The Risk Management Process in Project Management

ProjectManager.com

Issues will inevitably come up, and you need a mitigation strategy in place to know how to manage risks on your project. In this article, we’ll discuss strategies that let you get a glimpse at potential risks, so you can identify and track risks on your project.

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The Confusion Over Risk

Project Risk Coach

Why are many project managers confused over risks? Why do some project managers include positive risks in risk management and others do not? Let's clarify what we mean by the term risk. Most people think of risk as pure risk, as a possibility of loss.

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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. What are Emerging Risks?

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How to Communicate Risks

Project Risk Coach

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. As risks are identified, assign a risk owner.

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Why “Build or Buy?” Is the Wrong Question for Analytics

Beware false accuracy with quantitative risk assessment

Kiron Bondale

If you view an advertisement touting multiple benefits of a product with which you’ve had no previous personal experience and are later asked about the risks associated with its use, you are likely to state that it is less risky even though there is no connection between its benefits and risks.

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What is Risk Attitude?

Project Risk Coach

In today's article, I'll test your understanding of risk attitude. We'll also explore different risk attitudes and how they can affect risk evaluations. Project managers should seek to understand the risk attitudes of key stakeholders because: A. What is Risk Attitude?

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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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How to Create a Project 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 develop a project risk management plan.

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Leading without risk

Musings on Project Management

Leading -- leadership -- without risk; without taking on risk?!It If there were such, leadership would be more like management: Follow the rules; stay within the guides; take little personal risk to reputation and career; work for human factors leadership Risk ManagementIt can't be done.End of posting.Perhaps a bit more:To be a leader is to put yourself out front. exposed, as it wereAnd, out front you'll find there are no easy answers.

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5 Early Indicators Your Embedded Analytics Will Fail

that you’re at risk for an analytics emergency. teams risk falling straight off it. requests, you risk unhappy customers and skyrocketing. And ignoring the warning signs means you risk losing. Updating your application’s dashboards and reporting features.

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. Next, agree on a definition for project risk.

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12 Sure-Fire Ways to Improve Project Risk Management

Project Risk Coach

In a one-on-one meeting, I asked Mike how he was identifying, analyzing, and managing his risks. His response revealed his belief in risk management but a lack of actual application with his teams. Warren Buffett says, "Risk comes from not knowing what you are doing."

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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. Qualitative Risk Analysis Once you've identified your risks, it's important to evaluate your risks. To establish the priorities of the risks.

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Assessing risk

Musings on Project Management

Most of us -- that is, all but the few formally trained in risk assessment -- really suck at risk assessment, a necessary first step toward managing risk. Risk ManagementWhy so? Bias, for one thing. Confirmation bias being a biggie: we all want confirmation that our thinking, experiences, and instincts are right for the situation we find ourselves in. But, of course, we know objectively, even if not.

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How to Package and Price Embedded Analytics

for all your users, you risk upsetting customers who don’t care about and may never. unnecessary risk and results in incorrect (and sometimes dangerous) decisions. for an add-on product or capability and risk leaving potential revenue on the table.

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. As you might imagine, there’s a process in project management that addresses risk and how to deal with it. It’s called risk mitigation. What Is Risk Mitigation?

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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What Is & How To Create A Risk Management Plan

The Digital Project Manager

The post What Is & How To Create A Risk Management Plan appeared first on The Digital Project Manager. How-to Guides How-to Managing And Controling Risk Management Topics

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Counter-party risk

Musings on Project Management

Oh business analysis contract Risk ManagementDefine counter-party: In a transactional relationship, the other party to -- or participating in -- the transaction is your counter-party. In project situations, there are usually many counter-party transactional arrangements, such as contractors and suppliers with transactional relationships. And within the business there may be transactional relationships among business units and the PMO.

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Driving Discovery and Experimentation in your Organization

Speaker: Teresa Torres, Product Discovery Coach, Product Talk, David Bland, Founder and CEO, Precoil, and Hope Gurion, Product Coach and Advisor, Fearless Product LLC

If you want to build what matters, you can't move forward blindly. But to make progress, you can't let things slow to a crawl while you focus resources on gathering data. This is where continuous discovery and experimentation come in. Join Teresa Torres (Product Discovery Coach, Product Talk), David Bland (Founder, Precoil), and Hope Gurion (Product Coach and Advisor, Fearless Product) in a panel discussion as they cover how - and why - to build a culture of discovery and experimentation in your organization.

