Project risk management is necessary if you want projects to succeed. It is a continuous process that goes beyond registering risks during the kickoff meeting. In this article at Project Risk Coach, Harry Hall discusses 6 brilliant approaches to project risk management from PMBOK.
Dealing with Project Risk Management
Each day you delay working on project risk management, risks become bigger. A risk that needed a few minutes to locate and resolve earlier can halt the project now. Project Management Body of Knowledge (PMBOK) has 6 brilliant approaches you can follow for project risk management:
Assessing Risks: The first step towards a better project risk management is risk assessment that has primarily four activities. Identify new risks that can hinder the project in some way, small or big. Go through the existing risks. Check if the risk management processes are in place and you are getting the desired results. Address the risks and move to the next set.
Auditing: You have discussed the risks with your teammates, and they have come up with some risk responses. You should check if the responses are effective. Recommend changes to the solutions, if required. The team must also find out if the processes related to identification, evaluation, responses, and containing risks are efficient.
Patterns and Variations: One of the important tasks of project risk management is identifying discrepancies in processes. A slight alteration in the project path can lead to changes in schedule and cost predictions. Find out a pattern in these variations to address risks before they become unmanageable.
Gauging Performance: If you must deliver a feature by the end of a sprint, it must work before you can go ahead with the next task. Measure if the promised feature is working to avoid backlogs in the next sprint.
Evaluating Reserves: For any budget allocation process, projects usually have contingency reserves. Improve your project risk management activities to maintain them. However, it the responsibility of the organization to decide extra allocation when reserves deplete for a project.
Risk Meetings: Project managers must regularize meetings regarding project risk management to address issues better. State the meeting agenda, invite relevant stakeholders, leverage proper collaboration tools and methods, and send out actionable meeting minutes.
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