Tag Archives: project risk management

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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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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How to Overcome the Most Common Mistakes in Risk Management

Good risk management demands more planning and greater creativity–two things that mediocre project managers cannot be bothered to spend their time on. But the biggest mistake you can make is believing you know everything, especially when it comes to risk management. In a post for the PM Perspectives Blog, Susanne Madsen provides a comprehensive explanation for how to overcome these common errors. Defanging Risks When risk management is done well, project managers are able to …

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