Artificial Intelligence is the latest buzz word. In today’s rapidly evolving technological landscape, AI has the potential to revolutionize project management, offering project managers powerful tools to streamline processes, optimize costs, and ensure stakeholder satisfaction. AI's role extends from predictive analytics for better decision-making to automation in … [Read more...]
By now most people have heard about the disaster of the OceanGate Titan, the underwater submersible that imploded on its way down to the Titanic wreck site carrying five billionaires on a tourist mission. I'm genuinely surprised about how little the project management community is talking about this, because the lessons appear to be vast. Although the cause is not … [Read more...]
Identifying risks is a central component of project risk management. Risks are identified using various methods and placed into a risk register. The risks are then analyzed and prioritized, and appropriate risk response plans are drawn up. I would like to update this list and keep it current, so if you have anything to add please leave a note in the comments … [Read more...]
The largest projects in the world, from the summer olympics to big petrochemical projects, have one major thing in common at the project management level: A relentless focus on risk. What happens if there is a riot? Or a catastrophic explosion? What if protestors disrupt the project, or regulatory agencies reject it? These large megaprojects must allocate a small but … [Read more...]
There's nothing more aggravating than cheering or the underdog and then watching the favorite team win with what seems like a complete stroke of luck. But ask anyone who has played a sport. The lucky bounces always seem to go to the better team. It seems to defy logic when a shot results in a lucky bounce that has very little to do with skill. You inspect and … [Read more...]
Project risk is like an orchestra with many instruments. All elements are crucial to the final result. If even one instrument is not playing correctly, the whole performance can be a failure. Hence, risk management is integral to project management. Since projects have many moving parts and technical knowledge areas, risk management keeps everyone singing the same … [Read more...]
Could your projects use additional risk management? Experts agree that it is one of the most underutilized areas of project management. As project managers we like to think we know the primary risks to the project that we have them under control. But a small amount of risk management planning at the outset of every project generally reaps disproportionate dividends for … [Read more...]
Active project risk management is a concept that has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects and give them the appropriate level of scrutiny. Risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more … [Read more...]
Risk is defined as: An uncertain event or condition that if it occurs, has a positive or negative effect on a Project's Objectives (PMBOK). The effect of uncertainty on objectives (ISO 31000). The possibility that something bad or unpleasant will happen (Miriam-Webster) Risk planning is the process of identifying, prioritizing, and managing risk. Every … [Read more...]
The project plan is like the flight plan filed by a pilot prior to embarking on a journey. It communicates how the project will attempt to reach its destination. The project plan is the strategy that will be used to produce the project's products, services, or results. It is written in sufficient detail to communicate to executives and stakeholders how the … [Read more...]
