The magazine “PMI today” that was published in July 2017, has a very interesting article with the title “Different generations require different approaches” by Mrs. Terri Knudson. The article deals with the fact that the workforce of a company in nowadays is composed of 4 different generations: Baby boomers, Generation X, Millennials and Generation Z!
The article starts with the fact that: “One of the trends affecting project teams right now is the changing generations in the workforce. Baby boomers are retiring, millennials will soon be the largest percentage of the workforce and Generation Z is just coming on the scene” and explores the Risks that are arising from that as well as potential responses!
So you can read about:
a. Different working styles & cultures and how you can deal with them (ex. Baby boomers are “live to work” while Millennials are “work to live”)
b. The proper Leadership style and motivators for each generation!
c. How you can compose all these generations into a project team!
d. How each generation reacts to change and to training challenges
e. and many more…..
Enjoy the article below:
Ref: PMI Today magazine, July 2017, p. 3-6
Note: “PMI”, “PMP”, PMI Today and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.
read below 3 cases of Risk Takers who didn’t apply Risk Management procedures and the results where disasterous!!!
but also one that got lucky and faced a Black Swan Opportunity:
Enjoy your Sunday!!!!
On September 2017, Mrs Katherine Heires published a great article about ” The Psychology of Risk” in the Risk Management Magazine
In her article, she is pointing out many interesting points like:
- Every single risk management disaster in the last 15 years, including financial disasters, has had psychological issues at the root. Whether it’s an earthquake, natural catastrophe or a financial disaster, it is often compounded by our psychological imperfections.
- How a lack of pre-crisis training and preparation may exacerbate risk and cause unnecessary errors during times of stress and uncertainty.
- Pre-crisis training that takes psychological factors into account makes a notable difference. When we are able to rehearse for risks, we develop the kinds of muscle memory to enact a positive response more quickly and efficiently.
- Recognizing the importance of psychology in risk training starts with understanding that humans are hardwired to avoid threats in their surroundings at all costs and that the traditional “fight or flight” response is one of the most primal instincts.
- A growing number of psychologists and business continuity advisers favor the use of Risk training, games and crisis simulations—either offline or online—to help retrain the brain to have positive and constructive responses during a crisis.
So enjoy the article in the below link:
Thank very much Katherine for the knowledge you shared with us.
A combination of market volatility, political turmoil and innovative tech has upended the global economic landscape and disrupted long-standing business models. Most C-suite executives believe the magnitude and severity of risks was greater in 2017 than it has been in previous years, according to a report by Protiviti and North Carolina State University’s Poole College of Management. You can download the report through this link https://erm.ncsu.edu/library/article/2018-top-risks-report-executive-perspectives-on-top-risks-for-2018
Board members and executives are concerned about the rapid pace of technological developments and disruptive innovation, according to the results of the sixth annual Executive Perspectives on Top Risks for 2018, conducted by NC State’s Enterprise Risk Management (ERM) Initiative in partnership with Protiviti. According to this report the Top 5 Risks that are keeping project owners awake at night are:
1. Economic concerns:
Seventy-two percent of executives ranked international and domestic economic conditions as a significant risk, making it the leading concern for 2017.
2. Regulatory changes:
Sixty-six percent of executives rated regulatory change and heightened regulatory scrutiny as having a significant impact on their organizations. For longterm projects that must adhere to specific regulations, these changes can directly impact the cost and viability of project plans. It’s the first time in five years this wasn’t the top concern.
Concerns about cyberattacks rank among the top five risks for all sizes of companies surveyed. This is particularly concerning for IT project leaders, who must balance innovation and ease of use with the need for protecting data from security breaches.
4. Speed of innovation:
The rapid rate of innovation is a growing concern: 2017 is the first year this risk has ranked among the top five. This is particularly challenging for
project teams that base their ROI on being first to market with a new innovation.
5. Identity protection:
A spike in data breaches has put privacy and identity theft on the top five list for the second year in a row.
Moreover, Project Management Institute in “PM NETWORK Magagine” of July 2017, published a very interesting article about Uncertainty in our times:
Adding more to the above, in a post-Brexit world, companies in the United Kingdom will need to consider new risks across their project portfolios, says John Greenwood, PMP, founder of Grand Unified Consulting in Southampton, England.
If separation from the European Union hinders the availability and mobility of talent from other nations, for instance, that could make it difficult to staff big projects within currently estimated timescales and costs. Plus, new import and export rules could lead to new tariffs and additional time spent clearing customs regulations related to securing or delivering equipment and materials. If you want to explore more about Brexit Risks then download Deloitte Report from the following link:
So for me, “Uncertainty is the new normal for 2018!!!!”
a. PM Network magazine, July 2017 by PMI
b. Deloitte Report, The risks and opportunities of BREXIT
c. Risks report by Protiviti and North Carolina State University’s Poole College of Management
In 2016, more than half of the world’s 7.4 billion people lived in urban areas, according to the U.S. Census Bureau. By 2030, 1 in 3 people will live in cities, a 2016 United Nations report says.
Developing Brownfield sites in cities offers a promising solution. According to Wikipedia, “Brownfield land is an Anglo-American term used in urban planning to describe, in Western Europe, any previously developed land that is not currently in use, whether contaminated or not”.
By transforming unused industrial locations (Brownfield sites), ranging from former shipyards to abandoned smelting facilities, project teams can help deliver thriving new mixed-use neighborhoods with condos, retail, office space and community gardens. Breathing new life into plots with checkered pasts helps cities meet growing housing demands—without sacrificing precious green spaces.
