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One of the most intangible tasks when managing risks is at the very beginning of the process. Not in designing procedures or planning, which is streamlined thanks to the efforts of the international community of experts in project management.

No. The most fleeting task is to define the risks and identifying threats before they are verified. For this purpose there is no definitive formula. But fear not, because the standard ISO IEC 31010: 2009 includes up to 30 techniques to identify risks which you can use for inspiration.

In this article we will discuss a selection of the twelve most interesting techniques. Note that the best results will depend on how you use a combination of different techniques to extract the maximum amount of valuable information. At the end of the day, it is the human talent in your organization who will be identifying, evaluating and planning all aspects related to the risks; techniques are only a shuttle to expedite the talks.

One of the techniques is the familiar SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). Although it is not a specific technique, the upside is that it is well known in any organizational environment, allowing rapid participation of people unfamiliar with the more technical aspects of risk management.

Brainstorming

It is not a specific method for identifying risks, but is commonly used in departments related to the creation and design of the product. However, it can also be applied to this area.

Allowing room for imagination, creativity and exchange of ideas can lead to discovering unidentified risks and thus taking appropriate measures before they happen.

Brainstorming can be done in different ways:

1. Structured brainstorming. Each participant works on their own and share only the ideas that seem most appropriate. A variant of this method is that each team member says his idea without having prior time to reflect on it. The main advantage of this method is that all team members have equal opportunities to contribute their ideas, regardless of their rank in the company or personality profile. The drawback may be the lack of spontaneity.

2. Free brainstorming. The meeting participants bring their ideas spontaneously. The advantage of this system is that participants can build their ideas spontaneously from the contributions of others and letting their imagination flow.

3. Silent brainstorming. In this case, post-it are used by each participant to write down their main ideas. Upon completion, post-its are placed on the board.

Checklists

Checkpoints ensure that no significant errors occur during the execution of the project.

Simplicity is their fundamental advantage. However, placing undue reliance on these lists can lead to avoiding an exhaustive analysis.

Lists are very useful for repetitive and highly standardized procedures such as manufacturing, but are deficient in innovative environments and in the context of customizable services.

SWIFT

The Structured "What-if" Technique essentially consists on an analysis method where you consider what the consequences of certain events could have for the project. The counselor of the session repeated again and again: "Should this happen, what could we do?"

SWIFT usually starts off with a brainstorming session to compile a number of risks, which are then structured in a logical sequence. Then they are analyzed in detail, taking into account their possible causes and consequences and allowing to identify interdependencies.

Situations analysis

Closely related to the method described above, however, this analysis uses different timelines or alternative contexts, which occur as the situations arise.

At the meeting, the impact that each of these scenarios would have on the project should be analysed, and the actions should be undertaken if appropriate.

Fault tree analysis

This is a useful tool to identify and analyze the causes that lead to an unwanted event. It is placed on the top of the diagram and then lines are drawn in the form of an inverted tree, identifying at successive levels the causes that led to it.

This technique could be considered as a particular type of brainstorming focused on causality. Possible causes that produce a certain event are discussed.

The emphasis of this technique in causality makes it particularly relevant when searching for solutions. Having identified the root cause of the problem, it’s easier to find ways to eradicate it and thus cancel undesired consequences.

Bow tie analysis

This analysis is characterized by an emphasis on the graphical representation of causes and consequences of a risk.

The risk is written in the center position of the diagram.

A causal tree, similar to the fault tree analysis, emerges to the left. To the right, a tree of direct and indirect consequences forms a mirror with the causes. The end result of the scheme resembles the shape of a bow tie, where the risk is the knot and the causes and consequences are each of the loops.

Direct observation

Although not a specific technique for risk identification direct observation has a prominent position. In fact, establishing a culture of lifelong care and continuing training is the best way to be prepared for any risk. The team assigned to a project is the first that can sense when something does not work in the appropriate way, making alarm ring and taking the necessary measures.

Incident Analysis

During the realization of a project, previously non identified risks are presented. Once submitted, you must perform an analysis of causality to know the reasons that have led to the occurrence and also examine the impact consequences have had on the whole project.

A register of these events and their analysis will form the basis for the detection of future risks.

