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PM FUN-DAS (short for Project Management Fundamentals) is published every Wednesday. It demystifies and disseminates concepts around project management in a humorous way.

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12 Search Results for "#Manage Risks"

Risk Register | 13 Apr 2022

Tags: #Manage Risks

Transcript

Boss: HARRY, IS THE PROJECT RISK REGISTER UP-TO-DATE? I SEE ONLY ONE RISK. CAN YOU ELABORATE?

Harry: BOSS, MANAGING CIENT ESCALATIONS IS ANY PROJECT'S ULTIMATE TRUTH. AND THIS RISK PRACTICALLY COVER ALL RISKS.

Boss: HUH!

Risk Register
A risk register is a document that is used as a risk management tool to identify potential setbacks within a project. This process aims to collectively identify, analyze, and solve risks before they become problems. And effective risk identification with appropriate mitigation helps in meeting client expectations

Risk Identification | 22 Feb 2022

Tags: #Manage Risks

Transcript

Review meeting with a junior project team member

Boss: SHYAM, HAVE WE IDENTIFIED THE PROJECT RISKS? IF SO I WOULD LIKE TO GO THROUGH THEM.

Shyam: BOSS, I DON'T THINK THAT'S NEEDED.

Boss: WHAT DO YOU MEAN NOT NEEDED?

Shyam: RISK ACCEPTANCE IS MY MANTRA AND THE BEST PART ABOUT THIS IS THAT THERE IS NO RISK REGISTER REQUOIRED.

Risk Identification
Identification of risk is important and even more critical is to create a risk response strategy for each of the identified risks in the risk register.

Assess and Manage Risks | 22 Sep 2021

Tags: #Manage Risks

Transcript

Boss: HARRY, YOUR PROJECT HAS GONE FROM BAD TO WORSE. THE CLIENT GAVE ME AN EARFUL YESTERDAY BECAUSE OF THE RISKS THAT YOU HAVE IGNORED IN THE PROJECT.

Harry: JUST DON'T WORRY BOSS. THEY SAY, THINGS ALWAYS GET WORSE BEFORE THEY GET BETTER. JUST STAY HOPEFUL AND LEAVE THE REST TO ME.

Boss: HUH!

Assess and Manage Risks
Ignoring project risk analysis can lead to project failures. For e.g. The tendency to be overly optimistic about the outcome of planned actions. The right thing to do is to determine risk management options and interactively assess and prioritize risks.

Project Risk Management | 01 Jul 2021

Tags: #Manage Risks

Transcript

Boss: HARRY, THE PROJECT HAS GONE INTO THE RED. DIDN'T WE SEE THESE RISKS COMING?

Harry: BOSS, PROJECT RISKS ARE INEVITABLE.

Boss: YES HARRY, I UNDERSTAND. BUT DID WE NOT PLAN ANY RISK MITIGATION STRATEGIES?

Harry: BOSS, ACCEPTANCE IS THE KEY. I HAVE HEARD THIS SHARED BY A POPULAR FIGURE - "WISDOM IS MOVING FROM FIGHTING THE HURDLES TO EMBRACING THEM."

Project Risk Management
A project manager should have the ability to oversee risks that might come up in the future. It's impossible to predict every potential risk but with strategic planning and collecting information beforehand, project managers can develop control measures that can help them to deal with the risks more effectively.

Risk Register | 17 Mar 2021

Tags: #Manage Risks

Transcript

Boss: DEV, A REMINDER TO SEND THE RISK ANALYSIS OF OUR NEW PROJECT. NEED IT URGENTLY.

Dev: YES, BOSS! UNDERSTAND. SOMEHOW, I CANNOT FIND THE RISK REGISTER.

Boss(Thinking): HUH! NOW, THIS LOOKS LIKE A BIG RISK WE MAY NOT HAVE ANTICIPATED AND NEEDS TO BE ADDED TO THE LIST.

Risk Register
Created during the early stages of a project. The Risk Register is a tool that helps to track issues and address them as they arise. it is the responsibility of the project manager to update the document whenever necessary

Risk Asssessment | 13 Nov 2020

Tags: #Manage Risks

Transcript

Maya: BOSS, AS SUGGESTED I'VE DONE THE RISK ASSESSMENT OF THE PROJECT AND IDENTIFIED SOME UNFORESEEN RISKS AS WELL.

