Project risk management is an essential process for organizations to minimize potential losses and ensure the successful completion of projects. The initiation phase is one of the most crucial stages of project risk management. At this stage, organizations must take… Read More »A Comprehensive Guide to Risk Management in the Project Initiation Phase
The topic of risk management is a crucial aspect of any project or business, and different methodologies can be used to identify and manage risks. A comparison of various risk process methodologies is presented in a diagram by Hillson. However,… Read More »‘Black Swan’ and a ‘Perfect Storm’
Project Risk Management is a crucial process that involves a series of procedures aimed at identifying, analyzing, and managing risks throughout a project’s lifecycle. The goal is to minimize the potential negative impact of risks on the project and maximize… Read More »Risk Management: The Art of Transforming Challenges into Opportunities
Risk at the Initiation Phase The initiation phase of a project is a crucial stage where organizations carefully consider the risks involved before deciding whether to proceed. The process involves identifying, assessing, and prioritizing potential risks to the project’s success.… Read More »The Art of Calculated Courage: Embracing Risk Management for Unstoppable Growth
The terms ‘Black Swan’ and ‘Perfect Storm’ are used to describe events that are unexpected and have a significant impact. Black Swan events refer to the reaction that is completely unknown and off the radar of the risk analysis. These… Read More »What is Black Swan and Perfect Storm?
Projects are complex undertakings that require careful planning and management in order to achieve their objectives. According to David Hillson’s book, project risk management has unique characteristics that set it apart from general organizational risk management. These characteristics include the… Read More »Project Risk VS. Organisational Risk
Agile Principles are a helpful set of guiding concepts that can assist project teams in implementing agile projects successfully. These principles can be used to implement agile methodologies in your projects. The principles include being flexible, working closely with customers… Read More »The Agile Principles
The PMI PMBOK® Guide is an important tool that helps individuals manage risk events and overall project risks in a proactive manner, thereby increasing the chances of project success by minimizing threats and maximizing opportunities. Risk is considered a crucial… Read More »PMBOK® Guide and Risk Management
In this article, we will be focusing on two popular methods of managing risk in projects, namely the Australian risk standard AS/NZ ISO 31000:2009 and the PMBOK® Guide approach. As an aspiring project manager, it is crucial to be familiar… Read More »ISO 31000:2009 Risk management
Battery storage of power: What are the positive opportunities and risks? Battery storage technology is rapidly evolving, and the Tesla Powerwall is an excellent example of the latest advancements that can help businesses rethink their energy usage. However, there are… Read More »Case study on risk management: Unlocking business potential through effective risk management.
If you are wondering how well developed are your organization’s risk practices, then the following information might be helpful. To be at Step 5, your organization should have already established various guidelines and policies that cover or include risk management,… Read More »Risk Management: A Transformational Journey Towards Organizational Mastery
Risk management as it is practiced today is a relatively new phenomenon, originating post-1960s. Due to the increasing complexity of organizational structures, globalization, high rates of technical change, and increased specialization of labor, the consequences of poor decisions have become… Read More »Embracing Uncertainty: Navigating the Landscape of Risk Management
Risk is a large language, and I am still developing and constantly learning to improve my risk management skills. After going through my study, I have identified a few ways to enhance my risk management abilities: Comprehensive assessment of risks:… Read More »Assess and improve your risk management approach with newfound confidence.
Project management is an intricate process that requires a lot of attention to detail, particularly when it comes to managing risk. This course will delve into the Australian Standard for Risk Management, AS/NZ ISO 31000:2009, and the PMBOK® Guide approach… Read More »A Practical Risk Management Guide for Achieving Organizational Success
The Pareto Principle, also known as the 80/20 rule, is a widely accepted observation that suggests that roughly 80% of the effects come from 20% of the causes. This principle has been found to be applicable to a wide range… Read More »The Pareto Principle and Its Application in Risk Management