Lets see what are the Threats of these projects: Brownfield redevelopment projects often require teams to grapple with a variety of risks related to environmental remediation, regulatory requirements and varied stakeholder groups. Those groups include government agencies and an array of contractors— each responsible for a different aspect of the project. However, these redevelopment projects often come with controversy. Brownfield sites can be tainted with toxins left by their former owners, which can make transformations a risky endeavor. If the contamination isn’t well understood, skyrocketing remediation costs can explode project budgets. And if the community isn’t convinced that the cleanup will get the job done, protests can delay or doom development.
On the other hand there are a number of Opportunities focused on the benefits Brownfield projects and tese opportunities ultimately will deliver—things like revenues, jobs, new property taxes and blight elimination. For instance, abandoned industrial sites might already have power, water and other urban infrastructure systems in place, which cuts projects costs. Plus, planning commissions are often eager to support projects that will reduce blight and generate new tax revenues.
A very crusial element in Brownfield projects is the management/engagement of key stakeholders—such as the municipality, environmental regulators and community groups—to make sure everyone is aligned on the project’s goals and final deliverables. Keeping Brownfield redevelopment projects on track requires creating a clear multi-stakeholder communication and implementation plan from the start. Communicating the positive benefits the project will deliver to the community can help bolster public support.
Below, you can read a number of Case Studies regarding Brownfield sites projects:
Case study 1: Barangaroo Delivery Authority project
Barangaroo Delivery Authority in Sydney, Australia. The Authority is leading a AU$6 billion, 22-hectare (54-acre) project to transform a former container wharf into a commercial, residential, retail and recreation destination on Sydney’s waterfront. The Barangaroo site was previously home to various industrial facilities, and part of the
site contains contaminants, such as coal tar and asbestos, that need to be removed.
These types of health and safety issues can create public concern, but Mr. Greenrod and his team have won over neighbors and other stakeholders by showcasing how cleanup of the site will benefit future generations. For example, Barangaroo aims to be the first urban community of its size to be “climate positive”—meaning it has no net greenhouse
gas emissions associated with energy, waste and transportation.
“Our project plan includes goals to be carbon neutral, water positive, generate zero waste and enhance the well-being of the community,” Mr. Greenrod says.
Read more in:
Case study 2: Battersea Power Station in London (pdf file)
The Battersea Power Station is a London landmark. Resting on the banks of the River Thames, the 80-year-old, decommissioned coal plant is one of the largest brick buildings in the world. The 42-acre (17-hectare) site in southwest London, England has been abandoned since 1983—and it’s crumbling. Massive concrete towers are rotting from years of corrosive coal smoke and need to be completely rebuilt. The brick and steel structure needs significant repairs. But given the building’s status as a historic world monument, it can’t be demolished. “It is an expensive beast to refurbish. Previous
developers didn’t have the land mass to make the project cost feasible,” says Mike Grice, the Londonbased chief construction officer of Battersea Power Station Development Company.
Read more in: Battersea Power Station in London
Case study 3: Riverline Development project in Chicago, Illinois (pdf file)
A prime chunk of the east bank of the Chicago River, in downtown Chicago, Illinois, USA, has long sat undeveloped, overgrown and littered with garbage. But soon all that will change. The US$1.5 billion Riverline development project promises to transform this
lucrative stretch of land—and could fundamentally change the way the city engages with the river. “Addressing unique site conditions, such as part of the site having historically been where the Chicago River flowed, required upfront testing and careful oversight and coordination with the City of Chicago and regulatory authorities,” Mr. Weeks says. “This is where a lot of preparation and perhaps a bit of luck become important.”
Read more in: Riverline Development project in Chicago
Also, below are some similar Future Projects at the stages of Identify Stakeholders and Development of Risk management Plan
Read: Future Projects
References: PM Network magazine, March 2017
Yesterday, I read a very interesting article by Piotr Kaminski (senior partner in McKinsey’s New York office) and Jeff Schonert (Associate partner senior partner in McKinsey’s). They are writing and analyzing about the “Neglected art of Risk Detection in the Banks Sector”.
In the article you can read a number of interesting topics concerning Risk Management like:
– Assessing control effectiveness
– Probability theory
– False positives and risk management
– Credit collections and portfolio management
– Five actions can improve risk detection significantly
and many more…..
The article starts as below:
“At the core of risk management is risk detection, an art that can be skillfully improved if banks and regulators accept new analytical methods.
The modern risk-management framework generally relies on the “three lines of defense” scheme, with the businesses, control functions, and audit as the first, second, and third line, respectively. The concept borrows from the language of military strategy, in which intelligence plays a key role. For risk management, intelligence means effective detection: to prevent the bank’s reputation, liquidity, and capital position from being harmed, the lines of defense must detect risks early”
My dear collegue, Mr. Harry Hall, has posted the below 2 very interesting articles about “Risk Management Plan”:
I am quoting a part from the first article:
Why is that some project managers have over or undersized risk management plans? First, individuals may be looking for shortcuts. They simply copy someone else’s plan and check a box. Second, others want to impress others with their knowledge by writing plans longer than The Grapes of Wrath.
Want to really make a good impression? Work with your team to develop a risk management plan that is fitting to your project, aids in decision making, and adds value. Document the plan but keep it practical and to-the-point.
So, how can we right-size our plans? The answer in the articles!!!”
a. How to Right-Size Your Risk Management Plan by Harry Hall
b. The Risk Management Plan by Harry Hall