7 Risk Management Metrics to Track We all know that managing risk across projects, programs and your entire portfolio, is important. Risk management is something that’s embedded into the way businesses are run and into project management methodologies. However, beyond the risk log, what kind of tracking do you do on risk? In this article […]
Risk Management: Quick Fixes for Leaders
Risk Management Quick Fixes – Risk management is a large topic, and there are whole books written about it. So where do you start when you know you want to do something different – better – but don’t know exactly what that would look like? Here are five questions, and five risk management quick fixes […]
7 Key Criteria for Successful Risk Management
Risk management is often seen as something that project managers do. However, an effective way of managing risk across the business relies on taking a joined up approach. Risk management should be integral to the way your teams work. Here are 7 key criteria that can help you manage your approach to risk and be […]
Different Types of Risk Reporting
Different Types of Risk Reporting The project managers in your organization should be tracking project risk on a regular basis. This allows them to log and respond to situations as they arise, to avoid issues before they happen. Preparing action plans that allow risks to be addressed, and then working through those plans is the […]
How to Get Started With Risk Management
Risk management is a way of making sure that uncertainties on a project are adequately controlled and managed. By thinking about what might go wrong, you can focus on how to stop that from happening. There are also situations where something unknown might result in a positive benefit for your business – those are the […]
Brainstorming and Risk Management
Brainstorming is an important part of the opportunity and risk identification process. Apply brainstorming best practices for a more effective brainstorming effort. Project managers should consider opportunities and risks early on because the cost of mitigating an issue increases exponentially as the project matures. So project managers should front load their opportunity and risk management […]
Reaching Objectives to Deal with Opportunity & Risk
How does one provide for a competitive schedule that exploits opportunities and protects against obvious risks? The opportunity and risk objectives are twofold: Take advantage of opportunities and provide protection from risks Implement reasonable actions to maintain your competitive edge These two objectives compete against one another, and, therefore must be balanced. And opportunity and […]
The Opportunity and Risk Process Acronym ORSIPARM
ORSIPARM is an acronym from risk analysis that provides a concise and handy mnemonic to help one’s focus on the opportunity and risk process. Some project managers and schedulers need a quick reminder to help them keep a handle on the opportunity and risk process. The ORSIPARM acronym stands for Opportunities, Risks, Scanning, Identification, Prioritization, […]
7 Risk Management Techniques You Should Know
Risk management techniques go far beyond writing down the risk name and description in a spreadsheet. Below we look at 7 risk management techniques that you can use to identify and manage risk on your projects. 1. Ishikawa Diagram You might know this one as the fishbone diagram, or the cause and effect diagram. Named […]
Prioritizing Schedule Risk Using GAO Guidelines
Many projects have risks that may be included in a Monte Carlo analysis. What is often needed, is a simple Schedule Risk Analysis (SRA) framework for prioritizing these risk events. Monte Carlo simulation software, including Deltek Acumen Risk, provides schedule probability distributions based on activity duration uncertainty and risk events. This probability distributed SRA presents […]