131 In-Depth Project Risk Management Questions for Professionals

What is involved in Project Risk Management

Find out what the related areas are that Project Risk Management connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Project Risk Management thinking-frame.

How far is your company on its Project Risk Management journey?

Take this short survey to gauge your organization’s progress toward Project Risk Management leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.

To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.

Start the Checklist

Below you will find a quick checklist designed to help you think about which Project Risk Management related domains to cover and 131 essential critical questions to check off in that domain.

The following domains are covered:

Project Risk Management, Analysis of Alternatives, Committee of Sponsoring Organizations of the Treadway Commission, Enterprise risk management, Estimation, Financial risk management, ISO 31000, Operational risk management, Project Management Institute, Project management, Project manager, Project stakeholders, Risk Aversion, Risk Management, Risk appetite, Risk management tools, Schedule, Underwriting:

Project Risk Management Critical Criteria:

Study Project Risk Management governance and be persistent.

– Among the Project Risk Management product and service cost to be estimated, which is considered hardest to estimate?

– What can we expect from project Risk Management plans?

– Who needs to know about Project Risk Management ?

– Are we Assessing Project Risk Management and Risk?

Analysis of Alternatives Critical Criteria:

Merge Analysis of Alternatives engagements and intervene in Analysis of Alternatives processes and leadership.

– What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Project Risk Management?

– What are your most important goals for the strategic Project Risk Management objectives?

– When a Project Risk Management manager recognizes a problem, what options are available?

Committee of Sponsoring Organizations of the Treadway Commission Critical Criteria:

Sort Committee of Sponsoring Organizations of the Treadway Commission quality and create a map for yourself.

– How can we incorporate support to ensure safe and effective use of Project Risk Management into the services that we provide?

– What tools and technologies are needed for a custom Project Risk Management project?

– How do we maintain Project Risk Managements Integrity?

Enterprise risk management Critical Criteria:

Transcribe Enterprise risk management planning and use obstacles to break out of ruts.

– Has management conducted a comprehensive evaluation of the entirety of enterprise Risk Management at least once every three years or sooner if a major strategy or management change occurs, a program is added or deleted, changes in economic or political conditions exist, or changes in operations or methods of processing information have occurred?

– Does the information infrastructure convert raw data into more meaningful, relevant information to create knowledgeable and wise decisions that assists personnel in carrying out their enterprise Risk Management and other responsibilities?

– Has management considered from external parties (e.g., customers, vendors and others doing business with the entity, external auditors, and regulators) important information on the functioning of an entitys enterprise Risk Management?

– Are findings of enterprise Risk Management deficiencies reported to the individual responsible for the function or activity involved, as well as to at least one level of management above that person?

– Do regular face-to-face meetings occur with risk champions or other employees from a range of functions and entity units with responsibility for aspects of enterprise Risk Management?

– Is a technical solution for data loss prevention -i.e., systems designed to automatically monitor for data leakage -considered essential to enterprise risk management?

– Has management taken appropriate corrective actions related to reports from external sources for their implications for enterprise Risk Management?

– Has management taken an occasional fresh look at focusing directly on enterprise Risk Management effectiveness?

– To what extent is Cybersecurity risk incorporated into organizations overarching enterprise risk management?

– Does Project Risk Management create potential expectations in other areas that need to be recognized and considered?

– In what ways are Project Risk Management vendors and us interacting to ensure safe and effective use?

– Do several people in different organizational units assist with the Project Risk Management process?

– To what extent is Cybersecurity risk incorporated into organizations overarching enterprise Risk Management?

– To what extent is Cybersecurity Risk Management integrated into enterprise risk management?

– Do policy and procedure manuals address managements enterprise Risk Management philosophy?

– How is the enterprise Risk Management model used to assess and respond to risk?

– When you need advice about enterprise Risk Management, whom do you call?

– What is our enterprise Risk Management strategy?

Estimation Critical Criteria:

Administer Estimation strategies and correct Estimation management by competencies.

– How do risk analysis and Risk Management inform your organizations decisionmaking processes for long-range system planning, major project description and cost estimation, priority programming, and project development?

– Do Project Risk Management rules make a reasonable demand on a users capabilities?

– For estimation problems, how do you develop an estimation statement?

– Should managers do the estimation of Product Backlog Items?

Financial risk management Critical Criteria:

Deliberate Financial risk management visions and work towards be a leading Financial risk management expert.

