Everybody wants to be a Project Manager
Learning corner: Risk Response Strategies
Read time: 4 minutes
Welcome to The Agie Admiral weekly newsletter where I provide actionable ideas to help you build a high-performing Project Management career
Today at a Glance:
🌟 Quote on leaving a legacy
✅ Everybody wants to be a project manager
📌 Portfolio Benefit Realization in PMO Environments
⭐️ Learning corner: Risk Response Strategies
💼 Growth Tips
📊 What's Trending at CAPM/PMP Next Week?
Quote on leaving a legacy
"Either write something worth reading or do something worth writing." - Benjamin Franklin
You get one chance at this life.
Why not create something remarkable?
Everybody wants to be a project manager, until they face the reality of the role:
❌ Handling rework
❌ Managing conflicts
❌ Additional scope
❌ Addressing unforeseen risks
❌ Budget cuts
❌ Losing resources
❌ Dispute
❌ Angry Customer
❌ Unhappy management
❌ Company targets not meet
❌ Overtime
❌ No work-life balance
❌ Changes after changes
Join the discussion of 200+, here: https://www.linkedin.com/posts/gabor-stramb_projectmanagement-activity-7185902319723540480-pQbt?utm_source=share&utm_medium=member_desktop
The Strategic Importance of Portfolio Benefit Realization in PMO Environments
The concept of portfolio benefit realization within Project Management Offices (PMOs) represents a paradigm shift from traditional project management approaches, focusing on deadlines and budgets, to a broader, more strategic perspective. This shift acknowledges that the true value of project management lies not merely in executing projects but in ensuring these projects collectively drive the organization closer to its strategic objectives. Here, we delve deeper into the aspects that highlight the strategic importance of portfolio benefit realization in PMOs.
Strategic Vision and Organizational Goals Alignment
The crux of portfolio benefit realization is its ability to align individual project outcomes with the organization's long-term strategic vision and goals. This alignment is essential for several reasons:
Purpose-Driven Project Selection: Projects are selected not only based on their individual merits but also on how they fit within the broader strategic agenda of the organization. This ensures that resources are invested in initiatives that contribute to long-term success and resilience.
Dynamic Adaptation to Strategic Shifts: In a volatile business environment, strategies can shift in response to external pressures. Portfolio benefit realization allows PMOs to dynamically adjust project portfolios to remain aligned with evolving strategic objectives, ensuring agility and responsiveness.
Article by Dr Tony Prensa: https://www.linkedin.com/in/drtonyprensa/
Continue reading here: https://www.linkedin.com/pulse/strategic-importance-portfolio-benefit-realization-dr-tony-ytpje/?trackingId=bOy4ADYHRYSXPiKNj1Fubg%3D%3D
Learning corner:
Risk Response Strategies
Risk Management is part of CAPM/PMP exams.
Each risk will be categorized, both threats and opportunities.
Let's have a look at the risk response strategies for Threats.
Negative Risk Strategies:
eliminate/avoid (not to use, extend the schedule)
transfer (outsource, warranty, insurance)
mitigate (reduce the risk of more testing/precautionary actions/redundancy)
accept (passive – do nothing or active – contingency)
escalate (escalates a risk to the appropriate party — can be deleted from the risk register or retain in the risk register with a remark)
Also, more on risk response planning:
Involves figuring out, “What are we going to do about each top risk?”
Plan response to enhance opportunities and reduce threats
Each risk is owned by a responsible person
“Watch list” is the list of low priority risks items in the risk register
Fallback plan will be used if 1) risk response not effective, 2) accepted risk occurs
Contingency Plan (contingent response strategies) (plan A) are developed for specific risk (when you have accepted a risk) with certain triggers vs Fallback Plan (plan B)
Residual Risks – risks remain after the risk response strategy was implemented, may be identified in the planning process (may subject to contingency/fallback planning) They don’t need any further analysis because you have already planned the complete response strategy you know in dealing with the risk that came before them.
Secondary Risks – risk arises when the risk response strategy was implemented
Reserve Types
Contingency Reserve: known unknowns (determined risk), part of cost baseline
Management Reserve: unknown unknowns (discovery risk), part of project budget
Growth Tips
TED Talk to Watch →"How Great Leaders Inspire Action" by Simon Sinek
The Catalyst - Strategies for effective communication - LinkedIn Newsletter by Rahul Pai - Link: https://www.linkedin.com/pulse/catalyst-4-communication-rahul-pai-rba4c/?trackingId=MnP9ugYJTyWgFT0uQC8Kqw%3D%3D
Lets Talk Project Management "🤝 Get Expert Project Management insights, Tips, and Strategies straight to your inbox. 🚀"
by Alfred Maina M - Link: https://www.linkedin.com/in/alfredmainamuthami/
Powerful visualizations on time:
This is a really cool series of visualizations on time.
It taps into our perception of time and how it changes as we grow older. Maximize the screen, scroll down, and experience the full effects of the words on the screen.
Very cool, very impactful.
What's Trending at CAPM/PMP Next Week?
FREE Upcoming Live Webinars:
CAPM Study Group - Link to next event: https://www.linkedin.com/groups/12881121/
PMP Study Group - Link to next event: https://www.linkedin.com/groups/12884882/
Also, for recent success story sharing, on how people are passing CAPM and PMP in 8 weeks, have a look at my YouTube channel.
Personal note.
I failed PMP x 2 times and it took me 3 years to become certified.
Most people spend 4 to 6 months on exam prep.
PMP prep is not a WEIGHT LOSS program……..
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🚧 FREE CAPM/PMP Exam Prep Flashcards - Update January 2024
🦸♂️ AGILE Mindset to PASS PMI Exam’s by 1st Try
📚 How to Study for CAPM & PMP Exams - (Free on YouTube)