Risk is defined as: An uncertain event or condition that if it occurs, has a positive or negative effect on a Project's Objectives (PMBOK). The effect of uncertainty on objectives (ISO 31000). The possibility that something bad or unpleasant will happen (Miriam-Webster) Risk planning is the process of identifying, prioritizing, and managing risk. Every project... [Read More]| ProjectEngineer
Risk is inherent in all projects because projects, by definition, represent a one time improvement to an operational process. There is usually some sort of primary risk factor under which the project was defined, such as market risk for the development of a new product, or technical risk for an assembly line improvement project (will... [Read More]| ProjectEngineer
Project Management is a field that spans all other fields. Although it is true that the project management field contains its own body of knowledge (technical subject matter), you cannot simply pluck a project manager from, say, a construction site, and drop them into a biotechnology research project and expect to receive the same results. ... [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
A SWOT Analysis is a simple but effective tool used to examine an organization's business prospects determine the strategy that an organization will employ to achieve its goals. It is normally plotted on a simple 2 x 2 matrix. Scroll down for an example. SWOT stands for: Strengths Weaknesses Opportunities Threats Strengths This refers to... [Read More]| ProjectEngineer
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... [Read More]| ProjectEngineer
Risk analysis is an often omitted area of project management, probably because you can't see its results in a direct way. On top of that, small projects just don't seem like they have the time and budget to justify the time spent. But I would argue that analyzing risk is one of the easiest ways... [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