Project ManagementRisk Management

How to Manage Project Risk While Running Your Project

Managing risk is one-and-done in the same way that getting a haircut is one-and-done: There is no such thing. In a post at Project Bliss, Leigh Espy shares her process for managing risks over the life of the project, while still making time for everything else associated with the project.

Risk in Paces

You want to begin by creating a project risk matrix, which should include “trigger activities” that describe when action is needed. Watch out for such triggers carefully over the life of the project. If and when they do occur, that is when your risk plan comes into play. If mitigation demands a formal change to any of the classic constraints like cost, scope, and schedule, then proceed with a change request. Keep all stakeholders in the loop and current about such changes.

As you do these things, continue to manage your risk matrix:

It is important to continue to monitor and update the risk management plan and Risk Matrix at regular intervals during project execution. You could do this as part of regular team meetings. Additionally, you might meet with team members who can provide information about specific risks through the course of the project. Stay on top of the information and actively manage it.

No risk matrix is perfect though, so be on the lookout for unknowns, or for new circumstances that create new risks. Evaluate their potential impacts. On an especially large and complex project, it could be possible that a dedicated risk management team is required, but this will probably not be needed often. Most of the time, project team members can probably be trusted to take ownership of individual risks while handling their other duties. After all, risk is just another part of the project.

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