Project risk management
Posted on November 14, 2009
Filed Under PMP, Popular Search Terms, Program Management, Program Management Jokes, Projecct Management Training, Project Management Events, Project Management News, Project Management Programs | Leave a Comment
Every action in the executive world is marked by uprightness and certainty. However, it is only the risk involved in project management that has a probabilistic nature. It is nothing but a sign of an event. Whether it will be thumbs up or down is what one has to wait to witness. There is always a negative possibility walking hand in hand with the positive impact. Also where there is a danger lurks opportunity, and where there is opportunity, there lurks danger. They go together. There are some key features of risk management.
Involve the need of risk management
If a team leader expels out the requirement of risk management, then at the time of crisis it will be impossible to repair the present scenario. Involving risk means keeping in mind all possibilities.
Identify the risks
The leader should carry out a meeting with rigorous brainstorming activities to understand all types of risks. Reading between the lines of the white paper can help to extract out hidden risks involved.
Understand the risk
According to the cause and effect theory, there cannot be an effect without its cause. Similarly the professionals should understand the cause and find out all possible means of measures (effects).
Distribute risk bearers
After the risks are properly enlisted, the leader should distribute every risk to a team leader of every department. With experience and awe, the person will understand the heavy responsibility and will keep a tract of all risks, this optimizing it.
Risk quantification by priority
The need of every departmental leader to communicate to one another in order to keep every prospect of risks in front will help solving the effects of risk involved. This method is called prioritizing where the need, resources, deadlines etc are held in mind to cautiously handle multiple risks, starting from the highest risk issue to the lowest.
Implementing and controlling risks
After the risks have been worked upon, it is necessary to control the situation and carefully implement them. Time to time reporting is needed to make the entire system function smoothly.
Keeping the records of risks
On completion of implementation, the risks and their alternate means, preventive techniques, controlling and implementing strategies should be well written and kept as records. Such documenting helps in future projects and also to see the big picture of the company’s growth with time.
These seven rules are a quick guide to carrying out risk management as a part of project management. Every project will bring in with itself new risks, and every risk will be accomplished perfectly. But it is very important to find out more and more optimized ways as we go ahead. Smart work in what we require in today’s world.
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