The Principle of Calculated Risk

Musings on Project Management

you will be governed by the principle of calculated risk. which you shall interpret as avoidance of [risk] exposure. of greater [benefit]" (*)Admiral Chester Nimitz to his subordinate admirals, Battle of Midway, June, 1942"You will be governed by the principle of calculated risk"What does. Risk Management"In carrying out the task assigned. without good prospect. as a result of such exposure.

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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. 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. Probability Risk Rating.

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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. 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? Risks are not identified and turn into more costly issues.

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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 you have a PMO, see if they have a risk management template.

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Predictive Analytics 101: Your Roadmap to Driving Key Product Decisions

Speaker: Sriram Parthasarathy

Predictive analytics is an increasingly common buzzword with many forms. It seems everyone has their own take on what it is and which best practices and business benefits apply. What does predictive analytics really mean? We’ll explore real-world examples of predictive in action and outline steps to help you maximize its value.

Manage Risks While Compressing Project Schedules

Project Risk Coach

Let us explore ways to compress project schedules and manage the associated risks. One risk is that we may fail to identify activities. Another risk is that we may fail to sequence the activities properly. Warning – this action will likely increase risks.

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Some risks aren't manageable

Musings on Project Management

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 Management

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Risk Management: When All Hell Breaks Loose

Project Risk Coach

So, the project charter is completed and the top risks are recognized. What can you do to recognize and plan for the events and conditions that may have negative effects on your project objectives? […] The post Risk Management: When All Hell Breaks Loose appeared first on Project Risk Coach. 2=Planning Project Risk ManagementWhat would you do if all hell breaks loose in a critical company project that you are managing? You lose two of your best team members.

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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. Qualitative Risk Analysis. What is Risk Evaluation? Risk evaluation is the process to determine the significance of each risk. There are two ways to evaluate risks: Qualitative Risk Analysis. This allows you to quickly prioritize and rank your risks. Risk Rating.

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Risk Analysis — The Managing Up Secret Weapon

Project Risk Coach

Credit : gorodenkoff | iStockphoto One of my favorite suggestions for this unenviable predicament is using risk analysis. Indeed, I think risk analysis can be the secret weapon of managing up! Because risk analysis provides an opportunity for you to focus the discussion on the objective (often quantifiable) facts and away from the more emotional opinions. 2=Planning Project Risk ManagementThis is a guest article by Dana Brownlee from professionalismmatters.com.

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Evaluating Risks Using Quantitative Risk Analysis

Project Risk Coach

Project managers should be prepared to perform different types of risk analysis. For many projects, the quicker qualitative risk analysis is all you need. But there are occasions when you will benefit from a quantitative risk analysis. The post Evaluating Risks Using Quantitative Risk Analysis appeared first on. 2=Planning 4=Control Project Risk ManagementLet’s take a look at this type of analysis: What is it? Why should we perform it?

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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. Risk management requires investment from stakeholders outside of the project team to really make a difference.

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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. 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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The Project Risk Management Quiz

Project Risk Coach

Webinar: How to Create a Project Risk Management Plan Date: Wednesday, February 26, 2020 Time: @ 10am PST / 11am MST/ 12pm CST / 1pm EST. register now. The post The Project Risk Management Quiz appeared first on Project Risk Coach.

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Five Ways to Reduce Risk Exposure Early

Project Risk Coach

When is risk exposure greatest in a project? Let's look at how to reduce risk exposure early in your projects. Why Risk Exposure Is Greatest in the Beginning So, why is your risk exposure greatest in the beginning? just kidding) Here are five activities that you can undertake to reduce the risk exposure early. […] The post Five Ways to Reduce Risk Exposure Early appeared first on Project Risk Coach.

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What to Put in Your Risk Register (Risk Log) | Video

Online PM Courses

Risk Management is one of the core skills of project management. And your Risk Register - or Risk Log - is the primary tool you'll use. The post What to Put in Your Risk Register (Risk Log) | Video appeared first on OnlinePMCourses.

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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? 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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Big words in risk management

Musings on Project Management

Here's three of the biggies from the domain of risk management which are explained below with some examples: Knowledge errors and omissions: There's a project event coming up. Risk ManagementSometimes, people use big words and I have to pause and look them up -- using an online dictionary, of course. The circumstances and factors for success are not really random. it's the knowledge base for the assumptions.

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The Power of If-Then Risk Statements

Project Risk Coach

Have you thought about the use of this two-letter conjunction in risk management lately? Let's look at how to use the power of If-Then risk statements. IF is a simple word that can open up new doors to writing clear risk statements. If-Then Risk Statements Write Opportunity Statements Opportunities are events and conditions, that if they occur, have a positive impact on your project objectives (e.g., 2=Planning Project Risk Management

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