Risk management

Articles

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Title

Author(s)

Notes

Provided by

Thoughts from the Gartner summit

Buttrick

All sectors have 'black swan' projects, but the IT sector really seems to have some issues.

Project Workout

Using practical risk modelling to influence project board members.

Buttrick

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?

Project Workout

The human side of risk management

Dooley

Risk management is 20% about the technique and 80% about how you apply it

Praxis Framework Ltd.

When is a Risk not a Risk? – Part 1

Hillson

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.

Risk Doctor

When is a Risk not a Risk? – Part 2

Hillson

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?

Risk Doctor

Health is not the absence of disease

Hillson

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.

Risk Doctor

Get the frogs off the log

Hillson

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.

Risk Doctor

Grade A risk responses

Hillson

Here are seven “Grade A” criteria by which you can test whether your planned risk responses are likely to work.

Risk Doctor

Two faces of risk management

Hillson

Risk management is primarily about looking forwards but what about the other direction? Does the past have any relevance to risk management?

Risk Doctor

The ins and outs of risk management

Hillson

GIGO – ‘garbage in gospel out’ or the other way around?

Risk Doctor

Risk descriptions level of detail

Hillson

How can we determine the correct level of detail for describing a risk?

Risk Doctor

Imaginary risks

Hillson

Whichever risk identification technique is used, they all require one factor to make them effective - imagination.

Risk Doctor

Making it work

Hillson

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.

Risk Doctor

How to find opportunities

Hillson

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.

Risk Doctor

Why risks turn into surprises

Hillson

Some future uncertainties seem to be unforeseeable. There are four reasons why it is not possible to identify all risks in advance.

Risk Doctor

Innovative risk management

Hillson

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!

Risk Doctor

Zero chance of a zero risk project

Hillson

Risky characteristics are built into the nature of all projects and cannot be removed without changing the project.

Risk Doctor

Why risk includes opportunity

Hillson

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.

Risk Doctor

Proving the value of risk management

Hillson

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?

Risk Doctor

Working backwards to opportunities

Hillson

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.”

Risk Doctor

Risk management lessons from the Great Escape

Kozak-Holland

For the escape committeee, qualitative
and quantitative risk analysis became a daily
routine, along with risk response planning, and the monitoring and controlling of risk.

Project Manager Today magazine

If risk management is good for us, why don’t we do it?

Murray-Webster and Simon

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.

Lucidus consulting

Make it exciting not boring...

Murray-Webster and Simon

Good risk management requires open, creative minds, not closed ‘handle-turning’ behaviours.

Lucidus consulting

One size does not fit all...

Murray-Webster and Simon

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.

Lucidus consulting

Always look on the bright side of life?

Murray-Webster and Simon

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.

Lucidus consulting

Risk management reconceived.

Murray-Webster, Pellegrinelli and Simon

A potentially better way for investment in risk management to add value.

Lucidus consulting

Risk managers – the case of unsung heroes.

Murray-Webster, Pellegrinelli and Simon

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.

Lucidus consulting

Black swan risks

Weaver

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.

Mosaic Project Services

 

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Documents

All documents are provided by Praxis unless otherwise stated.

Title

Notes

Provided by

Capability checklist

An infographic showing some of the key steps at capability levels 1 to 3

 

Risk management plan

Document description

 

Risk management plan (MS Word)

Blank template

 

Risk management plan (MS Word)

Template with annotations – useful for initial notes on content.

 

Risk register

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

 

 

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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 plan responses to project risks

UKNOS1

PDF; 6 pages

Two sample competency definitions from the UK National Occupational Standards (NOS). For more examples search for 'project risk' here

Monitor and review project risks

PDF; 6 pages

Managing project risk

FME2

PDF; 39 pages

An introductory guide to managing risk.

Risk management basics

The PM Channel4

Video; 4 mins 25 secs

A high level overview of risk management by Dr. David Hillson many of whose articles appear above.

The risk package

The PM Channel4

Video; 4 mins 44 secs

Michel Thiry introduces the concept of the risk package as a means of ensuring that risk responses are implemented. He also describes the concept of the aggregated risk.

Managing risk across the Olympic programme

20123

PDF; 2 pages

An overview of how risk was managed and goverened for the London Olympics

 

  1. UK National Occupational Standards
  2. Free management ebooks
  3. Learning legacy - lessons learned from London 2012
  4. The PM Channel

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Worked examples

All examples are provided by Praxis unless otherwise stated.

Title

Notes

Provided by

Threat responses

This example demonstrates how to identify types of threat response and the effect they have on probability and impact.

 

Opportunity responses

This example demonstrates how to identify types of opportunity response.

 

 

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3rd November 2014'The human side of risk management' article added
4th December 2014Additional articles from Hillson and Kozak-Holland

Risk management

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