Risk Management

What You Need to Know to Reach Your Project’s Destination

Whether you realize it or not, every manager is a risk manager. And whether you take a structured approach or a shoot-from-the-hip approach to risk will affect the project outcome. In a post for the Project Risk Coach, Harry Hall discusses how to take the safe route to completion.

The bottom line is that you must determine what is best for you. What will help you reach your destination safely and with minimal obstacles?

The majority of managers would benefit from defining a risk management plan. This plan does not need to be extensive or complicated, just something to serve as a guide. You should know 6 different items about risk management plans:

  1. Risk management planning is a process that helps you and your team define how they seek to handle project risks.
  2. There needs to be an array of inputs in the risk management plans, including a stakeholder register, the project charter, and enterprise environmental factors.
  3. Risk management projects should align with your own projects.
  4. Understand that risk management projects are not the same thing as risk registers. The plan establishes the approach; there still needs to be a risk register.
  5. Risk management plans should be constructed with information from your project team and the key stakeholders. Inquiring with your team about experiences they may have had on similar projects may prove beneficial.
  6. Risk management plans are not like buildings, constructed once and then finished. The plan will need to be modified and updated throughout the duration of the project.

Some project managers skip risk management, thinking that it will save them time and ironically not cause problems. Unfortunately, risks are tricky little devils that can sprout up out of nowhere. Risks need to be managed, or else you could be risking your job. You can read the original post here: http://www.pmsouth.com/2016/01/08/what-you-need-to-know-to-reach-your-projects-destination/

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