Risk models are essential tools that enable organizations to manage risk effectively by quickly identifying, assessing, and prioritizing potential threats. Through these models, organizations aim to gain a deeper understanding of their risk exposure, allowing them to make quicker and more informed decisions on resource allocation for risk management or acceptance. Recently, artificial intelligence has […]
Category Archives: Risk Management
A Conversation With ChatGPT About the Biggest Mistakes People Make in Risk Management
What are the biggest mistakes made in risk management? I have seen and experienced a lot in risk management in the last few years and have written extensively about it. That’s why I was wondering what artificial intelligence (AI) thinks about this topic, so I asked ChatGPT about the biggest problems people make in risk […]
Why You Should Not Solely Rely on Risk Checklists
Risk checklists are much used tools in risk management. They can be a good tool in certain situations. However, it is important to understand the limitations of risk checklists. In this article, you will learn what the advantages and disadvantages of risk checklists are and why I recommend this tool only to a limited extent. […]
How Artificial Intelligence (AI) Leverages Your Project Risk Management
In risk identification and evaluation, often not much time and effort is spent and one quickly relies on existing checklists that make one’s work easy. Other methods, such as brainstorming, are unfortunately rarely used. With Artificial Intelligence (AI) tools, which have been the talk of the town for the last few months, you can increase […]
Avoid the Risk of Believing in Things Confidently Without Verifying Their Accuracy
Have you ever believed in something in your business life or during project execution that you were sure would happen? You were so confident, the situation was so clear, that you didn’t give it any more thought and made decisions on this basis. And when something went wrong, you asked yourself, why didn’t we invest […]
How to Create a Risk Log in SharePoint Online
Risk management is a central activity in project management, but is unfortunately often neglected. Projects fail because of risks that are discovered too late, ignored or simply not sought. Risk management is not complex but is hard work and the most important thing: it must be done with conviction. Software such as Excel or SharePoint […]
Why You Should Have an Issue Log in Your Project
Do you have an Issue Log in your project and do you use it consistently? In my view, the Issue Log is one of the most neglected or underestimated tools in project management. The Issue Log is not just a simple list of issues, but behind it is a management culture of how you handle […]
How Developed is Your Risk Awareness?
You have probably heard several times that you should be risk aware, but you may not have thought much about it. Risk awareness is a somewhat abstract term, but something that is essential in our daily lives, in business and in projects, so that we do not face problems or misfortunes. This article will show […]
How to Address Complexity in Project Risk Management
Projects have always been a complex endeavor and have always to deal with the unpredictable, the surprising, and the unexpected. This was 200 years ago so, and it is still so. However, the complexity is increasing every year, especially when IT technologies are involved. In this environment, it’s harder to predict what will happen because […]
How to Reduce Risks in Product Development
Companies that develop products often take considerable risks that can, for example, jeopardize the continued existence of the company. Developing innovative products in particular is a risky and uncertain process and many products fail, for example, due to feasibility or market acceptance. This uncertainty often leads companies to avoid taking risks—and if they do, they […]