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 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
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
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