PRC PULSE

The Risk Owner’s Bill of Rights for the Common Man

(No Learning Curve Required)

Good project risk management processes can be the difference between a project going down in flames or being completed early and under budget.  Know your rights and know your risk!

Many of the risk related difficulties encountered by owners could be remedied by having immediate and easy access to the information they need.  Knowing your risk is half of the battle.

  1. Right to visibility at all levels of an organization:  To truly combat risks, an entire organization must be aware of them from top to bottom.  If only a few risk specialists have visibility into the issues, monitoring and responding to risks becomes unwieldy and likely to fail.  Everyone, including the senior management team, should be able to view and analyze risks at both the project and portfolio levels with just a few clicks of the mouse.
  2. Right to simple and easy access: Finding the information you need should be easy.  Don’t spend time compiling information; you need a solution.  Your reports should be both drill down friendly with two mouse clicks or less, and easy to slice and dice.  Having a methodology and tool that prioritizes extreme ease of use, a lack of learning curve and a non-technical interface can only help achieve this goal.  
  3. Right to reasonable costs:  Projects come and go, your risk tools should mirror your projects – why pay for risk software if you don’t have a project.  Inexpensive, monthly, seat based pricing should be the norm.
  4. Right to real time information: Projects are not managed on a snapshot basis, so why should your project’s risk be? Continuous risk management provides you the ability to pivot at a moment’s notice.  Should anything concerning the status of your risk or project change, you’ll be ready.
  5. Right to secure, cloud based data:  Your data should be under your absolute control in an impenetrable fortress.  Access to any part of your data should only be given to whom you want, when you want, and how you want.  
  6. Right to quantitative and qualitative data:  Risk, like everything else in managing a project, is ultimately about effective communications.  Individually, qualitative and quantitative approaches can communicate much about your project risk.  Depending upon the situation, one approach may be better than the other in helping you isolate a particular issue.  Apply a solution that includes a qualitative approach using a tailor made risk matrix, as well as a quantitative view with an integrated Monte Carlo simulator.  
  7. Right to know your threats AND YOUR OPPORTUNITIES:  Risk is typically characterized as threats, what about opportunities?  Capturing opportunities can add just as much value to your project as avoiding threats, if not more.  Track them separately so that they are viewed with the same level of clarity, emphasis, and importance as threats.

You deserve better.  Know and exercise your rights!

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