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Risk Management

There’s More to a System Design Than Requirements

A few years ago, I was asked to assist on a project where the client was replacing a highly-customized legacy system. As part of the discovery process, we were looking at the integrations to the other systems—internal, third-party administrators, and so on—currently in place. One integration in particular seemed unnecessarily convoluted; it received a file from one system, validated all of the data, and generated workflows to various roles in the event a particular transaction …

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How to Unite Enterprise and Project Risk Management

Enterprise risk management (ERM) is essentially just what it sounds like—taking a business-wide view of organizational objectives and addressing the multifaceted risks that might arise from pursuing them. Project risk management takes the same principles and shrinks them to the project level. Both are necessary for healthy business, but ERM and project risk management are not often linked well enough. In a post at the Project Risk Coach, Harry Hall discusses how to more effectively …

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How to Evaluate Risk Velocity

“Risk velocity” sounds like it should be the name of a Jean-Claude Van Damme movie (fingers crossed—it will be someday), but it is actually an estimated time frame in which a risk is likely to occur. Understanding risk velocity can be a helpful tool in risk management. And in a post at the Project Risk Coach, Harry Hall succinctly explains everything you need to know. Using just a couple charts, he illustrates some effective templates …

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The What, Why, and When of Evaluating Project Risks

Every project is a journey of uncertainty. How can we complete the challenges of each journey successfully? By identifying, evaluating, and responding to our project risks consistently. Let’s focus on the what, why, and when of evaluating project risks. What is the best way to evaluate risks? There are many ways to evaluate risks. Each has its place. In general, project managers perform qualitative and quantitative risk analysis. What’s the difference? Qualitative risk analysis is …

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10 Common Reasons Why IT Projects Fail

Problems are always obvious in hindsight, or when they are happening to someone else. It is only when you are directly in the thick of things that you might miss the blatant signs of impending doom. For that reason, it is worth reminding yourself of the many common ways that projects can go wrong. In an article for DZone, Ulf Eriksson discusses 10 of the most common reasons that IT projects fail: Lack of management …

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How to Reduce Risk Evaluation Bias

Identifying risks is step one, but evaluating them is the critical step two. And if you are not careful, biases can color your team’s thinking and make you think a risk is worse or safer than it really is. In a post at the Project Risk Coach, Harry Hall shares what you need to know in order to avoid these biases. There are motivational biases and cognitive biases, and you should be mindful of both. …

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The Ship Is Burning: Fix or Flee the Project?

The ship is on fire and it is still miles to shore: It is not a situation anyone hopes befalls them in project management, but it happens. In a post for Project Management Tips, Elizabeth Harrin discusses why projects fail and how you can make a last-ditch effort to save your project. Or—failing that—she explains how to call it quits. Rescue the Project The major reasons for project failure include unrealistic expectations, lack of necessary …

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Building the Risk Management Plan

The risk management plan is the safety net that saves anyone from falling off the bridge. It might not be pretty, and maybe not everyone will have a blast building it, but it will save projects’ lives. In a post at the Project Risk Coach, Harry Hall discusses the components that go into making a robust risk management plan. These include the following: Project risk background Methodology Roles and responsibilities Timing Risk categories Definitions Risk …

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How to Identify and Manage Secondary Risks

Have you ever created a problem in trying to solve one? Secondary risks, or risks created by responding to a risk, are issues that pop up in any project. In a post at the Project Risk Coach, Harry Hall gives advice on how to identify and manage secondary risks. Secondary Risk Response Time A secondary risk is ultimately caused by the risk owner, despite how well-intentioned their plan to solve the risk may have been. …

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How to Kill an Undead Project

Some projects just rot out from the inside, and there are telltale signs of decay when you know what to look for. But how exactly do you kill these undead projects and limit the damage they can do to the business? Bob Lewis provides an in-depth answer in an article for CIO magazine. Herding Zombies There are many signs of an undead project. One is absolute, incurable team dysfunction, accompanied by finger-pointing. Another sign is …

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