Bryan Barrow’s “Speaking of Risk” Newsletter: March 2011

I haven’t given as many talks as I would like over the past year or so, but hopefully that’s all about to change.  So I’d like to start off by thanking Lucy Clay of the Association for Project Management (APM) for inviting me to a combined meeting of the South Wales and West of England Branch last month.

I gave my latest talk, entitled “How To Reduce Project Risk So You Deliver On Time And Under Budget” to about 60 people that evening and I was blown away by their positive feedback, not just in terms of the questions that came up on the night but also their evaluation of the talk.  Given that I started out not knowing whether my voice would hold out (I had been suffering from tonsillitis) I ended the night feeling like singing.  I’ve since been asked to give the same talk later this year to three other chapters, more below.

Risk Management: The Inconvenient Truth

Although I speak on project risk management I see myself as a project management consultant who focuses on risk management because I personally believe that it is vital to successful project delivery.  It seems though that I’m in the minority.  I’ve spent a long time asking why more people don’t use risk management, but to be honest it’s still no easier a question to answer now than it ever has been.  So I’m just going to call it as I see it.

Project Managers aren’t doing enough to identify and manage risks and project boards let them get away with it.  The cost to our organisations isn’t just measured in terms of money lost on individual projects, but in opportunities lost to the organisation as a whole.  Until we face this truth and deal with it, we will continue to suffer the consequences.

Now I’m not saying that project managers are outright lying to their project boards.  What I am saying is that all too often project plans, which are incomplete, poorly thought through and not backed up by anything other than the project manager’s view of the world, are accepted without rigorous testing by the board.  If any project board took just one plan presented to it and challenged the project manager to explain it, that board would probably find that the plan would not survive more than a few minutes’ inspection.

If this seems a bit confrontational, please don’t shoot the messenger.  I’m just saying what I’ve believed for years now and I’m supported by studies that seem to say the same thing.  The latest one comes from the Economist Intelligence Unit.  In its study, “Preemptive Action: Mitigating Project Portfolio Risks in the Financial Services Industry” they found that “this proactive approach, which requires both a rigorous project management practice and intrepid executives willing to make difficult decisions, is unusual in the industry.”

So what needs to change?    Well, project managers need to start off by incorporating risk management activities into their up-front planning and they also need to continue to review, manage and communicate risks right the way through from the start to the end of their projects.  Project boards need to be on the look-out for information on risks and evidence that these risks are being managed, rather than just reported on.  That means giving project managers an occasional grilling about key risks rather than just accepting risk reports without even challenging them.

The sooner that both project managers and project boards join forces to overcome risk the sooner that they can move on to embrace opportunities.

Learn More:

Going to Project Challenge this year?

I’m looking forward to the Project Challenge Spring Show at the NEC later this month.  I love going to shows and exhibitions because it’s the one place where I can catch up quickly with latest developments, connect with people and learn something that will help me help my clients.  If you are going let me know so that we can catch up.

This month’s quick tip . . .

. . . Is about making the most of your time at exhibitions.  With so much on offer at many events it’s very easy to miss a booth because you either just didn’t see it or else got talking to someone at another booth and ran out of time.  Here’s what to do when you go to an event so that you never miss anything interesting.

When you arrive on the exhibition floor go straight to one of the corners.  Then work your way around the whole floor aisle by aisle and collect any brochures that seem interesting.  Try not to stop for a chat now; if someone does try to engage you in conversation explain that you’re in a hurry but will try to get back to them later.  Make your way up and down until you get to the opposite side, then work your way across the floor until you have criss-crossed the whole event.  This will probably take you about 20 minutes but you will end up with a whole bunch of brochureware.  Now, go and get a coffee and have a quick look through what you’ve collected and decide which stands you want to visit, in order of priority.  Use your exhibition plan to allocate your time so that you can spend as much or as little time as you need while you’re there.  If you’re unable to get around to all of the stands you can always follow up in writing or by telephone after the event.

Help me get this book out of me!

I’m looking for people who can help me finish my book.  I’ve drafted it but would love to have 10-20 people who are willing to read the draft chapters and give me feedback on it.  Could that be you?  If you’re willing to lend a hand I’ll gladly include you in the list of technical reviewers and of course, you’ll get a copy of the book when it’s done.  Let me know if you’re interested.

Someone you should have in your network – Mark Swabey

Mark Swabey is a Risk Management Consultant and Managing Director of Risk Reasoning Limited, a company which provides risk management consultancy, training and software.  Marks’ wide experience in project and risk management in the aerospace, defence, power and telecommunications sectors makes him an invaluable person to know.  When you add to that Risk Reasoning’s “RiskAid” software for uncertainty management and decision support you have a great combination.  Why not connect with Mark on LinkedIn?

Future Events

  • 4 April, APM Birmingham: “How To Reduce Project Risk So You Deliver On Time And Under Budget.”
  • July (date TBC), APM Derby: “How To Reduce Project Risk So You Deliver On Time And Under Budget.”
  • Oct (date TBC), APM South East London Chapter: “How To Reduce Project Risk So You Deliver On Time And Under Budget.”

Looking for a speaker?

If you’re looking for someone lively and entertaining who can make a talk about managing risks seem not only interesting, but fun too, then why not book me for your conference, workshop breakout session, seminar or off-site?