Risk Management Isn’t Optional. Here Are 5 Tips for Doing It Right

by Kevin Korterud on ProjectManagement.com

I’m amazed at how often I receive requests for help creating an effective risk management process. These inquiries usually come from organizations with a risk management process that hardly anyone uses. Stakeholders, program managers, department heads and executives are mystified about why nobody is declaring risks on their projects, which can create the false perception that everything is going fine.

Why does this happen? One reason is that project managers believe making risks visible to leadership could impair their efforts. Another reason is an organizational culture that creates a negative perception of risks. For example, I have seen some highly entrepreneurial companies foster a mindset of rugged heroism, which causes project managers to think they have to fix everything themselves. In this project environment, project managers worry that escalation to leadership will be seen as a sign of weakness.

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Quickest Way Identifying Project Risk

Project Risk Management is essential in every project management process. It’s important because the only certain thing in the world is uncertaintyA project risk is an uncertain event that, if it occurs, has a positive or negative effect on the prospects of achieving project objectives. Now I don’t wanna ramble on with theories on Project Risk Management because that would be boring, instead I will give you a tip to quickly starting risk analysis on your project.

You already know what to do to by making a Work Breakdown Structure (WBS), project schedules (network diagram), and even to budgeting. That’s a good start. Now where should you start looking, or identifying project risks that could occur and ruin the whole project? How To identify them?

Continue reading Quickest Way Identifying Project Risk