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Stakeholder Risk Tolerance
Managing the inherent risk associated with undertaking any project, anywhere, in any industry is a critical organisational capability. Within the organisations overall Project Delivery Capability (PDC)...
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Managing risk
One of the most overlooked processes for effectively managing the day-to-day uncertainty that is the reality for every single project, everywhere, all of the time, is an effective performance...
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Real Risk Management
Are risk management and gambling are two side of the same coin? Both involve investing in an attempt to tip the outcome of future events in your favour so you are better off. The similarities between...
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The flaw of averages
The flaw of averages defined in a book of the same name by Sam L. Savage, states in effect, any plan based on average assumptions is wrong on average! http://www.flawofaverages.com/ However, every...
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Averaging the Power of Portfolios
The interaction between dependent or connected risk and independent risk is interesting and will significantly change the overall probability of success or failure of an endeavour or organisation. As...
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Stakeholders and Risk
Probably the biggest single challenge in stakeholder communication is dealing with risk – I have touched on this subject a few times recently because it is so important at all levels of communication....
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Value is created by embracing risk effectively
The latest briefing from the real ‘Risk Doctor’, Dr David Hillson #75: RESOLVING COBB’S PARADOX? starts with the proposition: When Martin Cobb was CIO for the Secretariat of the Treasury Board of...
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A Technical question for the risk experts??
Three schedule activities of 10 days duration each need to be complete before their outputs can be integrated. Activity 1 & 2 both have a 90% probability of achieving the estimated duration of 10...
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What’s the Probability??
The solution to this question is simple but complex…. There is a 1 in 10 chance the ‘Go Live’ date will be delayed by Project 1 There is a 1 in 10 chance the ‘Go Live’ date will be delayed by Project 2...
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Be careful what you govern for!
Governance is an interesting and subtle process which is not helped by confusing governance with management or organisational maturity. A recent discussion in PM World Journal on the subject of...
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The Schedule Compliance Risk Assessment Methodology (SCRAM)
SCRAM is an approach for identifying risks to compliance with the program schedule, it is the result of a collaborative effort between Adrian Pitman from the Australian Department of Defence, Angela...
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Making Sense of Schedule Risk Analysis – Free Event
Mosaic Project Services is pleased to be supporting a free AIPM Project Controls SIG (PC-SIG) meeting to be held at The Water Rat Hotel, 256 Moray Street, South Melbourne VIC, 3205:...
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Dealing with client delay
Preventing or minimising client induced delay is a common issue from small ‘agile’ IT developments through to multi-$billion mega projects. Whilst this type of delay can never be completely...
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Extreme Risk Taking is Genetic……
A recent 2014 scientific study, Going to Extremes – The Darwin Awards: sex differences in idiotic behaviour highlights the need for gender diversity. The class of risk studied in this report is the...
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Project Risk Management – how reliable is old data?
One of the key underpinnings of risk management is reliable data to base probabilistic estimates of what may happen in the future. The importance of understanding the reliability of the data being...
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The language used to define risks can contribute to failure.
If a risk is going to be adequately managed, it needs to be defined. Failing to describe the actual risk (or risks) will almost inevitably lead to project failure and will frequently exacerbate the...
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Risk management handbook published
The Risk Management Handbook edited by Dr. David Hillson (the ‘risk doctor’) is a practical guide to managing the multiple dimensions of risk in modern projects and business. We contributed Chapter...
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The reference case for management reserves
Risk management and Earned Value practitioners, and a range of standards, advocate the inclusion of contingencies in the project baseline to compensate for defined risk events. The contingency may...
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Probability -v- luck. Should we give up our day-job?
Based on a successful day at the races, 5 winners and one place from 8 bets, this article looks at the balance between luck and process in achieving the result. Our conclusion is that you should not...
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Contingencies are not a soft option!
Knowing what a project is really likely to cost is important from every perspective: personal, professional, and organizational. But developing a realistic and achievable cost estimate has two...
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