Risky Business Part V (#5 in the series Risky Business)
By Thomas Cutting
So far we have identified, prioritized and defined mitigation steps. We have moved from a list of excuses for failure to a list of things that could save our project. But if we stopped there nothing will get accomplished and we will still get bit.
Assign an Owner. Without ownership being assigned to the mitigation steps, no one will do them. It’s like walking into your messy living room and saying, “someone really ought to clean this up.” Chances are it will be messy the next time you walk in, too. It is important that the responsibility of the action be given to a single individual. If 2 or more are assigned they will either talk it to death or assume the other has it covered.
Two quick notes. First, a risk can have more than one mitigation step. Read the Complete Article
Risky Business Part III (#3 in the series Risky Business)
By Thomas Cutting
Risks spell danger for projects. There are potential problems lurking everywhere, waiting to become issues and trip up your progress. Identify was the first step in managing risks. The next step involves determining which ones to focus on.
Prioritize. Not all risks are created equal. If you spend your time pursuing those with very little impact on your project or are unlikely to happen, you won’t have time to manage anything else. The key to prioritizing them is to identify a Probability and an Impact for each identified risk.
This is not rocket science so a lot of time should not be spent on each risk. Simply ask the group how they would classify the likelihood of the risk becoming reality on a scale of 1 to 3 where 3 means that it is “very likely to occur” and 1 equals “might possibly happen.” Number 2 naturally falls in the middle. Read the Complete Article
Risky Business Part 1 (#1 in the series Risky Business)
By Thomas Cutting
The picture to the right is of a Joshua tree in the desert of Joshua Tree National Park, California. When you look at the image, what risks come to mind? Your answers probably include:
- Becoming stranded.
- Getting pricked.
The answers really depend on your purpose for being there. If you are trying to cross the desert, the answers above may be your key risks. If, however, your purpose is to take pictures of the natural beauty your other risks would include running out of film, over exposure and good angles shots. Suppose your goal was to convince people to preserve the area from development? Or come live there? Each perspective carries its own individual concerns.
Risks are different from issues. The PMI Project Management Body of Knowledge (PMBOK) defines them as follows.
Risk – An uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives. Read the Complete Article
Corporate Social Responsibility Congruence – Walking the Talk
By Dave Nielsen
The disaster in the Gulf of Mexico caused by the rupture of one of British Petroleum’s off-shore oil rigs has been front page news for some time now. The scope of the disaster is such that it is expected to surpass the Exxon Valdez disaster in Alaska in terms of the quantity of oil spilled. Hundreds of thousands of barrels of oil have been spewed into the gulf as a result of the rupture of their well with much more oil threatening to follow. The current attempt to cap the spillage by sinking a dome over top of the ruptured well has met with challenges in part because they are working at a depth of 1500 meters (5000 feet) and must position the dome with robots and remote cameras. They have also been challenged by a build up of gases in the dome which prevent the siphoning off of the oil. Read the Complete Article