When a risk event is identified and assessed, a decision must be made concerning which response is appropriate for the specific event.This will be the third process inside an effective risk management framework and you need to take notice if it’s importance and impact on the project. Responses to risk can be classified as mitigating,…
Tag: Risk Management
Risk Management Framework: Probability Analysis
Probability analysis is one of the techniques that can be used in the Risk Assessment process. Although there are many statistical techniques available to the project manager that can assist in assessing project risk, probability analysis is one of the more common ones. Here are a few examples: Decision trees have been used to assess…
Risk Management Framework: Risk Assessment
The Risk Identification Process produces a list of potential risks. Not all of these risks deserve attention. Some are trivial and can be ignored, while others pose serious threats to the welfare of the project. Managers have to develop methods for sifting through the list of risks, eliminating inconsequential or redundant ones and stratifying worthy…
Risk Management Framework: Risk Identification
The risk management framework begins by trying to generate a list of all the possible risks that could affect the project. Typically the project manager pulls together, during the planning phase, a risk management team consisting of core team members and other relevant stakeholders. The team uses brainstorming and other problem identifying techniques to identify…
Risk Management Framework
As stated in the Risk Management Guide Contents article, this is the first part of the series and I will dive directly into the subject without much introduction. This figure presents a graphic model of the risk management framework challenge. The chances of a risk event occurring (e.g., an error in time estimates, cost estimates,…
Risk Management Guide
You’ve got to go out on a limb sometimes because that’s where the fruit is. —-Will Rogers Every project manager understands risks are inherent in projects. No amount of planning can overcome risk, or the inability to control chance events. In the context of projects, risk is an uncertain event or condition that, if it…
Project Management Trends for 2015
The project management industry is evolving at a faster rate each year, both in technologies and methodologies. The environment continues to influence how organizations manage projects. Here are some project management trends for 2015 to help you prepare for what’s ahead. Project Management Trends 1.Less Waterfall, more Agile 2015 will bring even more Agile practices…
Risk management framework: Change Control Management
A major element of the risk control process is change control management. Every detail of a project plan will not materialize as expected. Coping with and controlling project changes present a formidable challenge for most project managers. Changes come from many sources such as the project customer, owner, project manager, team members, and occurrence of…
Risk Management Framework: Contingency Funding and Time Buffers
This article is part of the Risk Response Development process. This is considered to be a activity inside that process. To understand the full picture please read this article first and follow the links provided to navigate the post. Contingency funds are established to cover project risks—identified and unknown. When, where, and how much money…
Risk Management Framework: Opportunity Management
This article is part of the Risk Response Development process. This is considered to be a activity inside that process. To understand the full picture please read this article first and follow the links provided to navigate the post. For the sake of brevity, this series has focused on negative risks—what can go wrong on…