How to Do Risk Management in Agile Projects

Some people might expect that agile projects have – or even need – no risk management. That is completely wrong. So, let's look at how to do risk management in agile projects. We need to adapt our risk management approach to the nature of our project. especially to the: • level of risk • risk attitude of your customer, client, users, or sponsor • culture of the sponsoring organization After all, all project management is hybrid project management! The basic process is the same, in agile projects. We typically apply that process at 2 levels: 1. Level 1: The Project level …an over-arching Risk Management framework 2. Level 2: The Iteration, or sprint, level … a process that happens at each iteration The essence of the process is: • Identify • Analyze (and prioritize) • Plan risk responses • Take action • Monitor & Control RM progress But, in addition, there are elements of risk management that differ: - The adaptability of agile projects is a response to the uncertainty of the end product. Each iteration bites off a small chunk and thus limits risk. - We follow the whole risk lifecycle at each sprint or iteration. This increases the focus on risk. - The use of a backlog is a risk management approach. - The Sprint Reviews and Sprint Retrospectives of Scrum allow constant improvement. To Study for Agile Certifications, I Recommend: 1. mPlaza * Exam prep for Scrum Master PSM I: https://bit.ly/MP-PSM1 * Exam prep for Product Owner PSPO I: https://bit.ly/MP-PSPO1 * Exam prep for Scrum + Kanban PSK: https://bit.ly/MP-PSK * Study for EXIN Agile Scrum Foundation: https://bit.ly/MP-ASF * Study for APMG Agile PM Foundation: https://bit.ly/MP-APMF 2. GreyCampus * Study for EXIN Agile Scrum Master (ASM): https://shrsl.com/2xw97 * Study for Scrum Alliance Certified Scrum Master (CSM): https://shrsl.com/2xw9k These links are affiliated. I have reviewed courses from all these providers and can recommend them. The provider will pay me a small commission if you buy through these links that will help support the free content I make for this channel. Recommended Videos Carefully curated video recommendations for you: 🎬 Project Risk Management - How to Manage Project Risk https://youtu.be/xXV_gjtXMSk 🎬 How to Create a Risk Management Plan https://youtu.be/9MAHX2Wv8pk 🎬 What to Put in Your Risk Register (Risk Log) https://youtu.be/vkEPGFVVwfM 🎬 What is Agile Project Management? https://youtu.be/D5FoRXGa8ic 🎬 Waterfall vs Agile: The Big Principle at Stake https://youtu.be/we1PJ7OY3PY 🎬 How to do a Basic Agile Project https://youtu.be/6PqmHhJFXp4 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-project-manager-needs Note that the links are affiliated. For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ Chapter Markers... 00:00 - Risk Management in Agile Projects 00:42 - Adaptation 01:40 - The main difference 02:02 - 2 levels of risk management in agile projects 02:43 - The basic risk management process 03:49 - Ways risk management differs in agile project management 07:17 - Problems of agile working for risk management 08:33 - Benefits of agile working for risk management 09:52 - All project management is hybrid project management #Agile #ProjectManagement #RiskManagement