ITTO’s

An easy way to Plan your Quantitative Risk Analysis!!!

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The magazine “PM Network” that was published in October 2017, has a very interesting article with the title “Don’t Gamble with Uncertainty” by Antonio Sturiale, PMP; Lidia Chicca; and Sergio Gerosa.

Immagine correlata

The article deals with the use of Monte Carlo in Quantitative Risk Analysis and you can enjoy the article below:

Monte Carlo in Quantitative Analysis

Moreover, you can see how you can easily produce a Tornado Diagram through Sensitivity Analysis in the following video:

Read how you can apply the above to your company through Consulting Workshops of Human Asset:

a. Coffee Island Company- A true Case Study of Risk Management

b. Risk Management Workshop for the Executive MBA 2nd year students of Sheffield University!

Ref: PM Network magazine, October 2017, p. 30-31

Note: “PMI”, “PMP”, PMI Today and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.

Scope Creep and Risks deriving from it, an Army Case Study

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Hello to everyone,

     Scope Creep is one of the biggest sources of Risks during a project. According to PMBOK pg. 137, the definition of Scope Creep is “The uncontrolled expansion to product or project scope without adjustments to time, cost and resources”.

So watch the below video from the movie “The Pentagon Wars” and see how the Scope Creep is evolving through meetings with internal Stakeholders and what is the results to the product and the end users (soldiers). The question is “Isn’t also fault of the Project manager that didn’t explained to the 3 internal stakeholders the result of Scope Creep in time, cost and quality?”

But the above is not happening only in Army Projects, also in private sector you are dealing with same situations when you talk to superiors! Just remember the below former post of my blog:

If you want to learn more about “Risk Management”, get informed for our new Risk Management courses (in class or online) at:

Fourtounas Athanasios, at.fourtounas@gmail.com ή +306946003220 (Trainer)

Also read what our participants have comment after the seminars.

athens-nov-2015-6Εξ αποστάσεως Μαρ 16

3. Επιτυχίες RMP για 2014-2016

Note: “PMI”, “PMP”, and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.

Cultural Crossroads: How Risk is connected with Communication & Stakeholders Management

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Hello to everyone my friends,

In the “PM Network” magazine of March 2016 (pages 58-65) there is an interesting article about the connection of Risk Management with proper Communication and Stakeholder Management in projects.

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I am quoting from the article:

” China also has invested heavily in the Middle East, funding major energy and real estate endeavors in Saudi Arabia, the United Arab Emirates and Iraq. Because this region relies heavily on immigrant labor—more than 30 percent of the Saudi population is made up of immigrants—China often leverages cheap local labor for these initiatives. That means the funding, management and labor might come from three very different cultures.

PM Network March 16

A Western project manager might very well have a mostly Indian workforce on a Chinese-funded project on the Arabian Peninsula(!!!). Managing that diversity requires a clear communication strategy, says Tom Neill Tanoos, a contract project controller and project account manager, Alcoa, Mission Viejo, California, USA. Mr. Tanoos, who has worked on Chinese-funded projects in Taiwan, Russia and across South America, used professional translators when necessary to ensure that the entire project team was on the same page. This helped team members across cultures clearly understand their roles and what was expected of them. He also stressed that the policies and procedures established in the project charter applied to everyone equally, regardless of their nationality.”

Get informed for our new Risk Management courses (in class or online) at:

Fourtounas Athanasios, at.fourtounas@gmail.com ή +306946003220 (Trainer)

Also read what our participants have comment after the seminars.

athens-nov-2015-6Εξ αποστάσεως Μαρ 16

3. Επιτυχίες RMP για 2014-2016

Note: “PMI”, “PMP”, and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.

 

Risk Reviews and Risk Audits. What is the difference?

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Control Risk is one of the most challenging Risk process areas during the PMI-RMP exam. During my PMI-RMP classes, I am often asked to provide extra explanations about the usage of tools of Control Risk and especially about the difference between Risk Reviews and Risk Audits. Also, a lot of exam questions  are dealing with that tools according to the lessons learned of the participants.

A good friend and respectful Risk Manager Miss Neetu Verm (Management Consultant and Corporate Trainer) posted a great article about how to understand the difference between this 2 tools, check it in the following link:

Risk Reviews and Risk Audits – Do we understand the difference?

