Risks are the wild cards of any project—those sneaky “what ifs” that can turn a smooth ride into a rollercoaster. Risk planning isn’t about eliminating all risk. That would be impossible. Rather, it’s about knowing potential negative events are coming and having a plan to deal with them. Whether you’re launching a product or renovating... [Read More]| ProjectEngineer
Projects are magnets for surprises—think missed deadlines, budget slips, or that vendor who ghosts you midstream. A Risk Management Plan is the part of the Project Management Plan that plans, identifies, and analyzes project risks. It provides the project management team with a defined plan to identify and manage the risks that can arise and negatively... [Read More]| ProjectEngineer
Experts highlight risk management as one of the most overlooked yet vital aspects of project management. While we often assume we’ve got the main threats handled, a little upfront planning can yield outsized rewards, transforming potential chaos into controlled progress. But effective risk management isn’t just about dodging disaster; it’s about turning potential pitfalls into opportunities... [Read More]| ProjectEngineer
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... [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
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 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 In an effective project risk management system, the project managers must focus their attention on the highest priority risks. Thus, upon determination of the primary risks to a project, this step seeks to sort the list into priorities and... [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
The way project managers define success is not always the same as the way the project sponsor does. In fact, it is a surprisingly common scenario that project managers think the project is going great because the variables they are concerned with are on track while being oblivious to an unhappy project sponsor that is... [Read More]| ProjectEngineer
Project risk is like an orchestra with many instruments. All elements are crucial to the final result. If even one instrument is not playing correctly, the whole performance can be a failure. Hence, risk management is integral to project management. Since projects have many moving parts and technical knowledge areas, risk management keeps everyone singing the same... [Read More]| ProjectEngineer
The largest projects in the world, from the summer olympics to big petrochemical projects, have one major thing in common at the project management level: A relentless focus on risk. What happens if there is a riot? Or a catastrophic explosion? What if protestors disrupt the project, or regulatory agencies reject it? These large megaprojects must allocate... [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