Contributions for September Issue of The Best Practice Magazine:
Definition of - MBR (Managing Business Resilience)
MBR (Managing Business Resilience) : This CA addresses the ability to anticipate, prepare for, and respond to interruptions in order to continue operations. It involves identifying, evaluating, prioritizing, and handling risks. It ensures timely and effective resolution and prevention of interruptions to minimize the impact on business operations and ensures the best possible level; of service quality. It addresses defining a minimum set of critical functions that must continue in the event of significant interruption of normal operations.
RSK (Risk & Opportunity Management) includes:
Identifying threats and opportunities
Evaluating their likelihood of occurrence and impact
Mitigating potential threats
Leveraging potential opportunities
IRP (Incident Resolution & Prevention) includes:
Identifying actual and potential incidents that may impact delivery
Establishing the approach for addressing incidents as they occur
Analyzing incidents to prevent recurrence
CONT (Continuity) :
Plans and validates the critical set of functions and resources needed to continue operations when a significant or catastrophic event occurs.
The uncertain economic times of the past few years have had a major effect on how companies operate these days. Companies that used to operate smoothly with the help of forecasts and projections now refrain from making business judgments that are set in stone. Now, companies have a renewed focus: to manage risk.
Risk is the main cause of uncertainty in any organization. Thus, companies increasingly focus more on identifying risks and managing them before they even affect the business. The ability to manage risk will help companies act more confidently on future business decisions. Their knowledge of the risks they are facing will give them various options on how to deal with potential problems.
Risk management is a central part of traditional project management and is included as one of the knowledge areas in the Project Management Institute’s (PMI) body of knowledge. In many of my classes, participants ask how Scrum and agile address risk management. Some are concerned that agile or Scrum ignore risk management completely. Let’s see why this is the case. First, a great deal of explicit risk management becomes unnecessary when a project uses an agile approach. The short iterations, single-minded focus on working software, heavy emphasis on automated tests, and frequent customer deliveries help teams avoid the biggest risk most projects face—that of eventually delivering nothing. So, it is not surprising that many agile projects forgo any form of explicit risk management. To put it in risk management terms, for these projects the likely savings from explicitly managing risks is outweighed by the cost of explicitly managing risk.
Sustainability, which is more often associated with environmental or other larger societal concerns, is often not associated with financial considerations, which is a complete show-stopper risk. Public pressure tends to be in external-facing areas such as environmental, community planning, regional economic impact, and impact to local services. In fact, sometimes these considerations even come at odds with internal financial viability and sustainability, which need to be in place to accomplish any of these other external-facing objectives.
Today, most organizations continue to rely on a traditional approach to risk management. Such an approach is built on stovepipe-oriented risk management, in which the focus is mainly on the tactical business issues and does not consider strategic sources of risk.1 This traditional approach to risk management does not adequately identify, evaluate and manage risk; tends to be fragmented, treating risk as disparate and compartmentalized; limits the focus to managing uncertainties around physical and financial assets; focuses largely on loss prevention, rather than adding value; tends to use linear and sequential process thinking; tends to be highly disaggregated from managing a firm’s risk; and is not holistic.2 Moving to an enterprise risk management (ERM) program is practical, but the level of maturity in adopting ERM is different from one organization to another. Although ERM overcomes many of the limitations of traditional risk management models, it brings its own limitations and challenges.
Applying AI and machine learning in the aviation safety domain can lead to better decisions and continuous performance improvement.
What if the aviation industry could identify and address safety risks before they occur? During the last 20 years, information sharing and collaboration between pilots, controllers, manufacturers, and maintenance personnel has led to major improvements in aviation safety. As the quantity of shared data has increased, artificial intelligence (AI) concepts and machine learning techniques needed to be introduced into complex, data-driven models to predict actions, recognize patterns and uncover hidden insights.
Two forms of Health Check are offered the Silver Appraisal (SCAMPI B) and Gold Appraisal (SCAMPI A).
Both are led by a Certified CMMI® Lead Appraiser supported by trained Appraisal Team Members.
The primary difference between the two types of Health Check is the level of rigor and the fact that the SCAMPI A Appraisal can provide a Capability Level for each of the PMO Process Area in scope, the results can also be published on the CMMI® Institute PARS Site (Published Appraisal Results) if required.
The key deliverable being a report highlighting strengths and opportunities for improvement. This can optionally be expanded into a comprehensive PMO Improvement Plan the implementation of which can be supported by DEMIX Consultants if required.
If your PMO is not adding the value you expected then perform a DEMIX PMO Health Check to find out why!
To find out more or register interest contact Stephen Woods via the email below: