Managing project risk is a critical task for any project manager regardless in agile or traditional project management. Project risk management requires identifying, collating and addressing the risks that can impact the project. This is a continuous process throughout the project lifecycle. We have wrote a range of articles of risk management for you tp deep dive on.
When handling any project, it is crucial to understand that several risks are involved, whether expected or not. In order to safeguard and prepare your projects for success, you need to plan on the risks and threats and determine how to handle them if and when they occur.
The risk process in project management can be applied to any project or product. It helps identify and create appropriate risk responses for the most critical risks.
- Agile Risk Management
- Project Risk Management Concepts
- Project Risk Management Templates
Agile Risk Management
We hand crafted 8 Common Risks in Agile Management & How to Prevent Them. We a created a list of common schedule risks in software development based on work originally done by Boehm and Jones.
Risk overlap from project to project so we have created a list of 27 risk categories for Agile project managers to use. It is a list of common schedule risks in software development based on work originally done by Boehm and Jones. He proposed that the projects risk can be reduced by directly addressing these common risks:
Project Risk Management Concepts
Quantitative risk analysis assists (QRA) in identifying factors impacting individual projects or organizations by applying research methodologies with the purpose of measuring and projecting future conditions. Read more on Quantitative Risk Analysis here.
The success of a project is highly dependent on the ability of the management team to avoid or control exposure to risk. Implementing effective strategies towards the minimizing or eliminating exposure to risk can lead to elimination of unwanted expenses and business continuity. Read more on risk exposure here.
As a project manager, the first task at hand is to deliver the anticipated and promised results while identifying and mitigating risks that could potentially derail those results from rendering successfully. Residual risk can easily be over looked but can have huge knock on effects to a project. Residual Risk Explained here.
Risk Responses in Project Management
Project managers and leaders utilize best practices in risk management in similar ways that they would in any other project. (i.e., marketing, sales, development, operations). In software development, there are four best practices to implement when it comes to completing a project:
Project Risk Management Templates
Risk register template is useful in any project management environment. They are never considered “finalized,” making them a great fit for Agile and other methodologies where circumstances change constantly. They are also ideal for brainstorming, compliance tracking, and keeping your team within scope, even in Waterfall environments or other settings where the pace is more relaxed.
A risk matrix, also known as a Probability and Impact Matrix, is a tool that is best utilized to assist project managers execute a risk evaluation or determine the probability of a potential risk occurring. A risk matrix would be described as “a grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs. This matrix specifies combinations of probability and impact that allow individual project risks to be divided into priority groups”.
Risk Acceptance Template Form
Risk Acceptance is a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs.
A tornado diagram provides an easy way to keep your finger on the pulse of your project, whether you’re looking to launch a new product or service or simply want to achieve a particular project goal. In a nutshell, a simple tornado diagram presents the solution to how best to measure a risk’s sensitivity, but there’s more to tornado plots than this simple definition.
Risk Management Articles