• Advantages of The Critical Chain Project Management (CCPM)

  September 8, 2008

  
  

• The Whac-a-Mole Model of Bad Project Management

  September 7, 2008

  
  

• Getting and Estimating Resource Requirements - People

  September 7, 2008

  
  

• Inch-Pebble Project Scheduling: Managing Concerns

  September 7, 2008

  
  

• Governance Thinking - Structure of Program Management Governance

  September 6, 2008

  
  

• Effects of Project Risks on Organization

  September 6, 2008

  
  

• Risk Management Process

  September 6, 2008

  
  

• Initiating Phase - Feasibility Study Request and Report

  September 6, 2008

  
  

• Build Training Time Into The Schedule

  September 5, 2008

  
  

• Powering Past the Post-PMP® Syndrome

  September 5, 2008

  
  

Risk Management Can Be Your Friend

July 8, 2008 | Author: admin | Filed under: Risk Management, Project Management Best Practices

Risk Management Can Be Your Friend (#5 in the series Know Your Enemy: Software Risk Management)
By Karl E. Wiegers

The skillful project manager will use risk management as a technique for raising the awareness of conditions that could cause her project to go down the tubes. Consider a project that begins with an unclear product vision and a lack of customer involvement. The astute project manager will spot this situation as posing potential risks, and will document them in the risk management plan. Early in the project’s life, the impact of this situation may not be too severe. However, if time continues to pass and the lack of product vision and customer involvement are not improved, the risk exposure will steadily rise.

By reviewing the risk management plan periodically, the project manager can adjust the probability and/or impact of these risks. Those that don’t get controlled can be brought to the attention of senior managers or other stakeholders who are in a position to either stimulate corrective actions, or make a conscious business decision to proceed in spite of the risks. We’re keeping our eyes open and making informed decisions, even if we can’t control every adverse condition facing our project.

Adapted from “Practical Project Initiation: A Handbook with Tools” (Microsoft Press, 2007), with permission from author.

Karl Wiegers, Ph.D., is Principal Consultant with Process Impact, a software process consulting and education company in Portland, Oregon. Karl’s most recent book is “Practical Project Initiation: A Handbook with Tools.” Karl is also the author of four other books and 170 articles. Karl is a frequent speaker at software conferences and professional society meetings. You can reach Karl through www.projectinitiation.com or www.processimpact.com.

Related Articles

• Who Needs Risk Management? - Part 2
• Who needs Risk Management? - Part 1
• Decision Quality and Risk Management
• Risk Management 101: Introduction to Project Risk Management
• Risk Management 101: Raising a Risk

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