PMcrunch

All professionals – Project Managers, Program Managers, Executives, leaders of all kinds -  worry at times, and some more than others.  Worrying a lot or a little is actually a controllable habit.  Worrying a lot is little more than trading your peace of mind and taking a negative view of the future.  The urge to [...]

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As Project Managers, our propensity to assess and manage risks needs to align with our understanding of the level of leadership required on the project. We need to understand clearly the range and depth of our responsibilities on the project in order to effectively manage risk. Otherwise, our risk management program may be over or under what is really required. Here’s my thinking on why.

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Project status reporting is important because it keeps many of our stakeholders informed as to the status on the project. The challenge is to keep project reporting from being a project unto itself. This can be achieved by integrating the normal day to day processes within the project with the project reporting, so that it virtually happens on its own.

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Engineering analysis is often an input to overall project management. However, in larger organizations, or in consulting firms that service a multitude of customers, the engineering analysis is a project unto itself. This brings to the surface the question, “What is the process for these types of projects, and how does it map to the PMBOK?”

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There are 5 keys to managing risk in an organized, structured manner. The key here is to THINK AHEAD! PLAN for potential risks! The larger the situation, and the more complex the interrelationships and dependencies among elements of the over program, the more critical it is to be formal about this.

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How do we define risks on projects? How do we control risks to ensure successful outcomes? These are some interesting risk management questions. Based on some current experience coordinating risk across scores of major defense programs, here are 5 key items that can be considered in a ‘closed loop’ risk management program.

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