In the majority of projects, project managers are often highly concerned regarding strict adherence to risk management practices and protocols. They are always busy ticking off the checkboxes thereby further complicating the overall process. In such scenarios, they are less likely to realize the true paybacks of risk management.
In this article at The Project Risk Coach, Harry Hall talks about the common scenarios where project managers are most likely to make errors. He also emphasizes some best practices to be followed to ensure a less-complex process and better risk management. In this regard, here are some tips shared by the author:
The Best Practices
- Maintain a simple risk management process – Customise your risk management strategy specific to the project you are working on. Choose the essential tools and methods. Ensure that your stakeholders, team, and sponsors understand your purpose and direction. Define any new term that you wish to include in the project documents well in advance.
- Track the important risks only – There is no need to identify and register every possible risk occurring in the project. Pay attention to the significant ones only.
- Focus on your project objectives – Don’t let the risk management perspective overshadow your project objectives.
- Identify your project stakeholders – Ensure that you recognize and evaluate your stakeholders early in the project. If you ignore the important stakeholders, then it will adversely impact the project’s growth.
- Conduct regular risk reviews – As risks can vary with time, better results can be achieved through periodic risk reviews.
- Distribute the ownership – Assign risks suitably among the team based on individual knowledge and skill level.
- Determine the priority – Strategise your risk management plan in accordance with the priority level of risks.
- Don’t quantify the risks – Qualitative risk analysis is always a preferred option as compared to quantitative analysis.
- Recognize the opportunities – Be prepared to leverage the scenarios that could positively impact your project and use them to advance your projects further.
- Classify your risks – Define simple categories and group the existing risks under them.
To understand these insights better, read the full article here – http://projectriskcoach.com/the-10-risk-management-commandments-youre-breaking-every-day/