PM War Stories # 23 – The Stakeholder Factor: Looking to the Past and Future to Mitigate Project Risk

Download PMW_0023_Risk_Strategies.mp3 (25 MB) 

Probably the most difficult challenge project managers face when mitigating risks within their projects is anticipating their stakeholders impact on the outcome of their projects.  Risk Management has become a vital discipline in the planning of project uncertainty often the result of stakeholder activities.  Properly employing a defined set of metrics in a systematic manner provided by proven methodologies such as Earned Value Management (EVM), in conjunction with the "softer" techniques touted by Risk Management experts can save a project from being derailed by the unpredictable reality of human intervention .   As a result, project managers are constantly balancing stakeholder actions, or in some cases inactions, based on historical knowledge and anticipated future events to achieve the best results in mitigating project risk.

In this episode, we will examine how organizations can mitigate risk through effective risk and stakeholder management strategies.

Our show is divided into 2 segments.
 
In Part 1, we will be talking to industry insider, Rich Maltzman who has over 30 years of project management experience. He is a Senior Manager in a large telecom's Global Program Management Office, looking after the career path, certification, development, skills management, etc. for more than 2,000 project managers. His current projects include Scope Crepe, a delicious blog about project management and life, and Fiddler on the Project, a book to help project managers keep their balance atop the roof consisting of the traditional project constraints (time, budget, and so on) and the change brought about by the project – all while producing a tune to inspire the various stakeholders. Tonight he will be sharing his insights and experiences in the management of stakeholders and the mitigation of risks.

If you would like more information about coping with or mitigating project risks or developing an effective risk management strategy, then check out:
 
   Episode 5, Creating a PMO: Coping with Risks &Uncertainties of Project Management (Part One);
   Episode 6, Creating a PMO: Coping with Risks &Uncertainties of Project Management (Part Two);
   Episode 16, Mitigating Risks in Project Management; and 
   Episode 19, Risk Management: Why opponents to the project are your most important external stakeholders.
 
In Part 2, the Technology Corner, I sit down with Charlene Thompson, who has over 15 years of project management experience. She is the Vice President of Programs for the Kansas City chapter of PMI,  and is a member of the PMI College of Scheduling. Currently, Charlene works for the EG&G Division of URS as Project Engineer for Alliant Techsystems  (ATK) at the Lake City Army Ammunition Plant. ATK has more than 17,000 employees in 21 states and is a leading supplier of aerospace and defense products, munitions, smart weapons, propulsion and composite structures. Today, Charlene discusses how ATK uses Primavera's earned value management system to mitigate risks and manage stakeholders while performing complex, long term maintenance projects at the munitions plant.

Thanks again to our community, please keep the war stories coming.
 
Music Notes
 
1. The opening of the episode – "Catwalk"
2. Interview with industry insider – "Collins Avenue"
3. Technology Corner – "Investigation"
4. The closing of the episode – "Electric Rodeo" 

Comments

[projectmanagement04]

Project management certification and accreditation is determined by the passing of two exams. The Foundation exam is a multiple-choice test that lasts for up to one hour. The Practitioner test is a bit more complex, mixing in objective testing with multiple-choice questions, and clocking in at approximately three hours.

[Project Management]

Good project managers have developed their own strategies to both manage and mitigate project uncertainties that can have either a positive or negative impact on a project's outcome. To further complicate matters, project managers must face overlapping or conflicting views of risk by both the business side and the project team.