Changes are an inevitable part of project management. They can bring not only opportunities but also risks that may jeopardize the success of the project. Good risk management is essential to ensure that the project stays on course even amidst changes. In this blog, we share some practical tips for improving risk management.
This is what you've been waiting for! Thinking Portfolio User Day will once again gather a full house of portfolio management enthusiasts in Helsinki Musiikkitalo.
Unveiling the Power of Kaizen in Elevating Your Risk Management Efforts Risk management isn't just about identifying and mitigating potential pitfalls; it's also about nurturing a culture of resilience and constant improvement. Embracing the principles of Kaizen in your risk management process can be a game-changer. By implementing Key Performance Indicators (KPIs) inspired by Kaizen, you not only ensure effective risk management but also foster a dynamic environment of continuous growth. In this blog, we'll ...
QOCO Systems has two Thinking Portfolio’s portfolio models in use: Project and Risk Portfolio. Implementation of the portfolios was effortless and now risks, projects and resources are all managed in the same tool. The aviation industry has strict requirements for risk management QOCO Systems Oy is an ICT supplier company in the aviation industry. Risk management, standards and regulations are a key part of business operations in the aviation industry, says Laura Auhto-Savolainen, who is ...
Orion introduced the Thinking Portfolio Risk Portfolio to harmonise the risk management process and risk assessment and reporting. Today, the Risk Portfolio manages and monitors hundreds of risks from different business areas and functions. One hundred users get a unified view of Orion's risk situation from the portfolio Kari-Pekka Mäkelä, who is responsible for Orion's risk management process, says that before the introduction of Thinking Portfolio's Risk Portfolio, Orion's risk monitoring was fragmented and PowerPoints ...
Just like any undertaking in life, projects in the corporate world involve an element of risk. From the start to the end of the project cycle, risks and issues can keep cropping up. If not addressed on time, these can become major bottlenecks in the process, often leading organizations to incur hefty monetary and resource losses.
Whether your business is big or small, there will come a time that you will have to make changes to the existing structure of our business. We can encounter risks every day, and it is a manager’s job to minimize the adverse effects of a bad decision. This means one must proactively look at the pros and cons of the decision about to be made.
Risk management is an integral part of project management. But how do you know if your risk management strategies are actually working?
For the execution of any project, organizations require resources such as people, material, equipment, time, knowledge and skill. But these come at a cost and so no firm has unlimited access to a range of resources. For maximizing profits, it is therefore important to share the available resources judiciously among projects such that all project deadlines are met while quality output is generated. That is why resource management is a critical aspect of any project, especially for efficient financial operations.
Planning for a project requires a lot of decisions to be made on intuition and experience. There are times when shortcomings in the planning phase lead to disruption during execution. There are times when targets of the project are not met. No matter how unfortunate it might seem, when one notices early signs of failure one should terminate the project immediately to prevent further loss of time and resources.
There are times when a manager can achieve the most by bailing out of a project. This does not mean quitting when the going happens to be a tad tougher. People who are productive rarely surrender sans a fight. There could be times, however, when the personnel hit a point where returns start diminishing every passing day. This is the time when further investment in resources could be waste of money. Even big companies flop ...
Risk management is a critical aspect of project management that involves identifying, evaluating and mitigating any potential pitfalls associated with the task at hand. To put it in simpler words, project risk management is all about assessing what risks or hazards might come along during the process of achieving a specified goal and devising ways and procedures of dealing with the inevitable. Lack of proper risk management can lead to a number of issues including ...
A business organization has to manage both business risks and project risks. But there is a significant difference between the two. Let’s try and gain some insights into what distinguishes a business risk from project risk. Business Risks When you talk about risk in the context of business, it could be anything that has the potential of threatening the generation of profits at the predetermined target levels. Business risks could be quite dangerous for the ...
The success of an organization depends upon the quality of project it is able to undertake and deliver successfully on schedule. Sometimes even with the best of efforts and intentions projects get delayed or do not work the way client wants them to resulting in disrepute to organization and team members. So what is the difference between success and failure and what measures should an organization take to complete every project successfully? Both professionally managed ...
We’ve published Project Portfolio Management Playbook – an e-book with over sixty how-to articles on how to succeed in PPM. …