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How to Carry Out a Schedule Risk Assessment

One of the key roles in any project core-team is an expert planner and scheduler. I was recently called upon to carry out an external review of a project schedule. This was a two year $20m project to deliver a turn-key manufacturing facility to a new customer. The project was two months in, and already two weeks late to schedule. Understandably management was becoming nervous about late delivery penalties. Although ...

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Strategic Risk Management and Projects

Experienced managers know the value of the ‘elevator view’, that is, knowing when to press the button for the top floor to look down at the bigger picture, and when to descend to the ground floor to get down ‘amongst the weeds’. From the top floor, we can observe how the elements of our organisation, the projects, programmes, and portfolios, combine to deliver our organisation’s strategic objectives. At the ground ...

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Risk Management – Threat and Opportunity Mirror Images?

Everyone knows that a risk event is something that may or may not happen, and, if it does, will impact the project. For worse is a risk, and for better is an opportunity. And certainly, if we follow the PMBOK approach to risk management, then we know that threat and opportunity management are simply mirror images of each other. For opportunities we identify, analyze, prioritise, and respond just as we ...

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How Many Kinds of Uncertainty Are There?

The sixth edition of ‘A Guide to the Project Management Body of Knowledge’ (PMBOK6) takes a major step forward in its treatment of risk, not only addressing a wider range of ‘uncertainty’ than the simple event (it happens or it doesn’t) risk, but also acknowledging the necessity to integrate project risk management with enterprise-wide risk management, the latter aimed at addressing risks to benefit delivery and achievement of strategic objectives. ...

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7 Ways To Level Up Your Risk Management

Risk management is a staple skill of project managers. As the project environments we work in get more and more complex, with greater levels of uncertainty and more transformative, disruptive projects, being able to deal with risk remains top of the list of desirable skills for managers in all areas of business. It’s important because a badly managed risk can create havoc on a project. It could even get to ...

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7 Ways To Mitigate Risk on Projects

As project managers, we know that risk mitigation is a ‘thing’. We talk about mitigating risk. We have a column on our risk logs for mitigation strategies. But what does it actually mean? How do you do risk mitigation? Here are 7 of the most common ways to mitigate risk: all approaches that will transfer to your project in most cases. 1. Clarify The Requirements What is it that you ...

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How Your Team Makes Your Project More Risky

What if I told you that there were risks to your project that you have probably completely overlooked? Most of the time when project managers do risk management, we focus on getting the team together, reviewing tasks, identifying what might stop or impede the project from moving forward. We write it all up in a project risk register and note down what mitigation plans are required in order to try ...

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How to Overcome the Most Common Mistakes in Risk Management

Although risk management is a classic discipline and part of a standard curriculum on most project management courses, it doesn’t mean that the average project manager knows everything there is to know about it or that they are doing it really well. Unfortunately! Far too many of us make basic mistakes that negatively impact the outcomes of the project. We carry out the risk assessment on our own without involving ...

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