Risk Mitigation & Management (RMM)
Strategic forward leaning risk reduction planning and methods increase probabilities of success and long term business continuity.
In today’s highly competitive business environment optimizing resources and capital while planning for organizational achievement is essential. Companies and organizations continually debate whether development time and budget should be focused on the actual work of the project, or on events that may or may not occur. Quviant suggests that program and project stakeholders must view risk mitigation and management (RMM) as either contingency pre-planning now or crisis management later, and whether or not investing today’s dollars is less expensive than tomorrow’s.
Stacking The Odds in Your Favor
In business, taking calculated risks to advance the organization’s market position is just that — calculated. A lot goes into those calculations such as SWOT, market saturation, competition, product viability, socio-demographics impact studies and analysis, and several others. If done accurately, great gains can be made for organizations willing to invest the time and energy.
Conversely, when addressing adverse risks that face organizations programs, projects or product development, less than 40% of all US companies have program or project RMM plans, processes or tools. At Quviant, we designed our progressive RMM practice to aid clients by significantly reducing waste and inefficiencies, while protecting capital and assets, and giving our clients a competitive edge.
Organizations Have Insurance Policies. Why Not RMM Playbooks?
Our professionals have the expertise to prepare, protect and defend our clients from the unavoidable and unexpected risks that arise from changes and conditions. Our methodical approach decomposes not only the program or project itself, but the risks associated at the enterprises level’s infrastructure, culture, processes and systems.
We consider every aspect — seemingly benign situations to “red flags” — of what will interfere with execution and success. We design RMM plans and steps well in advance, instead of dealing with risks on an emergency basis. Quviant’s RMM Playbook is in place with well-planned and coordinated enterprise and project defense mechanisms that are ready at a moment’s notice.
Integrated Risk Capture
An aspect of Quviant’s best practice includes capturing, managing and integrating risks in the schedule, and following up with full-circle communications with the team. By having the risks threaded through the schedule this provides ‘Go/No-Go’ visibility into risk severity and if the risk is severe enough – development of work-around plans or the application of other risk management techniques.
Risk: The Forth Dynamic to the EVMS Tension ‘Triangle’?
Since the mid-1990’s, Quviant’s enterprise and program management experts have recognized that when executing a program or project, beyond the traditional ‘cost, schedule and technical delivery’ tension triangle – the ‘risk’ tension leg must always be included in the ‘first things, first’ approach.
When executing a program or project there’s a natural risk relationship or trade-off between cost versus schedule; schedule versus product development; product development versus cost controls and so on. But, RMM in and of itself is rarely viewed as a practice or discipline as the fourth leg or practice of the EVMS Tension ‘Triangle’. This is because in many organizations and projects, RMM is an after thought or where risks are simply identified and analyzed in a random, brainstorming, approach but not managed.
Because Quviant incorporates RMM standard practices into PP&C and EVMS, risks are now measurable and when something can be measured it can be more effectively managed.
Quviant’s Dynamic RMM
Quviant’s approach to RMM goes beyond designing and implementing processes, methods, systems at the PMO or project level. We address RMM as a holistic system of interconnected, but not mutually exclusive practices, work-flows, work-products and systems. By strategically honing and integrating RMM at all levels of the enterprise we help our clients to:
- Control costs
- Protect cash positions
- Execute more efficiently
- Increase time-to-market cycles
- Reduce or eliminate redundancies
- Adjust and tailor JIT labor and materials planning
- Instill greater customer confidence for on-time and on-cost delivery
- Obtain measurable RMM criteria and metrics for proactive contingency planning
- Optimize supply chain, procurement and vendor purchases and logistics efficiencies
- Create standard and repeatable processes making programs and project run effectively