Facing Risk in Uncertain Times

Facing Risk in Uncertain Times

Risk Management
Hey, it's Mike from PM Workshops. If you're like me, you're sitting at home kind of wondering what's going on and what the future's going to look like, and there's just a high degree of uncertainty. So for today, we're going to talk about is risk management in these uncertain times.  Now is a tough time for all of us, even those of us who have avoided the contagion. Our friends, families, and colleagues are affected in one way or another by this medical crisis however history has shown that these crises can also be learning experiences plus they also generate creativity and new approaches to business as usual but how can we think about the future or even the next steps when there's so much uncertainty?   The answer…
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Project Management Change versus Risk

Project Management Change versus Risk

Project Management, Risk Management
Change and Risk are similar in the sense that they both deal with uncertainty. In other words, they are both unknowns, which may or may not occur, and they can both have negative and positive impacts on a project. So how do we distinguish them?   In the simplest of terms, “risks” can and usually are identified at the beginning of a project, as well as throughout the project, as soon as any potential new risks are identified. However, “change” is unanticipated and, therefore, poses its own unique set of challenges. Whereas a risk, which you identified early in the project cycle, can be addressed through some sort of strategic response (mitigation, transfer, etc.) and monitored through pre-determined triggers, a “change” will occur spontaneously and needs to be addressed as…
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Managing Risk Decreases Stress

Managing Risk Decreases Stress

Risk Management
If you are like me, the chances are that most of your stress, the stuff that makes you lose sleep, are things that might happen, but have not yet done so. Sure, there are plenty of ideas on hand to stress us out, but uncertainty and fear of the unknown are usually at the top of the list for most people. Questions such as - ¨will my project fails altogether?”, “will I lose that key client I need?”, “will I go over budget on this project?” and so on. The above and many other questions that go through our minds are ¨risks.” However, so are “positive” uncertainties. Since all is going well on my current project, chances (probability) are high that I will get more work from this client.” More…
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Risk Management is part of everyday life…

Risk Management is part of everyday life…

Risk Management
Whenever I run a project management course or workshop, I always tell people that “Risk Management” is my favorite topic. Unfortunately, I usually do not have the time to explain this clearly, since risk management is just one in a series of knowledge areas critical to any project. Also, my attachment to risk management is personal, but the courses I teach are professional in nature. So why do I find Risk Management so attractive or interesting? Because 1) risk is nothing more than “uncertainty,” which is what we need to deal with on a daily basis; and 2) risk can be an opportunity (positive) as well as a threat (negative risk.) Therefore, in any given situation, we can temper the negative with the positive and, strive for a balance. To…
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