– What are your results for key measures or indicators of the accomplishment of your Project Risk Management strategy and action plans, including building and strengthening core competencies?

– What are the barriers to increased Project Risk Management production?

– Does Project Risk Management appropriately measure and monitor risk?

ISO 31000 Critical Criteria:

Rank ISO 31000 strategies and customize techniques for implementing ISO 31000 controls.

– How will we insure seamless interoperability of Project Risk Management moving forward?

– Do you adhere to, or apply, the ISO 31000 Risk Management standard?

– How do we go about Comparing Project Risk Management approaches/solutions?

Operational risk management Critical Criteria:

Probe Operational risk management projects and suggest using storytelling to create more compelling Operational risk management projects.

– What other organizational variables, such as reward systems or communication systems, affect the performance of this Project Risk Management process?

– Think about the functions involved in your Project Risk Management project. what processes flow from these functions?

Project Management Institute Critical Criteria:

Have a round table over Project Management Institute planning and secure Project Management Institute creativity.

– What is the total cost related to deploying Project Risk Management, including any consulting or professional services?

– What other jobs or tasks affect the performance of the steps in the Project Risk Management process?

– How do we Identify specific Project Risk Management investment and emerging trends?

Project management Critical Criteria:

Investigate Project management management and innovate what needs to be done with Project management.

– How do you merge agile, lightweight processes with standard industrial processes without either killing agility or undermining the years youve spent defining and refining your systems and software process assets?

– When we say that the traditional project team is not self-organized, no matter how complex the project is, and what level of team we are discussing?

– Originally, agile project management required collocated teams. How could a new product or service be developed in the 21st century without them?

– Are your current project management and time and expense capture applications outdated and expensive to update and maintain?

– What about when our product is an integration of several different products, each with their own product owner?

– Are there metrics and standards that can be used for control of agile project progress during execution?

– A heuristic, a decision support system, or new practices to improve current project management?

– What scenarios in terms of projected cost, schedule, and scope could/should we plan for?

– How could a new product or service be developed in this century without Agile Project Management?

– Can agile project management be adopted by industries other than software development?

– Is Project Risk Management dependent on the successful delivery of a current project?

– Are the project teams ready to function within agile project management?

– What project management qualifications does the Project Manager have?

– Why would anyone want to discard the benefits of collocated teams?

– Are assumptions made in Project Risk Management stated explicitly?

– Operationally, what does project management integration mean?

– that is fine as far as it goes, but does this scale?

– What is an economic aspect of Project Management?

– How familiar are we with Agile project management?

– What is agile project management?

Project manager Critical Criteria:

Concentrate on Project manager failures and mentor Project manager customer orientation.

– With agile processes promoting the concept of self-directed teams, is there room for the conventional project manager or does this role also need to evolve to suit the principles of the new paradigm?

– How much and which way a traditional project manager has to change his/her management style or way of working in order to be an agile project manager?

– Do we have these warning signs: This project is not that big and everyone knows what they are doing -why do we need a project manager?

– How can an agile project manager balance team level autonomy and individual level autonomy in agile software teams?

– What are the actions taken by project managers when leading and implementing a transformational change initiative?

– How can an agile project manager balance team level autonomy and individual level autonomy in agile software teams?

– What should the project manager(s) do differently next time your organization undergoes a change process?

– What processes do project managers and content strategists use to collect content for client websites?

– What are the most important skills practitioners consider make an effective people project manager?

– What knowledge, skills and characteristics mark a good Project Risk Management project manager?

– What is our formula for success in Project Risk Management ?

– Can project managers measure project status at any point in time?

– What is the necessity of a Project Manager?

– What threat is Project Risk Management addressing?

– What is the duty of a Project Manager?

– What was the project manager best at?

– Who are the project managers?

Project stakeholders Critical Criteria:

Talk about Project stakeholders governance and pay attention to the small things.

– What management system can we use to leverage the Project Risk Management experience, ideas, and concerns of the people closest to the work to be done?

– What sources do you use to gather information for a Project Risk Management study?

– Can Management personnel recognize the monetary benefit of Project Risk Management?

Risk Aversion Critical Criteria:

Deliberate over Risk Aversion projects and integrate design thinking in Risk Aversion innovation.

– How do we make it meaningful in connecting Project Risk Management with what users do day-to-day?

– How do we know that any Project Risk Management analysis is complete and comprehensive?

Risk Management Critical Criteria:

Grade Risk Management quality and find out what it really means.

