect specifics to the vision And, consider this: Pessimists. induction Risk Management MORE
What are the implications to project risk management when you choose to deliver a project using an agile approach? Here are a few similarities: Risk needs to be managed through the project’s lifetime, not just at the very beginning. MORE
Some project managers make timely responses to risks, resulting in positive progress toward their project goals; others act haphazardly, resulting in undesirable consequences. Chuck Swindoll told a funny story that illustrates the dangers of costly mistakes when responding to risks. MORE
Often times, risks occur and project managers lack adequate schedule reserves. The team also identified 30 risks in the qualitative risk analysis. Of the 30 risks, the team identified six risks that had the greatest potential for affecting the schedule. Risk B. MORE
How’s your project risk management knowledge? Some of you are a certified Project Management Professional (PMP) or as a Risk Management Professional (PMI-RMP) so this test may be a good review for you. Matching Game: Project Risk Management. Risk. Secondary risk. MORE
Risk is everywhere on projects. This risk comes from two types of uncertainty. The idea of risk and its management and handling is a critical success factor for all software development. One of the most rigorous theorems of economics [1] proves that the existing means of production yields greater economic performance only through greater uncertainty that is, through greater risk. Without these estimates, there is no risk management. NoEstimates Risk MORE
Are you a project manager who focuses on gaining control of your project risks? Some project managers start their projects with a strong focus on risk management. When problems occur, they turn to their risk response plan. Remember the definition for controlling risks? MORE
Risk Management is How Adults Manage Projects - Tim Lister (IBM). It can't be stated too often - either manage risk, or risk will manage you. Projects without risk management are late and over budget before they start. Reducible uncertainties can have specific actions to reduce to risks that result from the uncertainties. Irreducible uncertainties can have no specific actions, but must have margin to protect from the resulting risk. IT Risk Management. MORE
Risk management is about making informed decisions by consciously assessing what can go wrong, as well as the likelihood and severity of the impact when that possibility comes true. The heart of Risk Management is making informed decisions in the presence of the uncertainties that create risk. MORE
There is a number of parameters that you should think about and an efficient management of the risk is surely necessary. In other words, you can’t really define risk on the exact same way in every construction project. How we could define risk in a construction project. MORE
How well did John use risk management to accomplish his goal? He and his team completed a project plan and identified project risks. He captured the risks in his risk register and periodically conducted risk reviews. Improving Risk Management. MORE
My assertion in that workshop was that assumptions and hypotheses, practically speaking, are risks. The risk is that those beliefs are wrong. It represents an implicit risk. Remember – hypotheses and assumptions are risks. Risks of being wrong (and not knowing it). MORE
Managing Cost, Schedule, & Technical Performance Risk Is The Basis Of Good Project Management. Risk management is essential to the success of any significant project. These risks can be mitigated with a good risk management process. Risk management structure. MORE
user stories), planning poker can also be used to facilitate other types of decision making so why not use it for qualitative risk analysis? This forces them to do a second pass to prioritize the risks so that risk owner capacity can be focused on the valuable few. MORE
In 1711 Abraham De Moivre came up with the mathematical definition of risk as: The Risk of losing any sum is the reverse of Expectation; and the true measure of it is, the product of the Sum adventured multiplied by the Probability of the Loss. Risk Management MORE
I received a book over the Holidays - Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making , Chris Chapman and Stephen Ward. This is a seminal work on risk management in the presence of uncertainty. NoEstimates Books Estimating Risk MORE
A response to risk can create other risks. These secondary risks may be more significant than the primary risks if we are not careful. What is a secondary risk? A secondary risk is a risk that is created by a response to another risk. MORE
The post Top 5 Ways Agile Mitigates Risk is one of those posts that's not wrong in what it says at the detail level - more or less, but is not right in principle. Agile Mitigates Risk - is not correct. Agile provides rapid identification of risk. What is risk management? MORE
