Risks can change over the course of a project, which means that tracking is a crucial part of your company’s risk management process. Knowing how elevated risks can change the outcome of your mission can determine the resources you assign to them.
Project Risk Management
Risk is inevitable when executing a project. Whether it’s a financial loss, accident, or project failure, there are any number of ways a project can go wrong. It’s your job to identify possible risks and have a plan in place for minimizing, as well as dealing with them when they are encountered.
Sound tough? This may be the least favorite part of any PM’s job, but we have a wealth of content to help you navigate these issues and succeed in your project. Read articles, tips and ideas from fellow PMs and share your own experience in the comments.
Although teams can use a risk matrix to report progress on containing risks, they should also have policies in place to identify new risks. You want to promote shared vision among your team mates. You need to permit anonymous risk reporting and create contingency plans.
Although a project manager holds responsibility for all aspects of a business initiative, appointing a separate team member as Risk Officer can improve interpersonal relations while avoiding groupthink.
This article explains how a project manager can determine the level of risk in any project and why it is important to determine risk in projects.
This article highlights the key points of a dynamic five-step risk management process. Kevin Buehler, Andrew Freeman, and Ron Hulme developed the process that they introduced in the Harvard Business Review article, “Owning the Right Risk.”
This is the first article of a two-part series that will provide an example of a risk management plan for an IT project. This first article will provide examples of four of the seven sections of the plan. Part two will present examples of sections five, six and seven.
This is the second article of a two-part series that provides an example of a risk management plan for an IT project. This second article presents examples of sections five, six and seven of an IT Risk Management Plan. The first article provided examples of the first four of the seven sections.