Most project management standards advocate performing qualitative risk analysis to prioritize and subsequently address high-priority risks. Unfortunately, common risk assessments only use probability and impact. These two dimensions, although widely advocated, are inadequate in analyzing project risks qualitatively.
What good is it to know the probability and impact of a risk if we have no clue on how easily (or difficult) we can detect it? In order to better perform qualitative risk analysis, we need to add a third dimension—the project’s ability to detect a risk.
Based on historical records, we can determine the probability of when a tornado or earthquake may occur during certain times of the year for specific locations. Likewise, we can determine its impact. But, what if we don’t have an early detection system? Our best probability analysis will not prevent us from getting blindsided.
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An important component of the project charter is a measurable project objective. Use the ACORN Test to check if the project objective is well-defined.
In the April 2009 issue of Quality Progress, John E. “Jack” West described that minor revisions in the new fourth edition of the International Organization for Standardization’s quality management standard (ISO 9001:2008) can lead to major benefits.
You may know ASAP, B2B, FAQ, IMHO and WBS. How about 10q, BTW, ROFL, TGIF and W8?
I woke up at 4:30 a.m. today; could not get back to sleep because of a Twitter-inspired book concept that was swirling in my head. If 140 experienced project managers can come up with 140 tips, each in 140 words or less, we’ll have a very concise body of knowledge that will be useful for all project managers.