The first question of risk management -- in my opinion of course: Where does the slack go? And, that's the first question because: No matter the nature, cost, impact, probability etc of the risk, you can't manage any of these without slack, ie "buffer" or "white space". "No Risk Management scheduleNo slack" is akin to "hope is not a plan" Usually, the first parameter to be abused is the slack Usually, the first abuse. MORE
Some portfolio, program, and project managers make a big fuss over risk management. The presentation included what we were doing for enterprise risk management. They have a risk management plan. They regularly identify, analyze, and respond to risks. Plan risk management. MORE
Project managers may fail to achieve their project objectives because they don’t know how to take a look backward and forward at their risks. Project managers can use risk audits to look backward and risk reviews to look forward. Who Performs the Risk Audits? MORE
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. MORE
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 control risks, resulting abandoned or wrecked projects. Implementing Risk Response Plans. MORE
Ideas about extreme risk management have been around a long time. Here's a working definition: Extreme risks are those for which the consequences are nearly irreversible, and the impact is near-catastrophic. Risk ManagementNo news there, so let's press on. And, fortunately, in most cases, the likelihood of the event is low. Because the expected value is nearly zero, but the threat so high, people are. MORE
“Everything in life has some risk, and what you have to actually learn to do is how to navigate It.“ “ – Reid Hoffman No project is without risks. It is all in how you handle those risks. MORE
Risk Management is How Adults Manage Projects - Tim Lister. Here's how we manage risk on our software intensive system of systems using Agile. . Risk management requires making estimating of the reducible and irreducible uncertanties that create risk. IT Risk Management. Risk Management is How Adults Manage Projects. Estimating is Risk Management. NoEstimates Risk MORE
“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. MORE
Risk Management is How Adults Manage Projects - Tim Lister. Risk Management requires making estimates of many things. Just like risk management, estimating is how adults manage projects. No risk management no adult managemnt. NoEstimates Risk MORE
Need a quick introduction to risk management? Try this very short course on risk management (no math required!). Risk management short course from John Goodpasture. Read my contribution to the Flashblog Risk ManagementDon't have much time for this? Read in the library at Square Peg Consulting about these books I've written Buy them at any online book retailer! MORE
Risk Related Topics Herding Cats
JANUARY 8, 2017
Risk Management is How Adults Manage Projects - Tim Lister. Risk Management requires making estimates of many things. Just like risk management, estimating is how adults manage projects. No risk management no adult managemnt. NoEstimates Risk
Kiron Bondale
SEPTEMBER 25, 2016
What are the implications to project risk management when you choose to deliver a project using an agile approach? Here are a few similarities: Risk needs to be managed through the project’s lifetime, not just at the very beginning.
The Digital Project Manager
MAY 25, 2016
Risks are ugly little things. But if the risks become issues, you’ll be in a bit of bother. Managing risk (or Management of Risk, sometimes helpfully abbreviated to MoR) is such a big deal that you. Posted in General.
Tyner Blain
JANUARY 8, 2017
My assertion in that workshop was that assumptions and hypotheses, practically speaking, are risks. The risk is that those beliefs are wrong. It represents an implicit risk. Remember – hypotheses and assumptions are risks. Risks of being wrong (and not knowing it).
Herding Cats
MARCH 1, 2016
Risk management is about making informed decisions by consciously assessing what can go wrong, as well as the likelihood and severity of the impact when that possibility comes true. The heart of Risk Management is making informed decisions in the presence of the uncertainties that create risk.
Herding Cats
JANUARY 9, 2017
Risk is everywhere on projects. This risk comes from two types of uncertainty. The idea of risk and its management and handling is a critical success factor for all software development. One of the most rigorous theorems of economics [1] proves that the existing means of production yields greater economic performance only through greater uncertainty that is, through greater risk. Without these estimates, there is no risk management. NoEstimates Risk
Project Risk Coach
NOVEMBER 21, 2016
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?
Herding Cats
DECEMBER 21, 2016
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. Management in the presence of risk has the following steps: [1].
