Risk management is not a new concept but has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects and give them the appropriate level of scrutiny. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or … [Read more...]
Risk Planning Basics
Risk management is one of the ten project management knowledge areas in the Project Management Body of Knowledge. In PMBOK theory, there are six main process groups within Risk Management. Five of those occur in the planning stage of a project. Thus, Risk Planning includes the following tasks: Identifying Risks Prioritizing Risks Determine Triggers Determine … [Read more...]
How to Write a Risk Management Plan
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Risk Management Plan Components
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Day 8: Mitigate Project Risks
Risk management,as a subset of project management, is not a new concept but has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects, and give them the appropriate level of scrutiny. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a … [Read more...]
Do you need a Risk Breakdown Structure?
Have you ever considered the risks to your project's successful completion during the planning stages of your project? If not, I would suggest it is a highly beneficial exercise to help you grow in your project management career. A Risk Breakdown Structure (RBS) is an organized way of categorizing the risks to a project. According to the Project Management Institute's … [Read more...]
Checklists of Potential Project Risks
In project management, identifying risks to a project is a primary part of risk management. When brainstorming for risks that affect a project, a checklist is an invaluable tool. To that end, I will post the following list of risks. I don't anticipate it will include everything (maybe your office will be hit by a meteor shower!), so I anticipate you should use other … [Read more...]
5 Risk Response Strategies
Have you ever stopped to brainstorm the risks to your projects? If you're like most technical professionals you just arrive at work in the morning, and start your project where you left off the previous day. You try to dot all the i's and cross all the t's, and then cross your fingers that unexpected things don't blindside you. Project management standards dictate … [Read more...]
Crash Course in Engineering Risk Management
Could your projects use additional risk management? Experts agree that it is one of the most underutilized areas of project management. As engineers, when we're managing a project in our area of expertise we like to think we know the primary risks and we have them under control. But a small amount of risk management planning at the outset of every project will reap … [Read more...]