Talk:Risk management in project portfolios
Review by Akemb
- Landuage: Very good, it is very easy and nice to read. Sentences are shortened to only contain what is relevant - Good job
- [Thank you!]
Correlations between Risk Management and Project Portfolio Success
- In the end of this section you determine that risk management justify the decrease in flexibility. I agree, but i think it could be nice however, to explore if this related to all types of industries. What about very innovative and radical innovation companies? They will typically not have a very stricked product development process and they may need to take changes, more than other companies. You could include something about a company's willingness to take risks - it has a specific term, which i dont remember.
- [I think that the inclusion of industry type / innovation level is already done, and should not be explained further. The conclusion states that dynamic portfolios with lots of R&D in turbulent markets should be aware. In my opinion this enables the reader to define his own portfolio, regardless of specific industry or innovation level.]
- I know that this article may only seek to explore relevant body of knowledge. However, it would be nice to know how these frameworks / methods influence / benefit risk management
- [I'm not quite sure I understand what you want added. The framework influence/benefit risk management by providing a formal process for defining risk and create responses should these risk materialize. Nothing is therefor added or corrected]
- Very good work, i liked all of it, only small spaces for improvement. If you like, i would maybe bring in a littlebit extra on the willingess to take risk in different companies. Something about how companies handle their risk / Best practices
- [Thank you! The area of risk willingness I feel is outside the scope of this article. The idea of examples of best practices is good, however I have not been able to find any articles on the subject. The area of study is still fairly new.]
Review by Maxatzi
- In general I have really positive comments. It is a well-written article with a clear structure which allows the reader to follow your train of thoughts. Every term that was used was explained thus I didn’t need to look for anything that I didn’t know. I also found really interesting the topic as a risk identification and therefore risk management is a challenging process. However, I think that you covered every aspect related to possible risks that may influence a project portfolio.
- [Thank you!]
- At some points (4-5) you have some spelling mistakes (“succes”, “ressource”, “accur”, etc.) They are not important but I notice them so I let you know!
Project Portfolio Risk-Opportunity Identification Framework
- The framework was well-explained as well although I have some questions about it. In the identification matrix and in the final risk-opportunity register the “severity” level is calculated but I cannot understand how and which exactly are the parameters that are taken into account in order to calculate it. I guess that some numerical parameters are used and maybe the strategic consequences (impacts on benefits & objectives) are somehow translated into numerical parameters as well. Or are they initially defined by numbers? It would be nice if you elaborate in a couple of sentences on this so it will be clear how the severity is calculated.
- [Good point. The article where the framework is from doesn't mention specifically how to calculate the severity. The framework is only described overall. However, I have tweaked the sentence describing the severity, to include a description of the numerical nature of the assessment.]
- Another question is how complex this process is when we are referring to portfolio management. Is only the project and the portfolio managers responsible for conducting the risk management or is it a group of individuals involved in the different processes of each project? And I guess that it depends on the size of the portfolio but is it a time-consuming process for a company? If they are not only the project and the portfolio managers responsible for conducting which do you think that the impact will be on the time spent for its completion?
- [Valid point, however I do not feel that this can be included in the article in a good way. The complexity of and time spent on this risk management is very much defined by how managers choose to use these findings. Therefor it is hard to say anything specific. The topic is somewhat covered by the reflection on increase in bureaucratic processes and extra effort from managers/companies.]