Boss: THAT'S GREATE! CAN YOU QUICKLY RUN ME THROUGH THOSE OVER THIS CALL?

BLAH...BLAH...BLAH!

Maya: SO GOING BY THE UNREALISTIC TIMELINES SET FOR THIS PROJECT, THE ONLY MAJOR RISKS ARE THE RISK OF LOSING MY SANITY AND RUNNING MY HEALTH.

Boss: MAYA, CAN WE TALK LATER! I HAVE JUMP TO ANOTHER CALL.

Risk Asssessment
Risk analysis involves examining how project outcomes and objectives might change due to the impact of the risk event.

Once the risks are identified, they are analysed to identify the qualitative and quantitative impact of the risk on the project so that appropriate steps can be taken to mitigate them.

Project Risk Management | 10 Sep 2020

Tags: #Manage Risks

Transcript

Boss: Hi Joe, how is the project going? Any new risks or issues, you see in the project?

Joe: Yes, Boss. I identified a new one yesterday and was updating the Risk Register.

Boss: Can you confirm if it is a risk or an issue?

Joe: Well, err..umm..give me a moment. I'll will be right back

Joe(Thinking) : Let me quickly flip the coin to decide...

Joe: Boss, I just confirmed. The newly found one is an issue, for sure.

Project Risk Management
An issue is an event that has already occurred whereas risk is an uncertain event that may or may not happen. Risk register and Issue log are two documents that are often wrongly combined, but they are distinct documents that should contain different information & drive different actions.

Project Risk Management | 18 Mar 2020

Tags: #Manage Risks

Transcript

Maya: Hello team, how has been week two of working from home?

Maya: I hope all is well on the health front with you and your family..

Swami: Maya, personal health is fine but not sure I can say the same for our project health.

Maya: What happened Swami?

Swami: This virus crisis has forced me to join newly formed project teams pulling me in multiple directions. My hands are full at the moment to tackle our project.

Maya(Thinking): Just when this virus situation demands us to go "hands-free", my team members have their hands full.

Project Risk Management
In these volatile times, many of our team members are likely to be pulled in multiple directions. To minimize the impact, we need to identify which skills will be scarce in the team or how to access capacity from outside. And apply a streamlined risk management process to predict the uncertainties in the projects.

Project Risk Management | 29 Jan 2020

Tags: #Manage Risks

Transcript

Boss: Dev, are we ready for the launch of our new product this weekend?

Dev: Boss, we still have test scripts to run on it. And by the way, we have two more weeks for the launch.

Boss: Dev, we don't have time for test scripts. It's important we launch ahead of our competitors for a first-mover advantage.

But Boss...

Boss: Nothing ventured, nothing gained!

A week after the launch

Boss: Team, we need feedback on why the numbers are not moving as expected on our newly launched product.

Dev (thinking): I think we didn't venture enough to gain enough!

Project Risk Management
As organizations rush to market with new products, it's important to identify potential risks that could impact the new product launch and classify them into categories. Rate each risk based on impact and likelihood and develop a specific action plan to address high priority risks.

Project Risk Management | 10 Jul 2019

Tags: #Manage Risks

Transcript

Boss: Dev, Here are the preliminary details of our first ever project from our client, The Government of Slackovia. Winning this big contract was a real coup for us.

Dev: But Boss, given the unstable conditions in Slackovia, don't you think it is risky to take up this project?

Boss: Bah! We have done enough risk analysis of this project. Don't over think. Let's get cracking on this prestigious project.

Two months later

Boss: Dev, how far have we progressed on the Slackovia project?

Dev: Boss, after working on weekends and even holidays, I will probably take just a couple of weeks more for completion.

Boss: Well, hmmm... Dev, I am sorry to let you know that there is piece of sad news. The country is under a coup and the client has asked us to put the project on hold till further notice.

Dev (Thinking): What? A coup! Now that really puts our project in the soup.

Project Risk Management
Risk analysis is a key practice to ensure that the least number of surprises occur while the project is in progress. By applying simple and efficient project risk management processes, one can predict the probability of its occurrence, its impact, and what can one do to minimize the impact or take advantage of the event.

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