The best-laid plans of mice and men oft go astray. Why? Individuals, teams, and organizations lack the healthy habits of identifying and managing the uncertainty that surrounds their world. Today, let's look at a step-by-step process to improve your strategic planning, analysis, and alignment with a particular focus on risk management.
What I found over the years is the most important thing is for a team to come together over a compelling vision, a comprehensive strategy for achieving that vision, and then a relentless implementation plan. —Alan Mulally
Strategic risk management is a process for identifying, analyzing, and managing risks most critical to the achievement of your goals. While many individuals, groups, or organizations perform risk management informally, a more structured approach has its benefits. For instance, strategic risk management can help you invest your precious time, money, resources and energy where it counts most.
PMI Talent Triangle
The Project Management Institute says, "The ideal skill set (for a project manager) is a combination of technical, leadership, and strategic and business management expertise." —PMI Talent Triangle
Organizations are looking for project managers who can manage projects. Additionally, they want individuals who can help define the organization's strategies and ensure that the projects are aligned with the enterprise goals.
During the project initiation process, a project charter should be completed. The project goals should align and support the achievement of the enterprise goals. Furthermore, the Project Steering Committee can help by defining and using project selection criteria to approve projects that fit the criteria, ensuring better alignment to the organization's goals.
Want to know more? Check out my online course: The What, Why, & How of Powerful Project Charters.
Strategic risk management may be applied to enterprise, portfolio, program, and project levels of an organization.
So, here is a step-by-step process to help you improve your strategic planning, analysis, and alignment.
In the broadest sense, strategic risk management starts at an enterprise level. Even if your organization does not have an Enterprise Risk Management (ERM) Program, you can apply this process to improve your portfolio and program risk management. Lastly, if you only manage projects, consider this process as the context for your projects. Do you understand how your projects align with the organizational vision, mission, values, and goals?
You may be thinking—interesting article. But I want you to be more than interested. I challenge you to take action, particularly if you are an enterprise, portfolio, or program manager. Develop your strategic plan, identify your risks, and start managing those risks. Most importantly, add value by keeping your eye on the achievement of your goals.
Become a more effective project risk manager.