What is Strategy?

Herding Cats

Strategy is a much overused, misused, and abused word. It's tossed around by those who are unfamiliar with Strategy Making roles in businesses. . Strategy is creating fit among a company's activities. The success of a strategy depends on doing many things well - not just a few. If there is no fit among the activities, there is no distinctive strategy and little to sustain the strategic deployment process. The Framework for IT Strategy . Strategy

Playing Whack-A-Mole With Risk

Tyner Blain

When it comes to developing a product strategy – or even making decisions about how best to create a product, one of these assumptions is likely to be what causes us to fail. Essentially, product strategy and product ideation. The risk is that those beliefs are wrong.

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Change your Project Risk Management Strategy

PM by PM

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

2015 61

Project Risk Management: A Competitive Necessity

Arras People

Kicking off project management in the New Year, here’s Megan Cacioppo from Deltek with a post-Christmas present, Project Risk Management for Dummies, available for you to download. Are you on the forefront of effective risk management?

2018 139

The Project Manager’s Guide to Simple Risk Analysis

Online PM Courses

Risk analysis is both easy and hard at the same time. No project manager can get by without knowing how to analyze risk on your project. Risk is important, because it is baked into the nature of projects. Risk analysis is one part of the wider Risk Management process.

2018 59

Risk responses which PMI never taught you!

Kiron Bondale

We’ve all learned the standard risk responses to threats (accept, avoid, mitigate or transfer) and opportunities (accept, exploit, enhance or share) from the Guide to the PMBOK, and Dr. David Hillson recently wrote about a ninth possible response of risk escalation.

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Business Dysfunction, Malfunction and Strategy

Herding Cats

The root cause of this dysfunction is the lack of line of sight traceability for Why the firm is in business to how the firm fulfills the strategy needed to deliver on that WHY. Here's one way that has been shown over the years to connect the dots between Why and How and critically importantly, how the projectize the work efforts needed to implement the strategy. IT Risk Management. Balanced Scorecard StrategyMike Cottmeyer posted.

Secret Strategies to Manage Multiple Projects

Online PM Courses

So what are the secret strategies that experienced Project Managers use to manage multiple projects? The Number one Strategy that will help you Manage Multiple Projects. Serial mono-tasking is the essential strategy. Secret Strategies to Manage Multiple Projects.

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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What Is Risk?

Herding Cats

Risk is the effect of uncertainty of objectives. In the context of risk management, uncertainty exists whenever the knowledge or understanding of an event, consequence, or likelihood is inadequate or incomplete ? ISO 31000:2009, ISO 17666:2016 and ISO 11231:2010 Risk is Uncertainty that Matters. Risk can be the potential consequence of a specific outcome that affects the system's ability to meet cost, schedule, and/or technical objectives. IT Risk Management.

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The PMBOK® Guide 6th Edition: How to Escalate Risks

Project Risk Coach

Discover how to ensure risk ownership at the right level of your organization The Project Management Institute added a new risk strategy in the Sixth Edition of the Project Management Body of Knowledge. Escalate the risk. 2=Planning 4=Control Project Risk Management

2018 75

Connecting Project Benefits to Business Strategy for Success

Herding Cats

The answer is they come from the Strategy of the IT function. Where is the strategy defined? What are the measures of the outcomes connected to each other and connected to the top level strategy to the strategic needs of the firm. NoEstimates Balanced Scorecard Strategy

Risk Management is How Adults Manage Projects

Herding Cats

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].

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From Strategy To Execution and Delivery

Herding Cats

These answers start with defining the strategy. For these strategies to work, we need to define the Measures of Effective, Measures of Performance, Technical Performance Measures, and Key Performance Parameters for each of the outcomes that produce Value in exchange for the Cost and Time to produce that Outcome. IT Risk Management. There always talk about Focus on Value. But that does that mean? What are the units of measure of Value ?

This Set of Stakeholder Engagement Strategies will Power You up

Online PM Courses

The standard ‘four-box’ approach to deriving stakeholder engagement strategies can easily leave newer project managers believing there are just four basic strategies they can use. In fact, there are many stakeholder engagement strategies you can choose from.

2018 70

A Strategy for Engaging and Dealing With Difficult People

Girl's Guide to PM

In fact the best solution is to put a strategy in place before you are even faced with the problem, so that you will be better prepared and get a more successful outcome should you be faced with the dilemma. Whatever approach you opt for, you are always going to be taking a risk.

Why Risk Avoidance Should Be 1 of Your 8 Risk Responses

Project Risk Coach

Earlier I wrote about eights ways to treat risks. One of the risk responses is avoidance. The focus of this strategy is to ensure the risk does not occur by eliminating the cause of the risk. ” Lessons Learned About Risk Avoidance.

2018 52

5 Strategies for an Effective Teamwork

Binfire

To make your team work more effective follow the tips and strategies which are going to be discussed here. Strategies for an effective Teamwork . Also, you have to allow them to implement their plans and take risks in the implementation of ideas.

