Risk Management

Four Stages to Project Risk Removal

Even the best plan that accounts for everything will possess some level of risk, and it is the job of the project manager to swiftly assess and eradicate anything that may hinder project success. In an article for Project Smart, Kenneth Darter explains the stages and process of ridding a project of pesky risks.

How to Remove Risk

  1. Identify
  2. Analyze
  3. Determine
  4. Remove

The first and most important step in risk assessment is to identify, because if the risk is not clear, how can anything be done about it? Everyone involved in the project should be able to identify certain risks, but not all of the risks will need direct attention. Do not become preoccupied and worried about every little thing; there will always be some risks that truthfully pose very little threat. Focus on creating a plan that allows for proactively defending against risks.

The next step is to analyze those risks that have been identified as potential threats. Once the risk is analyzed, it will become even more clear whether or not it is worth the time and resources on hand to take care of it, a decision that should be made by the appropriate stakeholders and leaders. Following analysis, it is time to determine whether anything needs to be done about the potential risk. This decision should be made efficiently and effectively with no room for debate. Is there a clear reason why this risk is a problem and should be taken care of?

The final step is to remove the risk if there is indeed a need to do so. Removing the risk will allow for the team to redirect their focus on more important matters, or other risks that are posing a threat.

You can read the original article here: https://www.projectsmart.co.uk/four-stages-to-project-risk-removal.php

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