Get informed for our new courses at:

Εξ αποστάσεως Μαρ 16 (2)nov-15-21

3. Επιτυχίες RMP για 2014-2016

Sources:

a. PMBOK & Practice Standard for Risk Management by PMI.org

b. Neetu Verma, MBA,PMP®,PMI-ACP®,PMI-RMP®

Note: “PMI”, “PMP”, and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.

8 Ways to Improve Your Risk Management

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Hello to everyone,

below you can find 8 reasons why project risk management becomes ineffective and what you can do to gain better results.

  1. Failure to identify risks early. Some project managers wait until things are out of control before they exercise risk management. Identify and evaluate risks early in new projects.
  2. Failure to focus on the risks that matter. Some project managers start their projects with gusto. Their risk list is longer than War and Peace. However, no one knows which risks matter. When project managers fail to evaluate and prioritize risks, team members become overwhelmed and fail to take action. Be sure to prioritize the risks.
  3. Failure to involve high-power / high-interest stakeholders.Powerful stakeholders have a way of showing up late in the game and disrupting project flow. These people have no evil intent. Once they discover the project, they seek to minimize impact to their interests. Identify, engage, and communicate with key stakeholders early and consistently.
  4. Failure to capture risks in a consistent format. Have you ever looked at a risk register and found yourself frustrated? That’s usually because the risk descriptions are inconsistent. Use this simple syntax: Cause -> Risk -> Effect.

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5. Failure to evaluate whether the risk responses are effective. Until we take action to manage risks, nothing else matters. Once we respond, we must evaluate the effectiveness of our actions. Are we getting the results expected? Evaluate responses and tweak the response plans as needed.

6. Failure to engage risk owners. Some project managers try to own ALL the risks. For example, a project manager with no information technology background may address software development risks. Identify and recruit risk owners who have the ability to develop and execute effective risk response plans.

7. Failure to make risks specific. Risk statements are often vague (e.g., we may lose business). As a result, no one understands the root issues. Try digging deeper by asking, “Why?” Each time you receive a response, ask why again until you discover the root cause. Then rewrite the risk statements with greater specificity.

8. Failure to focus on the objectives. Team members can drift in their conversations concerning risks. Individuals sometimes jump from one topic to another and lose sight of the original goal – to identify and manage risks. Ask team members and other stakeholders to keep their focus on the project objectives and related risks.

Source: http://projectriskcoach.com/

Note: “PMI”, “PMP”, and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.

HR Benefits and Risks

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Hello to everyone,

RUBICON MEDIA just issued the “HR Benefits and Risks Report”.

 

Εικόνα20

Inside you can find a lot of interesting materials and Case Studies!!!

You can download it below and its worth reading it:

HR Benefits and Risks Report

Also for the Greek readers do not forget our great offer:

Μεγάλη Εκπτωτική Προσφορά!!!

and also our new seminars:

Risk Management Seminars of Human Asset

Enjoy!!!

* PMP, PMI, PMI-RMP and PMBOK Guide are registered trademarks of Project Management Institute, Inc

About “Delphi Method”, a tool for Risk Management!

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A good friend and colleague of mine, posted a  useful article about  the “Delphi Method” which a very useful tool for a number of processes for Risk Management.


oracle-delphi

Click on the below links to read it:

https://analysights.wordpress.com/2011/02/17/forecast-friday-topic-the-delphi-method/

or

https://iliaskatsagounos.wordpress.com/2016/01/24/the-delphi-method-insight-central/

Don’t forget our new courses at:

https://humanassetrm.wordpress.com/2016/01/12/%CE%BD%CE%AD%CE%B1-%CF%83%CE%B5%CE%BC%CE%B9%CE%BD%CE%AC%CF%81%CE%B9%CE%B1-risk-management-in-projects-%CF%83%CE%B5-%CE%B8%CE%B5%CF%83%CF%83%CE%B1%CE%BB%CE%BF%CE%BD%CE%AF%CE%BA%CE%B7-2/

RMP επιτυχίες 2014-2015

* PMP, PMI, PMI-RMP and PMBOK Guide are registered trademarks of Project Management Institute, Inc

Risk Management in Practice: The case of Eiffel Tower

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Hello to everyone. I was reading yesterday night the PM Network magazine of PMI (July 2015) and I spotted a very interesting  article about a project adding wind turbines in the Eiffel Tower. You can read the article below and you can spot that the UGE company who runt the project applied all the PMI risk management theory in practice:

Article about Eiffel Tower project

The scope of the project was to add the below pictured turbines to the Eiffel Tower as a part of a greater green initiative of the French government but the effort had a lot of constrains mentioned in the project charter such as:

a. The towers iconic figure must stay intact.

b. The tourist visiting must not be obscured.

c. No cranes will be used for lifting the turbines because it could damage the 126 years old tower.

