Risk

RAID analysis is a project planning technique for identifying key project Risks (R), Assumptions (A), Issues (I), and Dependencies (D). Project teams should complete an initial analysis at the beginning of the project and then monitor the issues via a RAID Log.

Padding is an extra time or cost added to an estimate because the estimator doesn't have enough information.

Curious about the difference between buffer vs padding in project mangement? Coming from a risk management background, I have always been offended and felt that little chill go down my spine when someone would ask if I had “padded” my numbers referring to my adding a contingency amount to scheduled tasks or budget items. Here is how I teach people not to replace the word “padding” with the word buffer.

Analyzing risk is an important part of the project planning process. Having a clear sense of the project risks you face, can help you prevent or prepare for upcoming risks. In this article, learn about seven of the most common project risks. Then, empower your team to find solutions before these issues derail important initiatives.

Risk management involves identifying, valuing, and mitigating risks using the known-unknown framework. This framework categorizes risks into known known, unknown unknown, and unknown unknown risks, making it effective in various industries.