 |  |  |
Articles
Articles remain the copyright of the original authors and publishers. They are not covered by the Creative Commons licence.
Title | Author(s) | Notes | Provided by |
|---|---|---|---|
All sectors have 'black swan' projects, but the IT sector really seems to have some issues. | |||
Using practical risk modelling to influence project board members. | Nothing planned for the future is certain and therefore risk is inherent in every project. What tools and techniques help the Project Board focus on its real role with regards to risk management? | ||
Risk management is 20% about the technique and 80% about how you apply it | Praxis Framework Ltd. | ||
One of the most common failings in the risk management process is for the risk identification step to identify things which are not risks. Clearly if this early stage of the risk process fails risk management cannot be effective. | |||
Another common challenge in risk identification is to avoid confusion between causes of risk, genuine risks and the effects of risks. How do these three differ? | |||
The realisation that threat-focused risk management only offers damage limitation has led to consideration of upside or positive risk – those uncertainties that could bring additional benefits if they were to occur. | |||
If your organisation is typical, there’s one step in the risk process where it all seems to go wrong, and it then becomes just another frustrating hoop to jump through, with no tangible benefits. | |||
Here are seven “Grade A” criteria by which you can test whether your planned risk responses are likely to work. | |||
Risk management is primarily about looking forwards but what about the other direction? Does the past have any relevance to risk management? | |||
GIGO – ‘garbage in gospel out’ or the other way around? | |||
How can we determine the correct level of detail for describing a risk? | |||
Whichever risk identification technique is used, they all require one factor to make them effective - imagination. | |||
For some reason, we seem well able to identify and assess risks, and to devise appropriate responses. The problem arises with putting our plans into action, and actually doing the agreed responses. | |||
The word “risk” can be used to describe uncertainties that could have a negative effect and the same word can describe uncertainties that could be helpful. | |||
Some future uncertainties seem to be unforeseeable. There are four reasons why it is not possible to identify all risks in advance. | |||
A magazine recently contained a provocative article which stated that “Project management is about processes and risk management, and that’s the absolute antithesis of innovation”. This challenge to risk management deserves a response! | |||
Risky characteristics are built into the nature of all projects and cannot be removed without changing the project. | |||
Many people still find it difficult to understand why risk assessment should include opportunities, and without understanding the reasons, there is natural resistance to putting it into practice. | |||
How can project managers convince management and decision-makers that risk management is a good investment and necessary, even if an actual event does not occur? | |||
Many people now agree that the risk process should include opportunities, defined as “uncertain events or conditions which, if they occur, have a positive effect on achievement of objectives.” | |||
Kozak-Holland | For the escape committeee, qualitative | ||
Many people seem to accept the old axiom manage the project’; but the same people seem to struggle to implement best practice, despite the valiant efforts of trainers, learners, method developers and the like. | |||
Good risk management requires open, creative minds, not closed ‘handle-turning’ behaviours. | |||
Organisations tend to apply the same process to all their projects whatever their complexity. This means is that in some cases an organisation uses a seemingly bureaucratic process for simple non-complex projects and a ‘quick and dirty’ process for complex projects. | |||
While the concept that risk can be both positive and negative is easy for most to embrace, it can be difficult to make the standard risk management process work for upside risks or opportunities. | |||
A potentially better way for investment in risk management to add value. | |||
Risk management really starts when you implement planned responses so that overall exposure is reduced in an efficient and effective way. This is where the enthusiasm that was evident in risk analysis falls away. | |||
The key definition of a ‘black swan’ proposed by N.N. Taleb is that the ‘black swan’ was unpredicted and unpredictable, but in hindsight it appears that it should have been foreseeable. |
Back to top
Documents
All documents are provided by Praxis unless otherwise stated.
Title | Notes | Provided by |
|---|---|---|
An infographic showing some of the key steps at capability levels 1 to 3 |
| |
Document description |
| |
Risk management plan (MS Word) | Blank template |
|
Risk management plan (MS Word) | Template with annotations – useful for initial notes on content. | |
Document description | ||
Simple risk register (MS Word) | Blank template | |
Simple risk register (MS Word) | Template with annotations – useful for initial notes on content or training | |
Extended risk register (MS Word) | Blank template | |
Extended risk register (MS Word) | Template with annotations – useful for initial notes on content or training |
Back to top
External resources
These links are correct at time of publication. Please let us know via the comments button at the top of this page if resources are no longer available. Our library pages are updated regularly - if you would like to recommend additional free resources please use the 'contact us' tab or the comment button.
| Title | Source | Format and length | Notes |
|---|---|---|---|
Identify, analyse and evaluate, risks, opportunities and uncertainties... | UKNOS1 | PDF; 5 pages | Two sample competency definitions from the UK National Occupational Standards (NOS). For more examples search for 'project risk' here |
PDF; 5 pages | |||
FME2 | PDF; 39 pages | An introductory guide to managing risk. N.B. You will be asked to provide personal details and agree to these being shared before the pdf is emailed to you. |
Back to top
Worked examples
All examples are provided by Praxis unless otherwise stated.
Title | Notes | Provided by |
|---|---|---|
This example demonstrates how to identify types of threat response and the effect they have on probability and impact. |
| |
This example demonstrates how to identify types of opportunity response. |
|
Back to top
