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Why You Need to Identify Major Risks Present in Your Project

Glen D. Ford was recently described as “being negative” because of how much time he spent thinking about risks in projects. To Ford's credit, he accepted some of the observation as valid, goes on in this post to explain why thinking about risks in project management is nearly as important as the project itself:

If you stand in front of the plate often enough eventually you are going to be hit by the ball. It's inevitable. Maybe not this time. But eventually. That's the nature of a probability. Not only is there a cost that the project needs to absorb — for monitoring and so on, but there is a cost that the organization must absorb. Think of it like insurance or an emergency fund. No one project may spend its allowance. But over time, you know one of the projects will spend the whole amount and you need to be prepared.

Ford then gives a few reasons and tips about project risk management, including the caution to be vigilant and be ready to react to unforeseen circumstances and risks. Furthermore, Ford explains how being ready and able is only as good as the ability to prioritize risks ““ how much can your team handle, and when do you need to focus on only those risks that can sink a project.

About Richard Wood

Richard Wood has been the publisher of CAI's Accelerating IT Success newsletter since its inception in 2011. A Marketing Major at Cal Poly Pomona he has been working with Computer Aid since 2001. He can be reached at richard_wood@compaid.com

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