Project management is most frequently associated with the topics of cost, quality, and time. Yet, those three legs of project management are all directly impacted by risk. Risk management is crucial in all projects; whether an opportunity or threat, all risks should be identified and planned to increase the possibility of a successful outcome for …
There are not many “sure things” in the world, but the fact that professional project managers have lost countless hours of sleep worrying about what could go wrong is one of them. Risk management is a robust skillset within project management, such that extensive knowledge of it is needed for the Project Management Institute (PMI) …
Continue reading Introduction to Event and Non-Event Risk on the PMP Exam
Risk is part of any project, of any size, in any industry. The size of risk, and whether it will have a positive or negative impact on the project’s outcome will vary. But there is always risk in any project. Risk Management plans, which include Risk Assessment and Risk Audit activities, are critical tools for …
Economic Shifts due to Covid-19: Risk is Constant Although risk has always been inherent in business, almost no industry was prepared for the global economic impact of Covid-19. March 16, 2020 saw the Dow Jones largest-ever single day fall, and the impact on global stock markets is still not fully known. Now, more than ever …
Continue reading The Biggest Risk is Ignoring Project Risk Management
According to PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide), every project is “a temporary endeavor undertaken to create a unique product, service or result.” It goes on to say, “the end is reached when the project’s objectives have been achieved …”1 Since the endeavor is unique and has, by definition, …
Continue reading How to Apply Risk Management in Your Projects
There is a myriad of reasons why projects fail but they often come down to certain repeatable issues which, left unsolved, will make it next-to-impossible to ever fully succeed. The most common reason why projects fail is because they are not properly managed. There’s a lot of moving parts and essential tasks to be done …
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