Effective project risk management is critical to project success. As more organizations turn to project management to meet aggressive business objectives, managing project risks has become more complex than ever. In a push to deliver projects faster, cheaper and better, project teams are pushed into new frontiers daily. Project managers need to make risk management an integral part of daily project management processes.
Many project managers start risk management off early in the project by creating traditional risk trackers. However, as the demands of the project grow daily, these trackers often find themselves collecting dust on a shelf. As the risk profile of a project changes, the project manager often reacts to new risks as they emerge and hopes for the best. Often this is occurs because the project manager is following a risk management method which does not provide an easy to follow and actionable process. Once the classic risk tracker is created at the onset of the project, using the cost of using it quickly exceeds the benefits it adds.
This book was written to introduce project managers to a tool commonly used in process improvement projects and manufacturing, called Failure Model Effects Analysis (FMEA), which if applied correctly results in a highly actionable risk mangement process.
Many project managers start risk management off early in the project by creating traditional risk trackers. However, as the demands of the project grow daily, these trackers often find themselves collecting dust on a shelf. As the risk profile of a project changes, the project manager often reacts to new risks as they emerge and hopes for the best. Often this is occurs because the project manager is following a risk management method which does not provide an easy to follow and actionable process. Once the classic risk tracker is created at the onset of the project, using the cost of using it quickly exceeds the benefits it adds.
This book was written to introduce project managers to a tool commonly used in process improvement projects and manufacturing, called Failure Model Effects Analysis (FMEA), which if applied correctly results in a highly actionable risk mangement process.
Applying FMEA to your project provides an effective, fast and easy way to transform risk management from a data collection process to a proactive management tool to drive project success. FMEA can be applied to any project and the benefits far outweigh the costs of setting it up.
If you create project risk trackers that become difficult to maintain, impossible to use or simply sit around after the project kick off it could be a sign that the tracker you are using is not an effective management tool. The FMEA process applied to project management is your solution to creating an actionable, effective and useful risk management process for any project.
If you create project risk trackers that become difficult to maintain, impossible to use or simply sit around after the project kick off it could be a sign that the tracker you are using is not an effective management tool. The FMEA process applied to project management is your solution to creating an actionable, effective and useful risk management process for any project.