Turbines (1)

For a period of 10 months the project team applied all the tools and techniques of Risk Management that are mentioned in the chapter 11 of PMBOK in order to deliver the project on time, on cost and in full scope. Also they manage to achieve, through proper Risk Management, a 100% integration of all the knowledge areas of  Project Management as you can read at the article. All the solutions to the project constrains and during the executions were dealt with a proactive Risk Management approach during the Identify Risk process so the project team has identify early all the opportunities and threats.

For example the project team identified the opportunity that specialized local technical teams were available at Paris that had a lot of experience from the maintenance of the tower so hiring them as SMEs would save time and prevent time creep and accidents.

Personnel

One of the threats that was identified and dealt successfully was that because all the work had to be done during the night and after the closure of the tower, this night work was obviously more expensive and time consuming. So the risk team worked smoothly with the cost and schedule teams in order to built a realistic cost and time management  plants with the proper contingency reserves in order not to have time delays and cost overruns.

The project manager, Mr Gromadzki from UGE, said at the end of the article that “At the end the team delivered everything the stakeholders required while staying within project constrains. The project execution happened exactly how it was planned!!!”

Enjoy reading the article and for more information about the specific project see the below links:

For the Greek readers, you can find information about our “Risk Management” seminars for 2016 in Thessaloniki and Athens at:

or at

Athens Nov 2015Athens Nov 2015 (6)Εικόνα3

The seminars are providing 20 PDUs and there are special offers for participants that had attend in a previous seminar of Human Asset.

RMP επιτυχίες 2014-2015

* PMP, PMI, PMI-RMP and PMBOK Guide are registered trademarks of Project Management Institute, Inc

 

 

Understand Sensitivity Analysis through Tornado Diagrams

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A lot of my PMI-RMP students ask me a number of questions regarding Sensitivity Analysis of Risks through Tornado Diagrams during Quantitative Risk Analysis.

After my explanations, I am advising them to watch the video of the following link:

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In a few minutes you understand everything!

Also, in the following link get informed about the opportunity you have to take a pre-exam test for your PMI certification for only $30:

https://humanassetrm.wordpress.com/2015/06/15/pmi-rmp-test-drive-at-prometric/

Get informed for the new Risk Seminars of Human Asset at:

Εικόνα2

or at the following link about the completion of the 6th RMP in-class seminar in Athens:

http://www.humanasset.gr/%CE%BC%CE%B5-%CE%BC%CE%B5%CE%B3%CE%AC%CE%BB%CE%B7-%CE%B5%CF%80%CE%B9%CF%84%CF%85%CF%87%CE%AF%CE%B1-%CE%BF%CE%BB%CE%BF%CE%BA%CE%BB%CE%B7%CF%81%CF%8E%CE%B8%CE%B7%CE%BA%CE%B5-%CF%84%CE%BF-pmi-rmp-p/

And the opinions of our participants:

http://www.humanasset.gr/?portfolio=risk-management-professional-pmi-rmp-prep-%CE%B5%CE%AF%CF%80%CE%B1%CE%BD-%CE%B3%CE%B9%CE%B1-%CF%84%CE%BF-%CF%80%CF%81%CF%8C%CE%B3%CF%81%CE%B1%CE%BC%CE%BC%CE%B1

Επιτυχίες στο Risk Management

Note: “PMI”, “PMP”, and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.

Correlation in Schedule Risk

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A good friend and collegue of mine, posted a  useful article about Risk Management and Correlation in Schedule Risk.

Click on the below link to read it:

https://iliaskatsagounos.wordpress.com/2015/07/08/correlation-in-schedule-risk/

Don’t forget our new courses at:

https://humanassetrm.wordpress.com/2015/09/11/risk-management-new-courses/

Επιτυχίες στο Risk Management

Enjoy!!!

 

Note: “PMI”, “PMP”, and “PMBOK Guide” are registered marks of the Project Management Institute, Inc.