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Many people think that risk management is only relevant to major organizations with big budgets who run mega-projects or who work in a regulated or safety-critical industry sector. Those of us who own or manage a small-to-medium-sized enterprise (SME) might …
A few months ago, my wife and I were on a sunrise game drive in South Africa. None of the animals seemed to be awake yet, and all was quiet. I sat on the edge of the vehicle, my camera …
Everyone agrees that the world is risky and that risk management is important. But where did risk management come from, and where is it going? When and how did we learn that managing risk was an essential life skill? And …
Since the dawn of time, mankind has used myths to make sense of the uncertainty that surrounds us. More recently, in the world of business and projects, risk management has performed the same role. Unfortunately, myths have also grown up …
Current risk management standards and guidelines use broad definitions of “risk” that encompass both threat and opportunity, but many people still find it difficult to understand why “opportunity” is included in the definition. And without understanding the reasons, there is …
The ability to manage risk effectively is recognized as an important contributor to business success, which is why it has become an essential part of the manager’s toolkit. Risk-based thinking is permeating the boardroom and discussions within executive committees as …
The novice project manager might be worried to learn that her project contains risk. Surely risk is “A Bad Thing,” and it would be better if her project had none? But her more experienced colleague would explain that there are …
The purpose of risk management is obviously to manage risks. But one of the most common failings in the risk management process is for the risk identification step to identify things that are not risks. If this early stage of …
Welcome to 2018! In many languages the month January is named after Janus the two-faced Roman god of doorways, and the start of a new year is traditionally a time for review, looking back at the past 12 months and …
Most project managers understand that stakeholders possess and exercise various forms of power in the context of a project. The position adopted by stakeholders is likely to have a significant effect on whether or not a project succeeds, and stakeholders …
Everyone knows that “business hates uncertainty.” Uncertainty poses clear threats to business, but it also contains significant opportunities. Sources of uncertainty must be understood so that these threats and opportunities can be effectively managed, allowing us to avoid and minimize …
Plato is quoted as saying that “The problem with the future is that more things might happen than will happen.” Or as Pliny said, “The only certainty is that there is nothing certain.” Nowhere is this more evident than in …