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Risk Management

Risk Management Rules You’re Breaking All the Time

There are some general rules and guidelines that we all need to follow when it comes to risk management, but we don’t always follow those rules as closely as we should. In a post at the Project Risk Coach, Harry Hall points out some of these things that we need to start doing again. Risk Rules Broken The first, and easiest, thing to remember about risk management is to not overcomplicate it. When writing down …

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How to Identify and Remove Resistance to Change

Most people don’t like having their workplace rhythm disrupted by change. The uncertain future that change brings can be pretty daunting, regardless of where you are in the company. So naturally, there’s going to be resistance from people affected by it. In a post for the PM Perspectives Blog, Elizabeth Harrin explains how to assuage the apprehension toward change. Responding to Resistance Resistance is a completely natural response to change, especially if similar changes were …

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The Psychology of Risk and How It Affects Business

Organizational risk, project risk, and personal risk are all different things, but the human brain addresses each of them from the same starting point. There is a genuine psychology to risk, and considerable effort has been put into studying it. In an article for Risk Management magazine, Katherine Heires discusses the psychology of risk and some takeaways to remember moving forward. Planning for Crisis From financial disasters to natural catastrophes, people’s inability to properly weigh …

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Risk Response Strategies: Transfer or Avoid the Danger

As I’ve noted in other articles, a risk is an uncertainty that matters. Some event has a significant probability of occurring, and there will be a significant consequence if it does. A risk represents a threat, and a wise project team endeavors to identify project threats and analyze them for effective strategies, so that the probability of occurrence can be reduced or the consequences reduced. Or both. Of Mice and Risk Management Consider the following …

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6 Project Management Myths to Easily Dispel

Businesses are developing a stronger idea of what project managers mean to them all the time. But there are always pockets of ignorance somewhere, and we should do what we can to get rid of them. In a post for Project Management Tips, Vartika Kashyap dismisses six lingering myths pertaining to project management. Entering into Myth Project management is all about process: Once upon a time, maybe this one was true. But now, all competent …

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How to Identify Risks with a SWOT Analysis

Project managers can use several tools to identify project risks, including interviews, brainstorming, checklists, assumption analysis, cause-and-effect diagrams, the nominal group technique, and affinity diagrams. One of my favorite techniques is the SWOT analysis, where you and your team can identify and prioritize strengths, weaknesses, opportunities, and threats. Once you’ve completed the SWOT analysis, you will have identified opportunities (positive risks) and threats (negative risks), inputs for your risk register. The information can help you …

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How to Mitigate Project Risks without Stifling Innovation

Unless you have Dr. Strange’s time reversal magic, it is impossible to innovate without incurring risk. This means that risk management—perhaps enterprise risk management—should factor into all innovative pursuits. Risk management is required not just to mitigate the damage of mistakes but also to maximize value opportunities. In has in fact been shown that “Enterprise value that can be lost through an ill-conceived move can exceed the operational costs of the mistake many times over.” …

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How to Engage Stakeholders through an Internal Blog

You deal with stakeholders on a daily basis through a variety of means. Have you ever tried blogging at them though? The idea actually holds a lot of merit. In a post at the Project Risk Coach, Harry Hall discusses how you can set up a useful internal blog that engages stakeholders. For the Self-Centered Projects Hall has used internal blogs as a mode of “pull communication” with stakeholders when implementing enterprise programs such as …

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Restore Trust to Turn Around a Languishing Project

Every once in a while, something will go so wrong that you might think to yourself, “Boy, how didn’t I see this coming?” And when that something happens to be your project, the feeling is even worse. In a post for Project Management Tips, Elizabeth Harrin shares a story from project manager Simon Murison about a project gone wrong and what was done to right it. Talk It Out A project in the retail sector …

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Use Feasibility Studies to Ensure Your Project Can Succeed

Pilot projects, management software, and agile implementations are all great avenues to getting a stronger hold on projects. But there might be something even simpler than those options for ensuring the viability of a pending project. In an article for Tech Pro Research, Mary Shacklett discusses the overlooked value of feasibility studies. Plausible Plans Shacklett describes feasibility studies as occurring during project preplanning, after project conception but before presentation of the project concept to management. …

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