Risk management deals with issues of uncertainty. Risk Management aims to reduce uncertainty by envisioning possible scenarios and making forecasts (estimates of future outcomes based on data or past performance) based on what is considered probable within a range of possibilities.
To properly adapt the risk management process to software development, it is necessary to understand the meaning and the relationship between:
- Uncertainty
- Probability
- Created risk
- Risk handling strategies and the role of estimating in increasing the probability of success
It is also necessary to make clear the state of the art regarding the risk management process: terms, definitions, steps, and methods.
The risk management process has been defined many times, and many different versions have been given over the last decades.
The framework in International Standards (ISO 31000) systematizes knowledge from literature from various fields and creates a common ground to deal with risk without misunderstanding or ambiguity.
Risk Management starts with modeling the uncertainties (reducible and irreducible) with various tools ? Monte Carlo Simulation, Reference Class Forecasting, Method of Moments, Design Structure Matrix, and the resulting Risk Structure Matrix.
Each of these approaches and others starts with recognizing the separation between aleatory and epistemic uncertainty and the estimating processes for each.
- What is Risk??- Unrealistic technical performance expectations create cost and schedule growth, unrealistic cost and schedule estimates, inadequate risk assessments, unanticipated technical issues, and poorly performed and ineffective risk management, all contributing to program technical and programmatic shortfalls.
- Programmatic Risk Management?- A?not-so-simple?introduction to the complex but critical process of building a?credible?schedule
- Building a Risk Tolerant PMB (Performance Measurement Baseline)?- Using Earned Value to manage the risk of a project terms terms "risk-adjusted physical performance."
- Handling Risk on High Technology Programs?- Without metrics, you're just another guy with an opinion - Stephan Leschka, Hewlett Packard.
- Managing Risk with Deliverables Based Planning?- a 4-hour workshop following the guidance of Stephan Leschka of Hewlett Packard, when he says, "Without metrics, you're just another guy with an opinion."
- Risk Management Processes?- Defense Threat Reduction Agency, March 27, 2012.
- Risk Management Guidance?- Risk management is a critical success factor of any project or program. This document is a collection of risk management categories used to ask, "Did you think about this risk and its impact on our probability of success?"
- Uncertainty and Resulting Risk on Project Management?- It's popular to talk about risk in straightforward approaches to managing risk, like a step-by-step approach to making a list of the risk, assessing the probability of occurrence, and the impact if the risk were to occur.
- Comments on "Managing Projects Involving External Threats"
- Risk Assessment Template for Software Development or Acquisition Projects
- Managing Risk and Opportunity?- 1st in a Series.
- Managing Schedule and Cost Risk?- 2nd in a Series.
- The Risk Tolerant Master Schedule?- 3rd in a Series.
- Risk Management and Agile Software Development?- handling aleatory and epistemic uncertainties.
- Risk Management?- in?Gower Handbook of Project Performance for Agile, Waterfall and Everything in Between, 1st Edition 2017.
- Building a Risk Tolerant Schedule - Technical and Programmatic disruption in project plans don't need to negatively impact cost, performance, or schedule metrics
- 5 Proven Approaches for Mitigating Project Failure?- Principles are needed before Practices and Processes can be successfully applied.
- Risk Management is How Adults Manage Projects
- Risk Management in Five Easy Pieces with Apologies to Jack?- Managing Cost, Schedule & Technical Performance Risk is the Basis of Good Project Management.
- Five Easy Pieces: The Essential of Managing Programmatic Risk, 10th Annual Rocky Mountain Project Management Symposium, Colorado Springs, Colorado, May 2008.
- Applying Risk Radar to High-Risk Technology Projects?- everyone involved in development, acquisition, or management talks about?risk.
- Practices of Managing in the Presence of Uncertainties That Create Cost, Schedule, and Technical Technical Risk,?Risk Awareness Week, 11-15 October 2021.
- Programmatic Risk Management: A "Not So Simple" Introduction to the Complex but Critical Process of Building a Credible Schedule
- Assessing Enterprise Project Risk - Probability of Program Success P(s)
- 5 Proven Approaches for Mitigating Project Failure, American Management Association, April 22, 2015.
- Increasing the Probability of Program Success with Continuous Risk Management, Glen Alleman, Thomas J. Coonce, and Rick A. Price,?Joint Space Cost Council.
- Increasing the Probability of Program Success with Continuous Risk Management, Glen Alleman, Thomas J. Coonce, and Rick A. Price,?The Measurable News, 2018.04
- Managing Cost, Schedule, and Technical Performance Risk at Y-12?- Cost, Schedule, and Technical Performance risk management seamlessly integrates all three.
