PM Podcast 412
These are my notes for The Project Management Podcast.
Episode 412: How to Integrate Risk Management into Agile Projects
Guest: Laszlo Retfalvi, Program and Enterprise Excellence at Lockheed Martin Canada
Risk = good tool in PM’s toolbox
Agile: often not concerned with risk. Needs more risk management.
Classic project management includes risk management.
A PM must be “risk smart”, like street smart about risk.
Agile by nature changes constantly. But doesn’t replace contractual framework. It’s not sufficient to reach efficiency.
Oftentimes, Agile is used as a hybrid with scrum or others. Given it’s recent nature, it’s expected that in 4-10 years Agile will provide clearer guidelines about risk.
How do you do risk in Agile?
Risk doesn’t have to be bad news despite its bad connotation
Practitioners often believe that risk is taken care of because Agile is dynamic
There are multiple guidance documents in risk management depending on industry, depth. They may conflict, but must understand common elements.
In Agile, there is access to costumers for feedback. But if not, it must be accounted for.
Teams must understand risk.
Risk circle of life (6) + communication
Agile & Risk brings value. Delivering means profit
Think lean in agile, remove the fluff.
Agile: value is paramount, fast delivery, focus on the tough first, continuous improvement.
Will risk help or hurt Agile?
- Understand the big picture. How does it fit in the organization?
- What’s the business case? Don’t jump into the project without understanding it = risk.
- Integrate risk used in agile at the enterprise (PMO) level
- Properly identify risk
Elaborate a risk statement
Due to [FACTORS] there is a [THREAT/OPPORTUNITY]. that [RISK], results in [CONSEQUENCES].
Writing it out helps improve thought processes. Share risk register in a document for all to edit and access.
- Understand there is uncertainty everywhere
- Use agile but consider risk.
- Within Agile, leadership is required for the tough calls.
Safe but comfortable environment: Push each other.
Be capable of explaining project in one page, a project elevator speech.