Projects at Work

Risk


The Sunk-Cost Fallacy

- by Christopher Cook

Most organizations and leaders have succumbed to the sunk cost fallacy — sticking with a project or team member based on the time and money already invested, even though there is no sign of a turnaround. Being aware of this phenomenon is the first step in making sure ego does not trump rational decision-making.

Sustainability/Risk

- by Karen Chovan

Project managers and organizations need to be mindful of the public stakeholders who might be affected by their initiatives in social, environmental or economic ways. They need to listen to their concerns and prioritize them alongside the potential benefits. This is the intersection of risk management and sustainability, and the cost of not practicing it can be enormous.

Risk Escalation

- by David Hillson

When a risk does not affect project objectives but could still impact another part of the organization, it should be “escalated” to the appropriate owner to ensure that it is recognized, understood and managed. Here is an overview of this key risk response strategy in practice.

Options to Address Project Cost Risk

- by Michael Bissonette

Project costs receive serious scrutiny from executives and stakeholders who use ROI and other financial metrics to judge organizational performance. Here is a checklist of questions to help project leaders and their teams determine the best available options for responding to project cost risks and issues that may arise.

Is Your Project Audit-Ready?

- by Ruth Zive

Project teams in regulated industries must get compliance requirements right — a company’s reputation and legal standing depend on it. Here are eight best practices to help PMOs, product owners and business analysts to better understand complex regulatory environments, interpret rapidly changing regulations, and develop clear, complete requirements.

Match Risk Style to Technique

- by David Hillson

Whether a risk facilitator takes control of a workshop, encourages collaboration or plays a support role, the approach should take into account the risk identification techniques being used by the group. Here is guidance on which style works best with six common risk identification techniques.

Check Assumptions Exercise

- by Beth Spriggs

Assumptions can introduce significant risk to projects. Whether assuming someone is responsible for a task or all implications of a change are understood, they lead to scope creep, delays and outright failure. Use this collaborative spreadsheet as a risk mitigation exercise to uncover assumptions about your initiatives before they do serious damage.

The Risk Facilitator

- by David Hillson

Risk facilitators play a critical role in the risk management process, leading discussions that identify, assess and develop responses. To be effective, facilitators not only understand risk principles and processes but also projects and people. And they are adept at three facilitation styles, knowing when each is most appropriate.

IT Risk in the Digital Age

- by ProjectsatWork.com

In an era of digital transformation with increasing levels of complexity and new threats, organizations must go beyond agility and commit to three risk principles to Increase trust and resilience among people, processes and technologies. Regulatory compliance is not enough, according to Gartner analysts.

Managing the Urgent and Unexpected

- by Cornelius Fichtner, PMP

Sometimes major threats or opportunities create situations in which work is required unexpectedly. Much more than scope changes, these urgent projects require a different approach than typical planning processes, and though they are rare by nature, organizations can still prepare for them, according to Stephen Wearne, award-winning professor and co-author of “Managing the Urgent and Unexpected.” [27:35]

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EVENTS

geoff B: "Good article BUT this is not the sole domain of Agile. Every decent Manager / P…" on 4 Agile Leader Lenses
January 20, 2017

Rose G: "Very helpful reminder that red does not necessarily equal 'bad project manager'.…" on The Color of Projects
January 20, 2017

Cock v: "excellent piece, thanks for sharing" on 4 Agile Leader Lenses
January 20, 2017

geoff B: "C- shows promise but could do much better" on Change Readiness Assessment
January 20, 2017

 

TOP CONTRIBUTORS

Bart Gerardi

Director, Software Development, Audible.com
Bart has been in ecommerce for over 20 years, and can’t imagine a …

Andy Jordan

President, Roffensian Consulting Inc.
Andy Jordan is a well known author and speaker on project management and…

Beth Spriggs

Vice President, Technology, Leadership for Educational Equity
Author of The Project Manager’s Little Book of Cheats. Available o…

Vicki Wrona

President, Forward Momentum, LLC
Vicki Wrona is the founder and President of Forward Momentum, a PMI Regi…

Kathleen O'Connor

I’m a freelance journalist and digital content strategist with 15+…

Aaron Smith

Editorial Director, ProjectsAtWork.com
Aaron has served as the editor of ProjectsAtWork since 2001, leading its…

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