What Is the Silver Lining for Projects?
By Marge Tam
The proverb “For every cloud there is a silver lining” can be interpreted as for every difficult situation there is some good to it. The proverb is of said to the person that would welcome such an encouragement during trying times, and the person is unable to see any positive way forward.
In the framework of Project Management, the Project Risk Management Process brings the silver lining to the uncertainties that come with managing anything that occurs in the future. Many people tie the word ‘risk’ with the negative connotation. However, according to the PMBOK, there are both negative and positive risks. The negative risk has potential impacts downstream to the overall health of the project projects such as project slip, budget overrun, and unsatisfied customers. While positive risks are essentially opportunities that brings about return on investment, increased revenue and overall process improvements. Read the Complete Article
How to Develop a Plan to Manage IT Risks
By Harry Hall
Want to know the secret to managing IT risks?
A Risk Management Plan.
So simple as to be, well, let’s say completely useless. Because if you knew the secret to consistently managing IT risks, you’d already be doing it, right?
But instead, you continue doing what you’ve always done with a gnawing apprehension that your worst nightmare is just around the corner. You are too busy to “add risk management” to your list of things to do.
The problem is that many CIOs – even the top-tier CIOs – lack an adequate grasp of their IT risks. Even these top dogs understand that they’re one event away from losing the farm. Which risks are greatest?
- Data security breach with reputational harm
- Regulatory risks
- Social media
- Recruiting and retaining qualified IT staff
- Improper balance of outsourcing
- Cloud technologies
- Transition to agile methods
- Disaster recovery
- Outdated operating systems
- Data on user-owned mobile devices
- Third-party risks
But there is a way to give you a better chance of not only surviving, but thriving in the face of great uncertainty. Read the Complete Article
Risk Management… The What, Why, and How
By Michael Stanleigh
What Is Risk Management?
Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives. Proper risk management implies control of possible future events and is proactive rather than reactive. For example:
An activity in a network requires that a new technology be developed. The schedule indicates six months for this activity, but the technical employees think that nine months is closer to the truth. If the project manager is proactive, the project team will develop a contingency plan right now. They will develop solutions to the problem of time before the project due date. However, if the project manager is reactive, then the team will do nothing until the problem actually occurs. The project will approach its six month deadline, many tasks will still be uncompleted and the project manager will react rapidly to the crisis, causing the team to lose valuable time. Read the Complete Article
Project Management: Identifying Risks
By Luke Miller, Northwest University
Identifying and planning for risks should occur at the beginning of a project and be continuously revisited throughout the project. Risk is defined, as an event or condition that may or may not occur, if it does happen, the outcome will positively or negatively affects the project. There are several techniques to help identify risks.
One of the most widely used and effective ways to identify risk is through brainstorming sessions. A brainstorming team should consist of all major stakeholders on the project. There should be a facilitator that keeps the group moving and gives everyone involved an equal chance to be heard. The point of this exercise is to list as many potential risks as possible. Do not hold back, name risks big and small. There is no need analyze and worry about how likely or unlikely the risk during a brainstorming session. Read the Complete Article
Risk Management Within Your Project Management Process
By Cora Systems
Having a process in place to manage your projects is highly recommended as it gives project managers a set structure to work from. However no matter how tight this process is there is always the threat of something coming out of the woodwork and putting a halt to the project. Therefore it is highly advisable to include risk management in your project management process.
I have seen that by having a project management process which includes risk management will increase the chance of projects and programs being completed and implemented successfully. A well planned process needs to be flexible enough to handle the unexpected and ensure that a project is delivered on time and within budget. An organization that fails to include risk management into their project management process faces a possible threat to the success of the overall project.
Risk management should be discussed at the beginning when the project manager is drawing up the plan. Read the Complete Article
Risk Management for Project Managers
By Michelle Symonds
Every project has potential risks that could cause things to go horribly wrong. You need to be aware what the risks are and have contingency plans to avoid the project being a complete failure.
How to Identify the Risks
Risk management is at the heart and soul of project management, and failing to practice it can have bad effects on the project. The effort put in at the beginning to help be prepared for the risks before they happen is the best way to avoid them, and ensure the success of the project. The benefits of risk management are huge, providing you deal with uncertainties proactively.
To identify the risks you need to keep an open mind and focus on scenarios that might happen in the future. Talk to team members; find out what experiences they have had on this type of project in the past. Read the Complete Article
A Risk Management Implementation
By Gary Hamilton, Gareth Byatt, and Jeff Hodgkinson
As program or project managers, we have our hands full with the day-to-day management of our initiatives, and it is difficult enough to keep a lid on all the tactical actions that are taking place, let alone plan for the future. Nonetheless, we all know that planning is a key element to success. Most successful program or project managers are effective because they simultaneously balance the immediate challenges and demands facing them with future needs, opportunities and risk-avoidance. In particular, they are able to do so because they identify and communicate these elements at the right levels throughout the organization. How do successful program and project managers remain successful in their day-to-day work while spending only the minimum amount of effort directed towards long term ends?
The focus of this article is a specific risk management strategy which we believe is simple to implement and can directly help to improve one’s ability to identify, manage, and effectively communicate risks. Read the Complete Article
How to Identify Major Risks Present In Your Project
By Glen D. Ford
Risk and risk management is part of the game when running projects. That’s why risk management is so important to project managers. And why so much time is spent identifying the potentials and their effects. And so much time is spent making plans for things that might happen — and might not.
So how do you identify major risks present in your project?
First off, let’s correct some terminology. You don’t identify major risks. You identify major risk events. Risk is another word for probability or uncertainty. Specifically, it means that the event is not a certainty. You don’t know that it won’t happen, but equally you don’t know that it won’t happen.
This uncertainty means that as a seer you are faced with a difficulty. When do you spend money to avoid or encourage what may not happen? Read the Complete Article
Why Projects Succeed: Risk Identification
By Roger Kastner
Why Projects Succeed is a blog series in which Slalom Business Architect Roger Kastner sheds light on key factors behind the art and science of successful project management and invites readers to discuss how they apply across different environments.
In the previous article of this series, I wrote that the value of Proactive Risk Management is in the ability to identify and plan for all the issues that may knock the project sideways. The purpose of this is specifically so you have the bandwidth to deal with those unforeseen elements that are going knock you sideways no matter what you do to prepare.
This time I want to focus on the inputs of Risk Management, the Risk Identification process, and a specific way to identify risks early in the process that also measures how the project team feels about the feasibility of the project. Read the Complete Article
Effective Methods of Risk Identification
By Carl M. Manello
“There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.” –President John Fitzgerald Kennedy
There are risks everywhere, whether they are called out and addressed or whether they are ignored. It is our job as consultants to make sure that we are mitigating risks, in Kennedy’s words, through action. We have found that the most critical and most difficult action in Risk Management is the cataloguing of risks. The challenge is to find effective ways to elicit risks from stakeholders. After all, you can’t manage risks if you don’t know what they are. And while it may seem that the identification of risk should be the easiest part of the process, we find that stakeholders and project teams do not always understand the concept of “risk.” Sure, now you are thinking, “what are some effective ways of identifying risks?” There are many methods for Risk Identification; here are some of the most effective. Read the Complete Article