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 […]
Quantitative Schedule Risk Analysis
Quantitative Schedule Risk Analysis – A Valuable Risk Tool For A Project Team By Gareth Byatt and John Owen Introduction This article is about Quantitative Schedule Risk Analysis (QSRA) – what it is, why it can be a valuable Risk tool for project teams, and some tips on how to use it to contribute towards […]
15 Categories for Project Risks
It’s useful to have categories for your project risks because it helps with risk identification. Working through this list can give your team a head-start with identifying where project risks might come from. Not all the categories will be relevant to every project (and some might not be relevant to your business at all), but […]
How Digital Disruption is Affecting Risk Management
How Digital Disruption is Affecting Risk Management How much computing power do you carry with you? Between a smart watch, your phone and the tablet computer you can slide easily into your bag, you probably walk around with more computing power than the first space rockets. Digital disruption is the idea that technology is bringing […]
The 3 Must-Have Roles for Risk Management
The 3 Must-Have Roles for Risk Management When you think of risk management, what springs to mind first? For many people, it’s something like a risk discussion on a project aimed at uncovering risks or a log of project risks. Perhaps you think of a process for managing risk on projects. Whatever comes to mind […]
Avoiding Schedule Risk
Avoiding Schedule Risk All schedules come with risk, so learning to address some of the more common risks associated is an important step to their mitigation. Your scope may very well be attainable, but your schedule may transform your otherwise reasonable project into an inevitable failure. Sources of schedule risk include multiple critical paths, multiple […]
3 Reasons Why You Need Risk Governance
Do you use risk governance in your organization? If your organization is implementing new services or launching new products, you’ll be introducing risk to your business. Projects create risk – it’s not necessarily a bad thing, but it should be adequately managed. Generally, project teams are at the forefront of identifying, mitigating and managing risk. […]
What Risk Management Technology Should You Use?
Do you really need risk management technology in your business? There are some advanced IT systems on the market that are used for risk management, but they might not be right for you. In this article we’ll look at 4 different types of risk management functionality that you’ll find in software products – either built […]
7 Common Pitfalls for Risk Management and How to Avoid Them
Common Pitfalls for Risk Management Once you’ve arrived at the point where you are ready to implement risk management in your business, it’s worth taking a bit of time to identify what needs to happen next. One of the useful things to do at this time is to consider what might trip you up and […]
3 Layers for Risk Management
Creating a risk management approach and culture in an organization can seem like a huge challenge. However, if you break it down it’s really all about getting these three layers in place for your business: Adequate management process Systems of control Governance Once you’ve addressed those points, you’ll find that your risk management approach falls […]