8 Top Tips to consider when managing risks in your projects

Managing risks within a project is a necessity of the project manager's job; so what are some of the top tips that we can remember while completing and monitoring this essential responsibility? Marian Woods lists 8 tips that can help you with the management of risks in a project. The first tip is, of course, to be proactive. Identify risks early and respond to them as soon as possible. It's in this way that small risks don't build into larger issues, and a plan for dealing with them can be determined while there is still time. Her next tip is to assess exactly how much impact and possibility is behind the identified risks: Once the risks are identified the next step in the process is to assess the risk. This can be examined by calculating the possibility of the risk happening versus the impact that the risk will have if it does occur, e.g. if the impact is low and the possibility is high then the risk will be labeled as medium. This will help in the prioritisation of the risks and of your time around the risks. It would be advisable for the higher impact risks to get priority over the lower impact risks. This stage of risk management should not be rushed and should be allocated an adequate amount of time. Woods then explains three next possible steps: accept, avoid, and minimize. Accepting means you agree that the risk could happen but do nothing about it. Avoiding means taking steps to mitigate the risk and attempt to stop it from occurring altogether. Minimizing risks means you accept that it will happen and that you can't stop it from happening, but you can still take steps to reduce the risk's impact on the project.

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