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Mike Clayton

Risk Happen. Managing risk and avoiding failure in buisness projects

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  • Yulia Ogorodnikovahas quoted5 years ago
    The six fundamental strategies for managing project risk are:
    · Remove the risk
    · Reduce likelihood
    · Reduce impact
    · Contingency plan
    · Transfer risk
    · Accept the risk
  • Yulia Ogorodnikovahas quoted5 years ago
    Some methodologies offer you a predetermined set of “causes”. In the manufacturing sector, the 5M approach uses machinery, manpower, materials, methods and money. The McKinsey 7S model offers strategy, systems, staff, skills, style, shared values and structure. PESTLE analysis focuses on political, economic, social, technology, legal and environmental factors.
  • Yulia Ogorodnikovahas quoted5 years ago
    A RACI chart is a useful tool for tracking stakeholders and recording how they will interact with elements of your scope.
  • Yulia Ogorodnikovahas quoted5 years ago
    Since you cannot please all of your stakeholders all of the time, determining your scope must involve negotiation. As with all negotiations, you will need to assess your stakeholders, evaluate their needs, and make decisions about who to please and who to disappoint.
  • Yulia Ogorodnikovahas quoted5 years ago
    Scope is most easily represented by a boundary. Everything inside this boundary is “in scope” – this is the project’s task and the project manager’s responsibility. Everything outside the boundary is “out of scope”.
  • Yulia Ogorodnikovahas quoted5 years ago
    Time, cost and quality form the project management Time-Cost-Quality Triangle.
  • Yulia Ogorodnikovahas quoted5 years ago
    Project risk can be defined as uncertainty that can affect outcomes, so your first step in reducing risk is to remove uncertainty. In the earliest stages of your project, start by working hard to remove uncertainty about your project’s goal and objectives by consulting widely, then defining and documenting them as clearly and unambiguously as you can.
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