Managing a critical project is not an easy job. Tough projects are always plagued with multiple uncertainties in terms of budget, schedules, and stakeholder management. Also, there could be chances of team attrition and your own personal stress to deal with. So, the question begs—how can one effectively deal with a risky or tough project?
In this article at Project Risk Coach, the author, Harry Hall, takes you through a series of steps that can help you drive a risky project smoothly.
Why Take the Risk?
There is no denying that critical projects are challenging enough to prove your mettle and outshine. They can pose unique threats or issues that might test your acumen or capability. However, following a structured approach can ease out the uncertainties you might face along the course. Here’s what you need to do to ensure a successful project execution:
Drive Stakeholder Engagement
Many things can go wrong in a project due to poor communication or non-engagement of stakeholders. As a project manager, you cannot predict the future of your project. Therefore, it’s better to engage your sponsors or stakeholders at every phase to curb the risk factors.
Create a risk register outlining the important people involved in the project and their viewpoints or assumptions about the possible risk factors.
Do Worst-Case Analysis
Study and evaluate the risk factors outlined above based on their ranking and assess the monetary value at stake.
Have a Response Plan
Assist the sponsor in creating a risk response plan to counter the known and unknown risks. Plan countermeasures if the project gets stuck at any point or phase. Revise the milestones and scope accordingly.
Click on the following link to read the original article: https://projectriskcoach.com/risk-management-when-all-hell-breaks-loose/