The benefits of risk management are vast, but for a lot of projects this is an space still commonly overlooked. By applying easy and constant risk management techniques we can easily minimise the impact of potential threats as well as leverage potential opportunities. This not only ensures assembly the agreed scope, value and time but in addition improves the overall health and effectivity of the project operation, staff members and wider stakeholders. This article comes back to the basics on the key guidelines of managing risk, to ensure your projects are persistently delivered with full success.
Tip 1 – Implement a solid identification process
Sounds easy right. Nevertheless there are still many projects as we speak which can be managed with completely no formal risk identification incorporated. Then there are others that think they’re utilizing risk administration appropriately but are not making use of the right strategies to identify risks. The identification process will rely on the project, the organisation and the company tradition involved. So it is best to consider those areas when figuring out the most effective approach. This could be as simple as educating the crew on what a risk truly is and asking them periodically to review the landscape for new risks. Or for giant projects the PMO can be leveraged to make sure risk identification is included within the drumbeat.
Tip 2 – Be positive
Risk administration includes figuring out and managing both negative risks and positive ones, yet most projects typically appear to focus only on the negative ones. Guarantee to add clear reminders and pointers within your risk administration process to consider positive risks. A deliverable being delivered well before its due date generally is a good thing, but additionally can have unexpected impacts on other areas or leave the project working inefficiently. Alternatively such a positive risk can really help to balance out the impact of negative risks in other areas.
Tip three – Prioritise for efficiency
All risks are not equal and there may be always limitations round how a lot resource could be applied to mitigate them. As such it is essential to classify risks when it comes to ‘probability’ or how likely the risk is to happen and ‘impact’ level if the risk materialises into an issue. By doing so will enable the project manager and all crew members to simply see which risks are priority to focus on. Use of a risk register template is a really efficient means of doing so. Most organisations would have a typical template for this or if not there are a lot of that can be discovered online.
Tip four – Apply right ownership
It is usually common for individuals within the project organisation to assume that the project manager owns all risks but this is totally false. Risks can have an effect on wide areas of the wider stakeholder group and it is typical that resources with the related knowledge or skills in that area are a lot better positioned to become the owner of the risk and to hold out the appropriate mitigation actions.
Tip 5 – Communicate and track to closure
With correct identification, classification and owner allocation in place we have to be careful as project managers that this is not considered to be the ultimate step in the process of risk management. At this stage it is critical that the risks are appropriately communicated. Firstly to the owner assigned to handle the mitigation actions and secondly to the wider stakeholder group affected so they are aware of the risk and potential impact to their respective areas. It’s also then essential that the risks are often monitored and tracked by means of to closure concerning progress on mitigation actions and probably changes to the impact / probability classifications as these actions come to fruition.
Summary
By following the above ideas, project managers will be well placed to be in a position of control in relation to the management of risks for their projects and in the end this will ensure a sound foundation for the profitable delivery of their work
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