Similarly, the repetition of a given risk should lead to an analysis of deeper causes on which we should act to achieve an effective solution.

Structured interviews and surveys

Structured interviews in which team members of different ranks and sections are selected allow you to obtain an overview of project status and potential risks that may arise. Despite the fact that questions are closed, face to face interaction allows to gather open feedback.

Surveys can be considered as a modified version of structured interviews, with the drawback of giving less room to open-ended questions.

However, they can result in larger samples and more representative data.

The Delphi method as an example of iterative system

The Delphi method is based on an expert consultation structured at successive levels that feed into each other, chasing progressively closer to an agreed response that can predict the future of a particular event or project.

In a second round, experts show their answers and these are elaborated in a group.

After several rounds, moderators modify the questions and seek common points that allow to reach a consensus, results are statistically analyzed and a collective response is achieved.

Applied to the identification of risks, the Delphi method is a robust and sophisticated system of consulting experts, as they are asked several times on the same subject thus getting closer and closer to a consensus among them.

Due to the repetitive nature of the consultations, the Delphi method is an iterative technique.

Monte Carlo analysis

The Monte Carlo analysis is a complex system of mathematical analysis whereby arithmetic calculations make approximations in which a precise solution cannot be obtained.

Specific software calculates the odds of different risks considered as random events, taking into account the impact each would have on the project and the likelihood of occurring. If you want to know more about this technique you can keep reading here.

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Risk management… The what, the why and the what to do

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conveyor robot manipulators work businessman in front of control panel analysis production development Risk management has a specific place in protocols and risk management models. In this article we will discuss the six steps to controlling risk for risk managers, as broken down in the PMBOK: planning, identification, qualitative analysis, quantitative analysis, response planning and monitoring.

In short, a risk manager should take the reins of the risk control process with a detailed plan; find out what the risks are that may affect team members and various units of the organization, assess risks from the perspective of the whole organization; create action plans to respond to each of the risks if they occur; and continuously monitor in order to improve the plan.

Risk management planning

Like any other aspect of project management, risk prevention and response in the case of risk occurrence should be subject to strict planning. Risk management is iterative, implying that the planning phase will be reviewed after each cycle.

More specifically, planning involves a series of essential decisions that will affect the following five steps. Choosing methodologies, assigning responsibilities, defining types and categories and risks, as well as allocating resources are some of the main areas of focus at this moment.

Risk identification

This step is to identify the risks that may affect the development of the project and understand their characteristics. It is essential to identify all risks that may potentially influence the project so that the necessary precautions can be taken and disaster can be avoided. Therefore, planning for all risks is essential. Do not ignore them but instead control them.

For the identification of risks, multiple systems can be used.

One of them is to use similar backgrounds, both in our company and in other companies that resemble by their activity or reach.

Another possibility is to use specific analyzing tools (Ishikawa diagram, flowchart or other types of specialized diagram systems) or other standardized analysis systems, such as SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).

Finally, if the first two possibilities are not feasible, you can resort to expert judgment.

After identification, it is important to proceed to classify risks that have been detected (Technical, external, organizational, management, etc.). Their influence on the project (mild, moderate or severe impact on the project), or the probability of the risk arising (low, intermediate or high probability).

Qualitative analysis

This analysis is used initially to filter risks and prioritize them in order of importance and severity. Although this analysis may not be the best in terms of accuracy and speed.

This type of analysis is also used for risks which need immediate attention. The urgency leads to an analysis that, despite not being the best in absolute terms, is most appropriate for the time available.

The results of this analysis should reflect in a risk assessment matrix.

Quantitative analysis

This is a more comprehensive systems analysis, but also the most complex and time consuming.

To perform a quantitative analysis, specific quantitative risk analysis systems should be used, such as mathematical simulations e.g. Monte Carlo.

A simpler option is to use a decision tree with which you can numerically illustrate the parameters derived for each choice.

If it is not possible to quantify the risks, you can turn to experts in the field to conduct an assessment.

Ideally, experts should be external to the project in order to prevent conflicts of interest. In addition, to avoid bias, the evaluation should be conducted blindly without knowing the outcome of assessments made by the other experts.