– What kind of guidance do you follow to ensure that your procurement language is both specific and comprehensive enough to result in acquiring secure components and systems?

– What is the optimal (not ideal) level of analysis, given data, time, and budget constraints for a given project?

– How could risks affect the overall outcome of projects in probabilistic terms of cost and schedule?

– Are new risks introduced as a result of the identified risks being controlled?

– How secure -well protected against potential risks is the information system ?

– How good is the enterprise at performing the IT processes defined in CobiT?

– Who performs your companys information and technology risk assessments?

– To whom does the IT Risk Management function or oversight role report?

– How do we decide if there is any corrective action needed?

– Do all systems need to be patched with the same level of priority?

– Are records kept of successful Cybersecurity intrusions?

– Do your recovery plans incorporate lessons learned?

– Are Cybersecurity responsibilities assigned?

– What else do you need to learn to be ready?

– What are the usability implications?

– Why should we adopt this framework?

Risk appetite Critical Criteria:

Map Risk appetite risks and oversee implementation of Risk appetite.

– How do we revise the risk appetite statement so that we can link it to risk culture, roll it out effectively to the business units and bring it to life for them. How do we make it meaningful in connecting it with what they do day-to-day?

– Is there a clearly defined IT risk appetite that has been successfully implemented?

– Can we do Project Risk Management without complex (expensive) analysis?

– What are the business goals Project Risk Management is aiming to achieve?

– Risk appetite: at what point does the risk become unacceptable?

Risk management tools Critical Criteria:

Mix Risk management tools failures and drive action.

– What will be the consequences to the business (financial, reputation etc) if Project Risk Management does not go ahead or fails to deliver the objectives?

– How does the organization define, manage, and improve its Project Risk Management processes?

– What will drive Project Risk Management change?

Schedule Critical Criteria:

Merge Schedule planning and maintain Schedule for success.

– Are items returned for calibration as scheduled and/or when found to have broken calibration seals, damaged, or malfunctioning?

– What additional schedule (and cost) would be required if they continued at historical or any other lower burn rates?

– If an introductory phase is called for, is the weight scheduled sufficient to break through to the consumer?

– How likely is the current Project Risk Management plan to come in on schedule or on budget?

– Are any problems that cause schedule slips identified as risks prior to their occurrence?

– Does the deployment schedule call for installations at a typically rainy time of year?

– Has extra weight been scheduled in geographic areas of high sales potential?

– What is the project time schedule for developing and launching the product?

– Has the time for updating the information been scheduled?

– When will regularly scheduled maintenance be performed?

– What is the schedule and budget for data collection?

– Are we constrained by a predefined schedule?

– Cost / schedule impact analysis required?

– How important is the original schedule?

– Cost schedule impact analysis required?

– Do you keep 50% of your time unscheduled?

– Is the schedule too aggressive?

Underwriting Critical Criteria:

Extrapolate Underwriting goals and diversify disclosure of information – dealing with confidential Underwriting information.

– What potential environmental factors impact the Project Risk Management effort?

– How can we improve Project Risk Management?

Conclusion:

This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Project Risk Management Self Assessment:

https://store.theartofservice.com/Project-Risk-Management-A-Comprehensive-Primer/

Author: Gerard Blokdijk

CEO at The Art of Service | http://theartofservice.com

gerard.blokdijk@theartofservice.com

https://www.linkedin.com/in/gerardblokdijk

Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.

External links:

To address the criteria in this checklist, these selected resources are provided for sources of further research and information:

Project Risk Management External links:

[PDF]Project Risk Management Guide
http://www.wsdot.wa.gov/publications/fulltext/cevp/ProjectRiskManagement.pdf

[PDF]Project Risk Management Handbook: A Scalable …
http://www.dot.ca.gov/hq/projmgmt/documents/prmhb/PRM_Handbook.pdf

Project Risk Management Using Qualitative Risk Analysis
http://strikingprojectmanagement.com/qualitative-risk-analysis

Analysis of Alternatives External links:

Intelligence Community: Analysis of Alternatives …
https://www.gao.gov/products/GAO-17-643

Analysis of Alternatives | Department of Energy
https://energy.gov/em/analysis-alternatives

[PDF]Analysis of Alternatives (AoA) Handbook – afacpo.com
http://afacpo.com/AQDocs/OASAoAHandbook10June2013.pdf

Enterprise risk management External links:

Enterprise Risk Management, University of Cincinnati
https://www.uc.edu/gencounsel/rmi.html

[PDF]Guide to Enterprise Risk Management
http://www.ucop.edu/enterprise-risk-management/_files/protiviti_faqguide.pdf

Estimation External links:

Estimation Synonyms, Estimation Antonyms | …
http://www.thesaurus.com/browse/estimation

Blood Alcohol Chart For Estimation – Breathalyzer
http://www.breathalyzeralcoholtester.com/alcohol-chart-estimation

Individual – Estimation Calculators
http://www.treasurydirect.gov/indiv/tools/tools_estimationcalc.htm

Financial risk management External links:

What Is Financial Risk Management? | Chron.com
http://smallbusiness.chron.com/financial-risk-management-43326.html

Financial Risk Management – Farin
https://www.farin.com

ISO 31000 External links:

ISO 31000 Risk Management Definitions in Plain English
http://praxiom.com/iso-31000-terms.htm

ISO 31000 Risk Management Translated into Plain English
http://praxiom.com/iso-31000.htm

ISO 31000 Risk Management | BSI America
https://www.bsigroup.com/en-US/ISO-31000-Risk-Management

Operational risk management External links:

ABA Certificate in Operational Risk Management
https://www.aba.com/Training/DC/Pages/ormcertificate.aspx

Project Management Institute External links:

CCRS | Project Management Institute
https://ccrs.pmi.org

PMI – Project Management Institute :: Pearson VUE
https://wsr.pearsonvue.com/pmi

PMI-Project Management Institute
https://www.prometric.com/en-us/clients/pmi

Project management External links:

LearnSmart IT & Project Management Online Training …
https://www.learnsmartsystems.com

Membership | Project Management Institute
https://www.pmi.org/membership

Project manager External links:

Project Manager I, ADP Job #143189, Florham Park, NJ, US
https://jobs.adp.com/job/7765882

Phoenix Project Manager – CPM Project Scheduling
https://www.phoenixcpm.com

What is a Project Manager (PM)? – Definition from Techopedia
https://www.techopedia.com/definition/677

Project stakeholders External links:

Ways To Annoy Your Project Stakeholders – The Balance
https://www.thebalance.com/annoy-project-stakeholders-4005557

How to Communicate With Project Stakeholders: 5 Steps
https://www.wikihow.com/Communicate-With-Project-Stakeholders

Risk Aversion External links:

Risk aversion in experiments (eBook, 2008) [WorldCat.org]
http://www.worldcat.org/title/risk-aversion-in-experiments/oclc/757386527

Risk Management External links:

Risk Management – ue.org
https://www.ue.org/risk-management

[PDF]Title Insurance: A Risk Management Tool
http://www.stewartau.com/multimedia/relatedmedia/Article_AIC_Vic_Part1.pdf

“Billions” Risk Management (TV Episode 2017) – IMDb
http://www.imdb.com/title/tt5376026

Risk appetite External links:

ECB’s slow retreat from QE buoys risk appetite
https://www.ft.com/content/b955f346-ba5e-11e7-9bfb-4a9c83ffa852

[PDF]Risk Appetite Guide All States Except New Jersey
https://files.merchantsgroup.com/agentsonly/marketingguide_new.asp

What is risk appetite? – Definition from WhatIs.com
http://searchcompliance.techtarget.com/definition/risk-appetite

Risk management tools External links:

Risk Management Tools and Support – FM Global
https://www.fmglobal.com/research-and-resources/tools-and-resources

Risk Management Tools – The American Rental Association
http://www.ararental.org/Risk-Management/Managing-Risk/Risk-Management-Tools

Rigorous risk management tools – Shared Assessments
http://sharedassessments.org/store

Schedule External links:

Minnesota Vikings | 2017 Regular Season Schedule
http://www.vikings.com/schedule/season-schedule.html

STARZ TV Schedule
https://www.starz.com/schedule

ABC TV Show Schedule – ABC.com
http://abc.go.com/schedule

Underwriting External links:

[PDF]INDEX TO AGENCY UNDERWRITING MANUAL
http://fntgnyagency.com/Uploads/Agency Underwriting Manual FINAL.pdf

[PDF]UNDERWRITING DESKBOOK – NTIWeb
http://www.ntiweb.com/DmsForms/3D2WV0F8YWUHLUHKMBQF3X079093OA4.pdf

Underwriting – Stewart
http://www.stewart.com/en/underwriting.html

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