Project risks are a curse no project manager can evade. How about turning the problems into productive challenges? This will increase the rate of successful projects. In this article at Cora Systems, find out how you can address project risks in your daily work environment.
Initiating the Task of Addressing Project Risks
When new project ideas come up, all are excited about the potential results. Before all that jazz, you must tackle project risks. Following are the 5 ways you can address project risks in your daily work environment:
Detect Early: The faster you detect project risks, the earlier you can address them. Involve as many team members as possible to work on solutions. While it is good to assign an individual to look after the risk process, risk control is a collective effort.
Examine Thoroughly: Categorize the risks once you are done detecting each of them. The categories can be major, medium, low, dependent, etc. Classifying risks will help you create a battle plan and prioritize risks as per immediacy and criticality.
Have an Owner for Each Risk: Assign a task owner that can identify and analyze risks. If you have a good team size, assign the senior professionals to critical project risks. Allow them to lead the rest of the team to address the particular risk. If an organization can get this stage right, they can address a lot of risks easily.
Create a Risk Response Plan: The risk owner must create a strategy, exigency plan, and risk prevention plan. As soon as the risk appears, you have a set of actionable steps available. Include these activities in the risk register.
Oversee Risk Control and Review Process: Monitor risks regularly and changes policies to prevent impacting projects. Have meetings with stakeholders to keep all on the same page. Always investigate if the current risk control policies require changes. The better your risk management process, the lesser the difficulties in the project lifecycle.
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