Father’s Day might be a holiday which is much newer than the project management profession itself, but let’s not miss the opportunity to celebrate the many ways in which project managers help their projects succeed through effective risk management.
F is for Failure Mode and Effect Analysis, which can be a mouthful to say,
A is for avoidance to hold critical risks at bay,
T is for risk transfer for which we’ll have to pay,
H is for human bias, which can stand in risk management’s way,
E is for expected monetary value analysis, which calculates outcomes come what may,
R is for reserves, which prevents realized risks from ruining our day,
S is for simulations like Monte Carlo for us to play,
D is for Delphi where estimators go to pray,
A is for assumptions which come in many shades of grey, and
Y is for yellow which our project dashboards should never display.
Happy Father’s Day to all!