Herding Cats
NOVEMBER 15, 2016
Risk Management is How Adults Manage Projects - Tim Lister. Here's how we manage risk on our software intensive system of systems using Agile. . Risk management requires making estimating of the reducible and irreducible uncertanties that create risk. IT Risk Management. Risk Management is How Adults Manage Projects. Estimating is Risk Management. NoEstimates Risk
Project Risk Coach
MARCH 26, 2016
Often times, risks occur and project managers lack adequate schedule reserves. The team also identified 30 risks in the qualitative risk analysis. Of the 30 risks, the team identified six risks that had the greatest potential for affecting the schedule. Risk B.
Herding Cats
MARCH 22, 2016
The post Top 5 Ways Agile Mitigates Risk is one of those posts that's not wrong in what it says at the detail level - more or less, but is not right in principle. Agile Mitigates Risk - is not correct. Agile provides rapid identification of risk. What is risk management?
Project Risk Coach
AUGUST 7, 2016
How’s your project risk management knowledge? Some of you are a certified Project Management Professional (PMP) or as a Risk Management Professional (PMI-RMP) so this test may be a good review for you. Matching Game: Project Risk Management. Risk. Secondary risk.
Project Risk Coach
MAY 7, 2016
Are you a project manager who focuses on gaining control of your project risks? Some project managers start their projects with a strong focus on risk management. When problems occur, they turn to their risk response plan. Remember the definition for controlling risks?
Project Risk Coach
APRIL 22, 2016
A response to risk can create other risks. These secondary risks may be more significant than the primary risks if we are not careful. What is a secondary risk? A secondary risk is a risk that is created by a response to another risk.
Project Risk Coach
JUNE 26, 2017
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.
Project Risk Coach
JUNE 19, 2017
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.
Herding Cats
FEBRUARY 25, 2016
Risk Management is How Adults Manage Projects - Tim Lister (IBM). It can't be stated too often - either manage risk, or risk will manage you. Projects without risk management are late and over budget before they start. Reducible uncertainties can have specific actions to reduce to risks that result from the uncertainties. Irreducible uncertainties can have no specific actions, but must have margin to protect from the resulting risk. IT Risk Management.
Musings on Project Management
MARCH 21, 2017
Need a quick introduction to risk management? Try this very short course on risk management (no math required!). Risk management short course from John Goodpasture. Read my contribution to the Flashblog Risk ManagementDon't have much time for this? Read in the library at Square Peg Consulting about these books I've written Buy them at any online book retailer!
Project Risk Coach
JUNE 17, 2016
Mark Langley, President and CEO of the Project Management Institute (PMI), penned a great article entitled Using Project Management to Reduce Risk. Indeed, “high-performing companies manage risk in conjunction with projects and programs far more often than low performers do.”
Project Risk Coach
MAY 13, 2016
Project managers may fail to achieve their project objectives because they don’t know how to take a look backward and forward at their risks. Project managers can use risk audits to look backward and risk reviews to look forward. Who Performs the Risk Audits?
Project Risk Coach
AUGUST 29, 2016
How to use key risk indicators Which would you prefer? To respond to risks after they occur or to see the risks early and take steps to prevent or reduce your risks? Project managers can get ahead of their risks by thinking differently. How to See Through Risks.
PM by PM
OCTOBER 18, 2015
What is your Project Risk Management Strategy? Is there any other Project Risk Management Strategy?” The post Change your Project Risk Management Strategy appeared first on PM-by-PM. Humor Risk Management definitions risk management strategies
Kiron Bondale
JULY 3, 2017
user stories), planning poker can also be used to facilitate other types of decision making so why not use it for qualitative risk analysis? This forces them to do a second pass to prioritize the risks so that risk owner capacity can be focused on the valuable few.
PM by PM
OCTOBER 15, 2015
Do you use Project Risk Response Strategies to avail Opportunities? Most of us never think about Project Risk Response Strategies for Opportunities. The post 4 Project Risk Response Strategies for Opportunities appeared first on PM-by-PM.
Project Risk Coach
MAY 4, 2016
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 control risks, resulting abandoned or wrecked projects. Implementing Risk Response Plans.
