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Risk Attitudes Today I listened to Cornelius Fichtner’s new PM Podcast episode. How does risk attitude affect your project? Cornelius delivers great content as usual. Janice Preston’s interview was very informative and helped me understand the concept of risk management. They teach that risk management is almost a module that you create while planning and then insert into your project plan. They talk about reviewing and updating it frequently. It’s something I have never heard them mention in the context of the risk attitudes and project stakeholders. If you haven’t, you should listen to this episode. However, I enjoyed the classification of four distinct risk attitudes.

Posted on August 19, 2022 By Lennon
  • Risk Seeker – Enjoys and seeks uncertainty in order to find greater opportunities. They can be optimistic and not take potential negative consequences seriously.
  • Risk Averse – Does not like uncertainty and isn’t comfortable with risk
  • Risk Tolerant – able to tolerate uncertainty but is prone to ignoring it.
  • Risk neutral – Analyzes risks and weighs possible outcomes and probabilities objectively.
  • Based on my experience with project managers, it seems that most are Risk Tolerant. This is based on the fact that very little effort is put into planning and analyzing risks. These classifications are easy to identify with because of the people I have worked with on project teams. Some people are too focused on the unknown and seek out risky solutions, while others are more pragmatic (Risk Seeker). Others are conservative to the point that they seem cynical (Risk Avoider). The goal is Risk Neutral. Although I would say that I am more of a Risk Seeker, the knowledge and experience that I’m gaining is pointing me more towards Risk Neutral. I am able to see uncertainty through formal SWOT analysis, which allows me to examine my exuberant optimism. This episode is available on The Project Management Podcast.

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    Next Post: Risk Happens Guest post from Mike Clayton Why Every Project Manager Needs to Understand Risk Project Management is a discipline that was born out of necessity. We wouldn’t need separate tools and processes if projects weren?t so difficult. We need them because we have to make changes within constraints like budget, schedule, and performance. As a project manager, your job is to plan and define your project with care. Gather all data, then use your knowledge, expertise, and reasoning to create a plan. Planning Fallacy Daniel Kahneman, Amos Tversky called it “planning fallacy”. The belief that you can meet a deadline. Even if you have a history of over-runs. A plan that is not well-thought out is almost as bad as one that isn’t. President Eisenhower Shift: Plans are useless, but planning is everything. What happens when things go wrong? The universe doesn’t care about your plans. Risk Management is a second discipline. Project management is deeply intertwined? Risk Management is a result of the same necessity. Risk can be defined as uncertainty that can impact outcomes. This definition includes the two main components of risk: uncertainty and impact. These can be measured in many ways, such as financial, reputational, schedule, reputational or the level of disruption to your projects. There are many reasons uncertainty can occur. Here are seven of the most frequent:

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