Risk Management

6 Tools and Techniques for Controlling Risks

Picture this: You have two options for risk identification and you can only choose one. One involves identifying over fifty risks at the start of your project, but you never look at them after the fact. The second option is a risk identification workshop that requires regular maintenance, but facilitates a lot more communication about the risks and the responses to them. If you chose the second option, you’re well on your way to great risk control, but you may need a little extra help. In a post at the Project Risk Coach, Harry Hall outlines six tools and techniques to control risks:

  1. Risk reassessment
  2. Risk audit
  3. Variance and trend analysis
  4. Technical performance measurement
  5. Reserve analysis
  6. Meetings

Tools for Risk Control

The first step to better risk control is in the risk assessment. Being able to identify, evaluate, and close a risk is an excellent blueprint for every assessment. Then complete a risk audit to examine how effective the responses are to these risks. Noticing the variance between schedules and costs will aid in keeping a handle on the situation. Your technical performance measurement should be able to help measure your performance at particular intervals in time, such as the end of phases. Keeping an eye on the reserves to deal with these risks when they occur should be done to make sure everything is staying on budget.

And finally, Hall notes that meetings should be constructed with care:

Project managers should be deliberate risk managers. Engage your team members and appropriate stakeholders in meetings to facilitate the risk management processes. For these meetings, be sure to:

  • Distribute an agenda with a clearly stated purpose
  • Invite the appropriate team members and stakeholders
  • Use appropriate tools and techniques
  • Distribute meeting minutes containing decisions, action items, issues, and risks 

You can view the original post here: http://projectriskcoach.com/2017/06/19/6-tools-and-techniques-for-controlling-risks/

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