What is Risk Management?

Herding Cats

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.

Risk 70

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?

Risk 72

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. Threat Response Strategies. Accept risks. That is to say, I accept the risks. Avoid risks.

Risk 67

Microeconomics and Risk Management in Decision Making for Software Development

Herding Cats

Research clearly shows the root causes of most software projects cost and schedule overruns and technical shortfalls comes from poor risk management. Now To Risk Management. Risk is the effect of uncertainty of objectives. occurrence, or recurrence of the cause of the risk.

2018 60

Six Essential Requirements of an Influencing Strategy

Project Risk Coach

After a simple analysis exercise (considering relationship and agreement) it then comes down to developing an influencing strategy. If people are against you, make sure you’ve got something in your strategy to at least remove the risk they pose to your influencing goal.

Risk Management in Five Easy Pieces, with Apologies to Jack

Herding Cats

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. Hope is Not a Strategy.

Risk 69

Get Ahead of Your Risks

Project Risk Coach

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.

Risk 56

How to connect business strategy with project management

Moira Alexander

Think of the strategy and PM connection in construction terms, where the step of pouring footings and foundations needs to adequately support all other work that follows and ultimately the final structure -- in this analogy the final structure are the end goals. Suresh Srinivasan, CTO at NYU Langone Medical Center , tells CIO, within the NYU IT department there are two key components that link the business strategy and project management.

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?

Risk 52

Getting Results – The Bottom Line of Risk Management

Project Risk Coach

Some portfolio, program, and 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.

Risk 59

Risk Management: PMP Study Guide (PMBOK 6th Edition)

ExamsPM

Project Risk Management includes all the processes involved in risk identification, regulation, and mitigation on a project. The objective is to increase the likelihood of positive risks (opportunities) and decrease the likelihood of negative risks (threats). Control Risk.

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6 proven strategies for evaluating and prioritizing IT projects

Moira Alexander

What are the risks of initiating projects in this manner? Businesses run the risk of more than one area competing for the same project resources, including people and technologies, and also conflicting deadlines and goals. They may even risk some project outcomes negatively impacting other areas of the business. The good news is, there are some proven strategies for evaluating and prioritizing projects.

2015 60

How to Analyze Business Strategy to Improve Your Projects

Brad Egeland

Connecting projects to organizational strategy can improve projects in several areas including preparation of business cases, request management, planning and resource allocation, risk management, budget control, and collaboration. Delivering successful projects enables organizations to reach their strategic objectives quickly with enhanced long-term commercial results.

Seven Ways to Respond to Your Greatest Risks

Project Risk Coach

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.

Risk 67

How to Analyze Business Strategy to Improve Your Projects

Brightwork

Connecting projects to organizational strategy can improve projects in several areas including preparation of business cases, request management, planning and resource allocation, risk management, budget control, and collaboration. What is a Business Strategy? Before starting the analysis, I want to define what exactly Strategy is. Johnson & Scholes (2005) define strategy as “the direction and scope of an organization over the long term”.

2005 40

Fallacy of the Week

Herding Cats

Five Different Decision-Making Strategies That Don't Need Estimates. A strategy is about turning intangible assets into tangible outcomes. Read Strategy Maps , Norton and Kaplan to see how this is done in practice. Do the highest technical risk first. ALL risk comes from uncertainty. Here are a short list of papers on Aleatory and Epistemic uncertainty , the risk it creates. And the technical risk is only one of three classes. IT Risk Management.

2018 55

Have you rotated your project’s tires?

Kiron Bondale

Risks revisited? If its been a few weeks since the contents of the risk register have been reviewed chances are some new risks could be identified and the assessment of older ones might need to be refreshed.

2018 130

How to Respond to Your Risks From Different Angles

Project Risk Coach

Are you guilty of trying to control risks after they are full grown? In the world of business risks, the best time to attack risk is when it’s germinating. In general, you can save time, effort, and money by attacking significant risks early.

Risk 62

How to Talk About Estimates

Herding Cats

The best starting point for determining the NEEDED precision and accuracy is to determine the Value at Risk. . IT Risk Management. What is an estimate? An estimate as a noun is an approximate calculation or judgment of the value, number, quantity, or extent of something.

Definition of Done

Herding Cats

The Technical Performance Measures assess design progress, define compliance to performance requirements, identify risk, are limited to the critical thresholds, and include projects performance. Risk Management is How Adults Manage Projects.

Strategic weakness

Musings on Project Management

And when your strategy depends on someone else doing something that's pretty weak strategy Jeff Roe. Risk Management StrategyPolitcal strategist Well, yes, but no. Certainly, self-sufficiency is the better game plan, but who gets to play in that green field? Certainly not PMs which are at the behest of sponsors, customers, and other business interests. If they don't behave and get on the same page with the.

2016 48

Managing Your First Strategic Initiative

Arras People

In addition, there are also governance functions—risk management, legal, etc.—that Project Management barvas strategic strategy