Managing Risk – Part 2
Risk involves some form of estimation, as Flyvberg has shown, the best estimates are based on past, factual reference data, but for most projects that’s hard to obtain and so project managers are left...
View ArticleManaging Risk – Part 3
photo: Paul Belson (via Flickr) One of the reasons risk management goes wrong is a psychological phenomenon called anchoring. Anchoring means that once an idea is out there (such as estimate of when a...
View ArticleManaging Risk – Part 4
photo: Ian Britton (via Flickr) The previous 3 posts on risk management have focused on understanding risk. The next step, and the primary purpose of risk management is mitigation. For each risk that...
View ArticleWhich Are The Most Popular Risk Management Techniques?
This detailed survey of Israeli project managers, looks at the tools/techniques being used to manage risk from a list of 38 tools/techniques. It goes into a lot of statistical detail, but provides a...
View ArticleWinning The Lottery And Speed Skating – Outcomes vs. Process
It’s important, but hard, to separate good process from good outcomes. Often it’s assumed that any good outcome, must reflect a good process and vice versa. But in risky situations this approach could...
View ArticleFixing Mistakes Early
Nice chart based on Barry Boehm’s book on Software Economics, shows us the value of fixing problems early in projects, the costs of fixing problems at least doubles at each stage of the process, and...
View ArticleBook Review – Exploring Requirements – Quality Before Design
Exploring Requirements by Donald C. Gause and Gerald M. Weinberg is a very good basic text on the requirements process. It’s been available for some time, but only came out in paperback earlier this...
View ArticleAgile – Adapt And Little Bets
The current Zeitgeist in a lot of business writing seems essentially to favor agile thinking. Peter Sims recent book Little Bets and Tim Harford’s book Adapt both go in this direction. Both authors...
View ArticleVIDEO – The Danger of Trusting Experts
Interesting talk from Noreena Hertz on the dangers of trusting experts, and the implications for how our brains work and decision making. When I watch the video I think of the estimation processes for...
View ArticleThe Risks of Risk Management
What could be a more effective risk management practice than wearing a seat belt when driving? Surely that sort of improvement benefits everyone? Actually, economists have shown that it’s not that...
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