- Five Easy Pieces of Risk Management, 10th Annual Rocky Mountain Project Management Symposium, Denver, Colorado, April 11, 2008.
- Managing in the Presence of Uncertainty, PMI Mile High Chapter, April 12, 2019.
- Increasing the Probability of Program Success Using Risk+?- a workshop on the principles and practices of Risk+ and increasing the Probability of Program Sucess
- 5 Proven Approaches for Mitigating Project Failure, American Management Association, April 22, 2015.
- Building a Risk-Adjusted Engineering Estimate and Executing the Risk-Adjusted Product Roadmap, the Risk-Adjusted Product Roadmap starts with Risk-Adjusted Engineering Estimates and the Resulting Rough Order of Magnitude Estimate.
- How We Deal with Risk is a Critical Success Factor for Increasing the Probability of Program Success?- PGCS 14-16 August 2018.
- Informing Program Performance with Technical Performance Measures and Programmatic and Technical Risks, CPM EVM World 2015
- Applying Risk Management to Increase Credibility of the IMS, College of Performance Management, EVM World 2015.
- Integrating Risk with Earned Value Management, Pikes Peak Regional Chapter, February 28, 2009.
- Incorporating Risk Management in the Planning Process, risk management ranges from political risks of the project's outcomes to supplier risks to technical failure of a product in the marketplace.
- Information Technology Risk Management?- The Concept of Risk, Its Management, and the Benefits to an IT Project, Glen Alleman, 2002.
- The Impact of Reducible and Irreducible Uncertainty on the Probability of Program Success
- Incorporating Risk Management in the Planning Process?- In the project management domain, the subject of risk management ranges from addressing the political risks of a project's outcome; to the risks of a supplier failing to deliver on time; to the technical failure of a product in the market place, to the nearly endless possibilities that could disrupt the path to success.
- Schedule Risk Management?- "One of the major intellectual triumphs of the modern world is the transformation of risk from a matter of fate to an area of study." In?Against the Gods: The Remarkable Story of Risk, Peter L. Bernstein, John Wiley & Sons, 1998.
- Building a Risk Tolerant Schedule?- visibly incorporating risk management provides governance of the project's technical and programmatic performance.
- Quantitative Risk Management?- Once the risk management processes have been recognized as critical to the project's success, the next step is understanding the details behind developing the "risk profile."
- Information Technology Risk Management - Installment 1: The Concept of Risk
- Information Technology Risk Management - Installment 2: Pre-Development Risks
- Information Technology Risk Management - Installment 3: Decision, Development & Post Development Risks
- The Impact of Reducible and Irreducible Uncertainty on the Probability of Program Success, Glen Alleman, Rick Price, and Thomas Coonce,?Joint Space Cost Council, Scheduler's Forum, 2018.
- Building a Risk Tolerant IMS, Safran Risk Roadshow, McClean, VA June 23, 2015.
- Building a Risk Tolerant IMS?- Using Earned Value to manage the risk of a project in terms of?risk-adjusted physical performance.
- Building a Risk-Adjusted Engineering Estimate and Executing the Risk-Adjusted Product Roadmap?- The Risk-Adjusted Product Roadmap starts with Risk-Adjusted Engineering Estimates and the resulting Rough Order of Magnitude Estimate.
- Building Risk Tolerance into Program Plan and Schedule?- six steps to managing the uncertainty in a network of tasks.
- Managing Risk as Opportunity?- with uncertainty comes opportunity. Good risk management is not about fear of failure, it is about removing barriers to success.
- Lunch and Learn: Risk Management on a Well-Known Project, PMI Lakeshore Chapter, September 14, 2014.
- Building a Risk Tolerant Schedule?- Technical and programmatic disruptions in project plans don't need to impact cost, performance, or schedule metrics negatively.
- Managing Risk as Opportunity?- with uncertainty comes opportunity. But if a project manager is consumed with managing the risks, there is little time to manage the opportunities.
- Information Technology Risk Management?- The Concept of Risk, Its Management, and Benefits to an IT Project.
- Risk Management in Five Easy Pieces with Apologies to Jack?- Managing Cost, Schedule, and Technical Performance Risk Is The Basis of Good Project Management.
- Risk Management is How Adults Manage Projects?- Risk management is essential for the success of any significant project. Information about key project costs, performance, and schedule attributes are often known once the project is underway.
- Calling BS?- reading?Do I Make Myself Clear,?where he speaks about the use and misuse of language.
