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 […]
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. […]