Musings on Project Management
JUNE 23, 2016
In 1711 Abraham De Moivre came up with the mathematical definition of risk as: The Risk of losing any sum is the reverse of Expectation; and the true measure of it is, the product of the Sum adventured multiplied by the Probability of the Loss. Risk Management
Geniebelt
JUNE 6, 2017
There is a number of parameters that you should think about and an efficient management of the risk is surely necessary. In other words, you can’t really define risk on the exact same way in every construction project. How we could define risk in a construction project.
Project Risk Coach
MARCH 11, 2016
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.
Project Risk Coach
JUNE 5, 2017
Some portfolio, program, and project managers make a big fuss over risk management. The presentation included what we were doing for enterprise risk management. They have a risk management plan. They regularly identify, analyze, and respond to risks. Plan risk management.
Project Risk Coach
APRIL 15, 2016
Some project managers make timely responses to risks, resulting in positive progress toward their project goals; others act haphazardly, resulting in undesirable consequences. Chuck Swindoll told a funny story that illustrates the dangers of costly mistakes when responding to risks.
Herding Cats
JANUARY 3, 2017
I received a book over the Holidays - Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making , Chris Chapman and Stephen Ward. This is a seminal work on risk management in the presence of uncertainty. NoEstimates Books Estimating Risk
Musings on Project Management
AUGUST 6, 2016
Extreme risks: ever been there; done that? Extreme risks are those for which the consequences are irreversible, and the impact is near-catastrophic. Risk ManagementIn most cases, the likelihood of the event is low. You're probably thinking: "Black Swan". But no, a black swan is unanticipated and not-thought of -- never happened before so, not on the radar. No, I'm thinking of the knowable, if not the.
PM by PM
OCTOBER 25, 2015
Is it Important to understand Correct Definition of Project Risk? It is extremely important to understand correct definition of Project Risk. It is not only important to understand correct definition of Project Risk but also to use it in the correct manner.
Musings on Project Management
APRIL 30, 2016
A narrative* Imagine two doors to the same room: One labeled risk manager; the other labeled decision maker. Though the risk manager's door, entry is for the inductive thinker: facts looking for a generality or integrating narrative Through the decision maker's door, entry is for the deductive thinker: visionary with a need to connect specifics to the vision And, consider this: Pessimists. induction Risk Management
PMStudent
MARCH 19, 2016
“Everything in life has some risk, and what you have to actually learn to do is how to navigate It.“ “ – Reid Hoffman No project is without risks. It is all in how you handle those risks.
Kiron Bondale
FEBRUARY 12, 2017
A recent article by Uzma Khan and Daniella Kupor in Harvard Business Review adds support to the argument for keeping things simple when it comes to communicating risks. This biases us against taking positive risks and avoiding negative ones.”
Project Risk Coach
MARCH 2, 2016
How well did John use risk management to accomplish his goal? He and his team completed a project plan and identified project risks. He captured the risks in his risk register and periodically conducted risk reviews. Improving Risk Management.
Musings on Project Management
JUNE 29, 2016
The first question of risk management -- in my opinion of course: Where does the slack go? And, that's the first question because: No matter the nature, cost, impact, probability etc of the risk, you can't manage any of these without slack, ie "buffer" or "white space". "No Risk Management scheduleNo slack" is akin to "hope is not a plan" Usually, the first parameter to be abused is the slack Usually, the first abuse.
Musings on Project Management
MAY 10, 2017
Ideas about extreme risk management have been around a long time. Here's a working definition: Extreme risks are those for which the consequences are nearly irreversible, and the impact is near-catastrophic. Risk ManagementNo news there, so let's press on. And, fortunately, in most cases, the likelihood of the event is low. Because the expected value is nearly zero, but the threat so high, people are.
Project Risk Coach
APRIL 7, 2016
You and I encounter risks every day. Sometimes we actively respond; other times we passively accept the risk. Consider the following personal risks and responses: You feel a headache coming on. Seven Ways to Respond to Your Greatest Risks.
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