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Risk Management

Is There a Difference between a Risk Audit and a Risk Review?

Having a good risk management plan (RMP) is something as basic as having a breakfast every day. It helps you steer potential risks before they become actual problems that can cost you time and money. As a part of the RMP, risk review or risk audit serves to inform the fault tree analysis (FTA) about the project’s risk, and provide the grantee with recommendations to strengthen the project. What confuses some is the distinction between ...

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7 All-Too-Common Quality Management Mistakes You Can Avoid

Many organizations have taken the key step of developing a quality management plan to improve their project quality. However, things don’t always work in the most desirable fashion, and a quality management plan is not a quality insurance card. The Project Risk Coach Harry Hall points out seven common mistakes that you may easily make in developing a quality management plan: Failure to define quality Failure to develop requirements Failure to right-size your quality management ...

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5 Deadly Mistakes in IT Operations to Avoid

The life of IT operations is stressful. They need to introduce more business functionality and minimize digital spending, all while trying not to make mistakes that hinder the ability to respond to business needs. Bernd Harzog, in an article for Network World, lists five IT operations mistakes that can have disastrous results on the company: Letting security rule the roost Organizing by IT silo Organizing by IT layer Firing all of your smart domain experts ...

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Managing Distributed Projects

Projects are increasingly distributed across different sites. But distributed teams and suppliers complicate communication and create numerous frictions. Over half of all distributed projects do not achieve their intended objectives and are then canceled. Traditional labor cost-based location decisions are replaced by a systematic improvement of business processes in a distributed context. Benefits are tangible, as our clients emphasize: Better multi-site collaboration, clear supplier agreements, and transparent interfaces are the most often reported benefits. There ...

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Having More Options Can Make You Evaluate Risk Differently

Think about when you go shopping: Do you often buy a 3-in-1 shampoo, conditioner, and body wash in a single bottle, or do you instead seek three distinct products, believing they will do a better job (whether or not it’s true)? In an article for Harvard Business Review, Uzma Khan and Daniella Kapoor explain that such perceptions have a dramatic effect on risk and decision-making in business too. Are you falling into a bias trap? Less Is More (Valuable) ...

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Decision-Making under the Influence: SME, HiPPO, and BOGSAT

The most significant driver of cost and schedule risk in any project is indecision. While most projects can absorb a few bad decisions or even course-correct without a hitch, delaying a decision almost invariably creates damage. Agile practitioners will typically defer decisions until required to move forward so that the Decider has as much information as possible, but a lack of information isn’t always—or even usually—the problem. Sometimes the Decider just doesn’t feel empowered, and ...

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How Opinion Gets Mistaken for Experience (and Why It’s Harmful)

It is frustrating to provide input on a type of project that you’re familiar with, only to have it shut down by someone with a better title. Some “thought leaders” devalue people who have direct experience and talk about the work that other people have done as if it is proof for their own opinion. The problem is that what works in one context may not work in another, and you never truly know how ...

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3 Team Techniques that Improve Cost Estimates

It’s brain-wracking to think about money. And it’s even more frustrating when the money is for lots of other people, but you have to think about it yourself. Sometimes, you just cannot be Batman who saves the world alone. It is nicer and more time-saving to work in group for a project’s estimated costs. In a post as the Project Risk Coach, Harry Hall offers a few suggestions on how to improve team estimation: Have ...

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Why Failure Bias Is Good for Your Company

Being bold and strategic in business means allowing your beliefs to be constantly challenged and having an open mind to learn new things. In a post at his blog, risk manager Chris Matts introduces the idea of failure bias—a healthy search for information that might show your beliefs are wrong or your strategies are failing. There are two points to remember in adopting failure bias in business: We actively look for information that refute our ...

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7 Ways to Level Up Your Risk Management

The line between success and failure can be thin. Even when you have success, it may be attained with certain havoc. If you strive for big goals in business, you have to accept the fact that there are always risks involved and be ready for them. Risk can be hard to spot, let alone prepare for and manage it. The worst thing is if you’re hit by something that you haven’t planned for; costs, time, ...

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