There are differences between this point and the assessment of experts in qualitative analysis. While in the former case, experts estimate the relative importance between different types of risks in order to focus on the most important, in the quantitative case experts, despite not having actual data, provide estimates as accurate as possible based on their experience and the results of other projects that they have led previously.

Risk response planning

When a threat is verified, the response must be preplanned and follow the correct procedure. Action plans must be drawn up when risk in the project is present in order to prevent its occurrence. This may include transferring it to an external agent or mitigating their effects, in the event that the risk occurs. Where risks cannot be avoided, in the event of circumstances beyond our control or scope, contingency plans should be developed that allow for coordinated and appropriate action.

Risk monitoring

To predict whether or not risks may occur it is necessary to know warning signs so that it can be anticipated. If this is not possible, monitoring mechanisms should be in place so that a risk in a project can be detected the moment it presents itself.

The purpose of these systems is to instil the attitudes of anticipating risks and having contingency plans in place, before the risk has significantly influenced the project.

In addition, self-monitoring the reaction to the risks and the occurrence of them can improve prevention measures, and thus reduce time and increase the efficiency of the reaction.

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Juan Delgado

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Collaborative work has changed the workplace. Every day more and more companies are choosing to work remotely from home. Thus, office maintenance costs are saved and the quality of life of workers is improved.

The savings in time and transportation, added to the greater schedule flexibility achieved with these new work systems, means every day more workers are choosing this system, because for workers it is easier to accommodate work and family life.

According to satisfaction studies both workers and companies prefer this method to the traditional office system.

In addition, telecommuting enables companies to choose workers located anywhere in the world, on the sole criterion their suitability for the job offered, without geographical restrictions.

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Even for those who decide to continue with the traditional office work, the use of remote working tools allows a degree of interaction and flexibility that they could not otherwise get.

In a world in which the use of technology is essential for communications and business, using the appropriate software can make the difference between the success and failure of your business.

In this article we'll give you some tips to help you choose the best collaboration software for your company.

Identifying the problem

In order to find a solution, it should raise the problem that needs to be solved. The software will be different depending on your needs. Just as there are sectors where communication is more important than in other more traditional sectors, it is not the same as an international company with hundreds of employees than a local company with few employees who tend to live near their workplace.

Users also participate in the decision making

The company decisions that affect everyone should have the greatest possible consensus, especially those who will be affected by the changes and, after all, use the tool. If they like it and it suits them, adoption is feasible; otherwise, it will become quite a problem.

Good software requires good implementation to squeeze the most out of its technological capabilities, achieve maximum efficiency and get the most benefit for the workers themselves and for the company.

Therefore, the choice of a particular type of software should have the opinions of all the staff who will be using it.

A practical example would be the design of a hospital. Doctors and nurses should be the first port of call when it comes to designing a hospital. The distribution of space and resource management cycles should include information and advice from healthcare workers who subsequently use the facility. In other words, distributing the different services so that they can provide the best patient care is something that exceeds the limits of architecture and economic management.

Returning to project management, using IT solutions can be a breakthrough, as long as they are understood and properly used by the personnel involved, you should obtain answers and solutions to their questions or problems. Therefore, the adoption process must include information collection cycles, both formal and informal. Discussion sessions, surveys or even the use of software testing by the technical staff are some of the alternatives.

Evaluate programs from different companies

When evaluating alternatives, it is likely that most companies offer a similar basic service, so this section will not help you decide on one or the other. However, if you dig deeper under the conditions that each offers, you will note that differences do exist. Some present more complex algorithms or specific utilities that help you perform the most complicated of tasks.

For example, in the case of ITM platform we present, among other utilities, a specifically integrated communication functionality in each of the work panels.

Another increasingly popular trend in both the United States and the rest of the world, is the utilization of team communication platforms such as Slack. This company is looking to transform business communication by adopting the traditional model of chat rooms and adapting them to the needs of modern organizations. One of the most interesting aspects is the fact that, similarly to giants Facebook or Google, Slack are opening an ecosystem of apps developed by third parties with simple text commands entered using the backslash key. While some are humorous, like the one that lets you send animated images taken from giphy, other apps can solve quick calculations or retrieve specific information that a member of another department may need, without opening another window. This communication tool is evidently improving productivity within the workplace.

