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Tag Archives: project risk management

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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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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Simplicity: What’s Left When You Ignore Everything Else

Have you ever stopped at the supermarket to reflect on the constantly improving state of the art in maximizing grain yield per acre? Of course not. You simply grab a loaf of bread, glance at the “Sell by” date, and put it in your cart. You don’t feel a sense of gratitude that you and your family probably won’t die of starvation, as was so common for earlier generations. You don’t feel a sense of …

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Qualitative Risk Analysis: Don’t Lose Your Objectivity

Depending on if the neighbor kids are watching and cheering him on, a boy might feel differently about how safe it is to jump off the roof and into a swimming pool. Being able to keep a clear head in these situations is kind of vital. In a post for Voices on Project Management, Mario Trentim provides a quick reminder to keep your objectivity when it comes to risk. The Deep End of Risk Objective …

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Managing Risks That Evolve over Time: 3 Cases

Most project managers are used to making a qualitative risk analysis in two dimensions: the likelihood that an event will occur, and the impact of the event. And most risk management plans include some sort of “T-shirt” sizing scale to facilitate classification of probability and impact as small, medium, large, and so on. While not particularly rigorous, this approach does have the benefit of getting SME participation without making great demands on their time or …

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How to Keep Your Risk Management Genuinely Simple

Author William Gaddis once said, “Simplicity is the ultimate sophistication.” The best project managers understand project management and know how to keep things simple. Some project managers are guilty of using complex risk management processes and lingo that few people understand. Team members finds themselves lost. They may be thinking, “What planet is this guy from? Sheesh!!” Risk management does not have to be complicated. Really. Allow me to share seven simple ways to manage …

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Risk and Rio: Where to Begin?

The Olympics are well underway, and already risks have been averted and risks have been realized. In conducting any kind of comprehensive risk analysis of the Rio Olympic Games, the challenging question is where to begin. The Olympic Games have a history of risk. But when examining the Games as a project, those in charge would be wise to take a project management perspective. That means by establishing the risk boundaries for the entire event …

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7 Ways to Be a Needed Risk Management Evangelist

Risk management is a cornerstone to effective management, and it is directly linked to high-performing companies. So how can a manager properly embrace risk management and transform his or her projects into successes? In a post for The Project Risk Coach, Harry Hall shares how to adopt risk management. There are seven ways to better incorporate risk management: Identify the leaders. Educate the stakeholders. Acknowledge what risks stakeholders are already managing. Start simply. Connect risk …

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How to Look Backward and Forward at Project Risks

Which direction do project managers need to look if they want to drive their team to success? Well, much like driving a car, a project manager needs to look both backward and forward so they have a clear view of the world around them. In a post for The Project Risk Coach, Harry Hall elaborates on why both directions are imperative. Panoramic Vision Project managers who are only looking to the past are missing out …

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What Happens When the Project Manager Adds Risk?

Project managers play a very important role on a project; they are the light that guides the team through the perilous forest of risk to ultimately meet success. Projects cannot run without them, but project managers do have a dark side. In a post for Project Manager’s Playbook, Brad Rach elaborates on the risks project managers can bring and how to combat them. The Enemy Within The project manager adds great value to a project …

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