You won't find 'em on this list. A company I worked for started so many game-changing transformational programs and then, like a disgraced member of the Politburo, quickly abandoned and airbrushed them out of our corporate history so we could start yet another "business-critical" program that would be abandoned. We referred to them as the "acronym of the month.
May 29, 7 Comments We all hear about risk management and risk 5 management principles and concepts. Many a project that has hit rough times or failed completely can often find its troubles attributed to an unforseen problem that was not adequately taken into account up front.
Now while no one has a crystal ball and can foresee every single issue that may or may not arise, it is important to still make a discerned effort into assessing as many conceivable risks and derive action plans to contend with them.
There are a whole slew of publications available regarding risk management and risk assessment. Degree and certificate programs are also available to those wishing to explore this area further.
Truth be told, whole companies and careers are built around the notion of cataloging risks and formulating plans of action should problems appear as well as providing suggestions on how to proceed in order to mitigate potential risks.
Generally speaking, project managers are not formally schooled in the concept of risk management. Their background encompasses aspects of risk assessment, but depending on their role, it is likely to be one piece of the set of overall duties a project manager may be required to perform.
With that being said, it is important to take a moment and define some of the key concepts and definitions pertaining to risk management. What are some of the key takeaways and ideas that a project manager should be mindful of if attempting to perform a risk assessment on their project?
What are some of the core principles that they should be aware of in order to best handle their project? Risk Management — What is it? In its purest form, risk management is the identification, classification and prioritization of risks.
This is generally done in tandem with efforts to monitor, control and mitigate the risks. Risks themselves can be from factors internal to the project, such as the adoption of a new technology, team members that are new to the project manager, or resource constraints and internal dependencies.
Additionally, risks can also be external, such as the health of the financial markets, competitive pressures, legal liabilities or even accidents. The sheer number and type of risks that may or may not factor in to a given project gives a good idea of how complex and problematic risk assessment can become.
Principles of Risk Management There are specific core principles in regards to risk management. When looking to perform an actual risk assessment, the following target areas should be part of the overall risk management procedure as defined by the International Standards Organization; ISO: Risk Management Process There is a specific procedure that one should follow when it comes to performing a risk assessment.
The overall process can be itemized as follows: Dealing with Risk Once the risks are identified and the specific risk process has been instantiated, what should the project manager do with the defined risks?
There are actually certain techniques to be aware of pertaining to risk. Being aware of what the risks are will dictate how effective each of the individual risk management options might be. Avoid the Risk — This may seem obvious, but it is an actual technique.
There are instances where a perceived risk can be avoided entirely if certain steps are taken. An example of this might be a concern over a vendor supplying a given deliverable at a specific timeframe. It may be decided to perform the actual work for the deliverable in-house thereby eliminating the risk of the external vendor.
Reduce the Risk — While some risks cannot be avoided, they can be reduced.
This may be accomplished by fine tuning aspects of the overall project plan or making adjustments to specific areas of scope. Whatever the case, reducing a risk reduces the impact it will have on your project. Share the Risk — If a certain risk cannot be avoided or reduced, steps can be taken to share the risk in some way.By Mark C.
Layton. Part of Agile Project Management For Dummies Cheat Sheet.
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