Is Your Lack of Risk Management Hurting You?
Risk management is, essentially, the process by which you identify and analyze the various risks that are associated with any project, no matter how large or small. This is important because it gives you the chance, during the planning process, to figure out what risks might end up affecting your project. That way, you can take steps to avoid those potential risks becoming a real problem. And, if those risks do become reality, you can immediately take action.
10 Common Risk Mistakes to Avoid on Projects, Part One
Do you want to control your projects instead of having them control you? One of the main ways to do that is by strategically managing risk. But if you aren’t taking the right approach to risk management, you won’t be taking full advantage of what this technique has to offer, and you might even end up doing more harm than good. So, to help you along, we’ve compiled a list of 10 common risk mistakes that you should aim to avoid on every project.
To get started, and to help you improve your risk management strategy, here’s a list of five of the ten common risk management mistakes, along with Tricks of the Trade® on how to avoid them.
This is the second part of our guide to 10 of the most common risk mistakes that you should try your best to avoid on projects.
Before moving forward, be sure to read the first 5 Common Risk Mistakes to Avoid on Projects – Part One. Then, when you’re ready, check out the remaining five mistakes that can hinder your ability to tackle a project successfully, along with tips that will help you manage risk more effectively.
Since the publication of “Rita Mulcahy’s PMP Exam Prep, Ninth Edition” back in January, we have been getting a number of questions asking why the book does not cover Agile Process. These readers note that A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, discusses Agile through out and is shipped in a package set with the “Agile Practice Guide.” Seeing what they consider an obvious disconnect they reasonably ask whether RMC is suggesting that there will be no Agile questions on the PMP exam.
I’m reading “Leadership and the One Minute Manager,” by Ken Blanchard. The book discusses “situational leadership,” which essentially means that a manager’s leadership style must vary depending on the competency of the person being managed. As I was reading the book I realized that these management styles, while probably relevant, would not initially apply to most project managers.
A PMP® and a Scrum Master® were having lunch together on a park bench debating the relative merits of Agile as opposed to traditional waterfall project management. They were making the arguments one would normally expect. At one point, the traditional PMP felt the need to prove his devotion to his profession by pulling out his wallet to show the Scrum Master his PMI membership card. As luck would have it, a thief was passing by and, seeing his opportunity, snatched the wallet and ran off.
Talk about overused expressions! This one has certainly run its course over the last 5-10 years. As much as I tire of hearing the phrase “Think out of the box”, I have to wonder about the use of the “box” metaphor.
Maybe there is a physical reason? Back in the late 20th century, we found ourselves with the need to employ many knowledge workers. So, in the interest of efficiently utilizing floor space and affording them the privacy they needed to do their work, we put them all in these 3′ x 5′ boxes that were 5′ high on three sides. Of course, it is now the 21st century and we now know that rather than make them productive, it made them feel physically and emotionally isolated.
Notes on PMI’s New Business Analysis Track
I’ve been to PMI® Global Congress a few times in the past and always felt like an outsider. As a full-time business analyst (BA), I rarely found sessions that really hit on tips and techniques that would help me improve my work. And to be honest, although I am a PMP® and sometimes manage projects, I just don’t get excited about talking about project management for three days.
I think I speak for most business analysts when I say, we love business analysis work, we love being part of a project team, and we love the fact that YOU are running the project! We don’t want to take your job away from you.
I am writing this letter because some project managers feel threatened by the growing business analysis profession, and I want to put your fears to rest. We are not interested in taking over your role.
I want to introduce myself in my first blog on Converging 360. As leader of the Project Management Area of practice for RMC Learning Solutions, I wear many hats within our organization. In addition to being a trainer, I am a speaker and presenter, subject matter expert, and curriculum developer. And as of today … I am also a Converging 360 blogger!
First of all, let me say that I am truly blessed. I was hired and mentored by Rita Mulcahy, and had the honor of working with her for 18 months.