Risk management,as a subset of project management, is not a new concept but 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. Definition Project risk is defined by the Project Management Institute as an uncertain event or... [Read More]| ProjectEngineer
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
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small... [Read More]| ProjectEngineer
Project risk analysis is too often sacrificed by project managers in the name of time or budget constraints. But while skipping this critical step might save a few hours or dollars upfront, when risks go unseen, they usually don’t just knock—they bulldoze. In this article, we’ll prove the value of risk analysis with a real-world example,... [Read More]| ProjectEngineer