Consider software integration

Whatever system you choose, it should be integrated into your workflow and accessible to all members of your team.

So, ideally, this would be a cloud software that allows synchronization of all information anytime, anywhere and at the same time allows the maximum number of tasks without leaving the software itself.

Quantify the impact for your company

Introducing the use of online solutions for project management will undoubtedly be a positive change for your company. Although in the early days an extra effort will have to be made to learn to use the software, however, soon you will see that its simple and easy to use interface has much to contribute to your business.

You may have the feeling that it has increased your efficiency and productivity. However, until we quantify its results we cannot know exactly how much the new tool brings.

In the case of ITM Platform, the transition is simple. The platform is cloud based, offers a wide variety of features and is scalable so you do not pay for anything you don’t need.Why not give it to your project managers to test?

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Juan Delgado Moraleda

Blogger ITM Platform

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Sacrificing a project or task when you realize that it is not developing properly can lead to giving more explanations than you would like, or managing the frustrations of the team. However, taking the necessary steps will allow you to rescue the project, save the final result, or even the company!

If both financial and human resources are assigned to a particular task it is because the expected results are worth it. Devoting efforts and resources to a fruitless task involves a twofold cost: firstly the wastage of these resources in a task that will not bring the desired result. On the other, it means less resources for other tasks or projects that could be better developed if they had the required resources.

Therefore, deciding to rescue a lost project or to abandon it within good time are difficult but essential decisions for a well-run company.

How to recover a seemingly lost project? In this article we answer this question.

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Recognizing errors

The first step, though it may be obvious, is the most important. When a project goes wrong, the first thing is to acknowledge it.

In many cases, a way to know if the project can present problems during its implementation is to have completed the proper planning of risks and how to identify them. Identifying these risks, will allow you to take effective measures to rescue the project.

Additionally, before the implementation of the project there must be a series of planned milestones, which allow you to know if the end result will satisfy the established customer expectations. Of course, a task will require monitoring to ensure that goals are being achieved and deviations are forecasted in time. Do not forget to communicate with your client what your estimates are, either through regular reporting procedures or when there is a significant change.

The recognition of an error can serve as a starting point for analysis, both at the company or individually, in search of the aspects that can be improved.

Also, there is no single answer to the temporal dimension: if the risk is imminent, it may be important to launch the analysis during project implementation even if this may slow down the work. In other cases, the best phase for analysis is a post-mortem analysis.

If you want to know more, we recommend reading this article: How do I know if my project is on track?

If there are no other solutions, abandon the project

Once you have identified that the project is likely to fail, the next step is to consider whether it makes sense to continue with it. As mentioned above, an active project inevitably consumes resources. It would be appropriate to consider whether it makes sense to continue to devote these resources to a project that you know will not get the desired results or if it is better to cancel the project and devote those means to other more viable projects.

The opportunity cost of keeping a failing project is the loss of resources which other projects could use in order to achieve the expected results.

A defeat on time can be a final victory. Therefore, identifying the risks and probabilities of failure of a project are essential to ensure the ultimate success of a global project or a company.

Seeking external support

Sometimes it is difficult for oneself to find ones’ own mistakes. Whether it be pride or self-indulgence, we tend to think that what we have done is right, and overlook certain things.

An example is computer programmers. In most companies, when developing software programs, they are not tested on the same computer that they have been created. This is because they have observed that the review is more comprehensive and objective when performed by an external evaluator.

Self-evaluation tends to be more benevolent and more easily satisfied.

In addition, an outside observer, especially an experienced one, can make for a valuable and objective opinion.

It is possible that, entertained with superficial problems, we may be ignoring other deeper and more fundamental problems within the project. These are the essential problems that should focus all of our attention.

Pursue small victories

Although completing an entire project can seem overwhelming and complex, often it is not necessary to do extraordinary things to get excellent results. A small victory every day can culminate in a final success.

What are those little victories? One of the secrets for daily excellence is quite simple: it is to meet each day with the corresponding tasks in the most appropriate manner, with the greatest effort and dedication. This daily combination of efficiency and effectiveness is the key to long term success.

