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
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. MORE
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. 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
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
In addition, there are also governance functions—risk management, legal, etc.—that Project Management barvas strategic strategy MORE
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 MORE
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 MORE
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. MORE
Respond to your most significant risks now! Here are 8 strategies. We treat risks personally and professionally every day. Our job is to treat risks to enhance opportunities and reduce threats. We can optimize our risk responses over time. MORE
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. MORE
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? MORE
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”. MORE
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? MORE
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. 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
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? 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
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. 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
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. MORE
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. 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. Hope is Not a Strategy. MORE
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 MORE
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. MORE
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. MORE
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 ? MORE
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. MORE
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. MORE
How to Connect Emerging Risks, Strategies, and Project Management. Is your organization identifying and managing emerging risks? How have researchers and farmers responded to this risk? Poor recognition of emerging risks. MORE
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. MORE
Herding Cats
JANUARY 22, 2018
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
Tyner Blain
JANUARY 8, 2017
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.
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
Arras People
JANUARY 3, 2018
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?
Online PM Courses
APRIL 23, 2018
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.
Kiron Bondale
NOVEMBER 13, 2016
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.
Herding Cats
SEPTEMBER 22, 2016
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.
Online PM Courses
JANUARY 29, 2018
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.
Project Risk Coach
DECEMBER 26, 2017
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.
Herding Cats
FEBRUARY 12, 2018
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.
Project Risk Coach
MARCH 12, 2018
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
Herding Cats
AUGUST 17, 2016
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
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
FEBRUARY 5, 2018
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 ?
Online PM Courses
JANUARY 15, 2018
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.
Girl's Guide to PM
JUNE 26, 2016
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.
Project Risk Coach
MARCH 19, 2018
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.
Binfire
MARCH 25, 2018
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.
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.
Project Risk Coach
SEPTEMBER 25, 2017
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?
Project Risk Coach
JUNE 12, 2017
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.
Herding Cats
MARCH 11, 2018
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.
Project Risk Coach
JULY 27, 2016
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.
Herding Cats
AUGUST 5, 2017
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.
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.
Moira Alexander
MAY 2, 2017
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.
Project Risk Coach
SEPTEMBER 25, 2017
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?
Project Risk Coach
JUNE 5, 2017
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.
ExamsPM
JUNE 28, 2017
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.
Moira Alexander
NOVEMBER 23, 2015
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.
Brad Egeland
JUNE 20, 2017
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.
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.
Brightwork
JUNE 7, 2017
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”.
Herding Cats
JANUARY 22, 2018
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.
Kiron Bondale
APRIL 22, 2018
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.
Project Risk Coach
APRIL 10, 2016
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.
Herding Cats
APRIL 29, 2017
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.
Herding Cats
MARCH 5, 2017
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.
Musings on Project Management
JULY 22, 2016
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.
Arras People
JULY 18, 2017
In addition, there are also governance functions—risk management, legal, etc.—that Project Management barvas strategic strategy
INDUSTRY INSIGHTS YOUR PEERS ARE READING
94 
Let's personalize your content