Could your projects use additional risk management? Experts agree that it is one of the most underutilized areas of project management. As project managers we like to think we know the primary risks to the project and know that we have them under control. But a small amount of risk management planning at the outset... [Read More]| ProjectEngineer
In some industries, risk analysis as a subset of project management is virtually non-existent. Project management is usually focused on cost and schedule, and delivering projects "on time, on budget" sometimes feels like the only criteria. But as a project manager, there's nothing that makes you sleep at night better than knowing you've got the... [Read More]| ProjectEngineer
Project risk management is what separates good project managers from great ones. Even when everything has been planned and executed to perfection, an unexpected event can cause considerable duress on the project stakeholders and even cause the project to be considered a failure. Risk management is a three step process: Risk Identification Risk Analysis Qualitative Analysis Quantitative... [Read More]| ProjectEngineer
Active project risk management is a concept that 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. Risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a... [Read More]| ProjectEngineer
In a proper project risk analysis, once the risks to the project have been identified (step 1), their probability and impact given a value and an overall priority (step 2), risk responses are drawn up (step 3). For each response plan, trigger conditions should be identified. These are the conditions that warrant the implementation of... [Read More]| ProjectEngineer
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks Once the risks to the project have been identified, their probability and impact given a value, and an overall priority established, risk responses should be drawn up. For each response plan, trigger conditions should be identified. These are the... [Read More]| ProjectEngineer
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks The first step in a good risk management plan is the identification of risks. The other phases of project risk management are built on the foundation built here. A comprehensive list of potential risks to the project must be... [Read More]| ProjectEngineer