Good engineers mastered this art: the face of such overwhelming projects as a bridge, an aircraft carrier or a new software, the secret is to analyze the ultimate goal, break it down into the smallest components as possible and organize work around those parts.

Instead of an incomprehensible goal lasting a few months, both the project leader and team members can focus on the day-to-day tasks at hand. The challenge of motivating the team can be attributed to the concentration of daily work, reducing the concentration of daily work therefore eliminates the anxiety about the complexity of the project and provides productivity-focused components.

Using more resources is not (always) the best answer

Try to think of the attention and motivation as the psychological capital of the company. This has helped me to realize one important rule: to manage resources, the most important thing is not how much I have and can mobilize, but how to distribute and control them.

I do not want my employees to be distracted in trying to understand the whole project cycle and trying to juggle what they are developing as well as what the responsibilities of another unit are. I want them to focus on their own tasks, maximize their energy and motivation and achieve maximum productivity.

When transferred to financial, material or human resources, the standard is still true: the most important thing is not how many resources are used, but how they are distributed. Companies that achieve greater success are not those with more means and less input. Google started in a garage.

Resources are not the difference between a successful company and one that fails. The key is in how those resources, and projects that leverage them, are managed. If you want to stay competitive, ITM platform offers a simple management solution that allows you to make appropriate use of resources and bring your projects and your company success.

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Juan Delgado Moraleda

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Social networks have entered our lives, and they are here to stay.

Just a little more than a decade ago internet became popular and now we couldn’t live without it. Social networks have gained importance for some years, in both our lives and in the business world.

Actually, it is unthinkable that a company has no presence on the internet or in major social networks.

Project management is no stranger to these changes. In recent years new models of project management using social networks have emerged.

Initially project management 2.0 emerged, better known by reference: PM 2.0. This is the use of web 2.0 technologies such as blogs, for open and integrated online collaboration in a project team.

A more modern concept is Social Project Management. In this case, there is a much deeper integration with social networks. It is a way of understanding the interaction between project management and social networks looking to get the most out of what this new form of communication can bring to the world of business management.

Let’s see what their main contributions are.

Integration with the community

The project has resulted in the achievement of a product or service. Subsequently, it will have to participate in the market and meet the needs of the customers.

A closed project will only contain the views and contributions of members that make up the team. However, it will be closed to the internet community, which is a very large and representative sample of the global market in which the product will be integrated later.

Therefore the use of social networks allow collaborative contributions from individuals outside the team, most likely potential customers, so it will be possible to know their degree of satisfaction with the product before releasing it to the market.

This will foresee the needs that may arise and dynamically adapt the project so that the product meets the needs of the maximum number of customers at the time of its release.

Visibility

Enlisting the help of users of social networks will not only enrich the project but will release it. The internet community will feel part of the team. Really, it is the customers themselves who have designed the product to meet their needs.

During the process, they have exchanged information on the social network platforms visible to everyone, and therefore have formed a new advertising channel.

In addition, being able to work and feel part of the project is a powerful advertising tool. Customers may feel that the product is part of their lives even before it reaches the market.

Intimacy

A project openly in social networks brings you closer to the customers. Technology has added a certain point of dehumanized relations within companies and between them and their clients.

Social networks are the solution to recover the direct treatment through proprietary technologies. Even to get in contact with people with whom it was previously impossible.

Social networks allow you to show the human side of your company and get to know your customers intimately. Maybe people do not dare to say everything you think about your product or do not bother to respond to surveys at street level or by phone. However, social networking breaks all barriers and allows fluid communication between businesses and consumers.

Diversity

Social networks are a useful tool regardless of the size of your company or the type of project you want to carry out.

In any case, social networks add value to your business. If small, you will have less followers and interaction in social networks, but will have as much room and potential for growth as a multinational.

In fact, you can interact with leading companies in your industry or other areas, achieving a useful communication will result in a mutual benefit.

For all these reasons, social networks are a tool to incorporate marketing strategies and project management. And every day they are more important and crucial to success.

In fact, there have been new marketing strategies based on the use of social networks. An example is known as the marketing funnel.

Therefore, social networks are increasingly used in business. What do you expect to use?

Top 5 most read blogs on ITM Platform:

The Monte Carlo Method in Project Management

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