Risk Management And Controlling The Risk
A missed area of project management is assessing the various risks associated with the particular project. Each project brings its own set of risk. It is the smart and prepared project manager who can think ahead like a chess player, seeing moves before they happen. And like a chess master, the manager and leader devises solutions to mitigate the risk before it has a chance to derail the best efforts of everyone involved.
There are a number of utilities available to the project leader, assisting their quest in delivering the customer’s expectations. A risk management template contains a set of procedures and methods for the successful manager to follow, insuring each and every step is covered.
Risks should be defined in line with the level of the risk, how visible it is to the project and its importance. How the risk affects the project will determine the level of solution. Once the risk is identified, it should be placed in a specific category. This gives the project manager an idea of how the risk will eventually be handled and controlled. Once all the risks have been gathered, their influence on the project can be determined. How often will the risk occur during the project. How will it affect the progress of the project. Will it derail the project or hinder the objectives. Will resources be affected. Questions such as the above will then determine the priority of the risk.
Now the project leader should decide how to handle the risk, arriving at various determinations and solutions. What is the best option to mitigate the risk, or eliminate it altogether. How effective will the resolution be against the risk. Is a secondary plan in place if the primary assessment and solution fails. Questions involving who is responsible for the risk solution should be answered. What is the time frame for removing the risk, and do the resources to handle the risk already in place, do they exist, or will they have to be created. As risks are removed, the actions should be documented, along with the date and time of the applied solutions against the risks. Did the first response applied to the situation take care of the risk, or did it require more attention.
Once the risk has been handled, they should be monitored in case a situation occurs where the risk reappears. If the solution was effective, the risk should remain contained. If not, additional assessments and solutions will need to be applied. As the project moves along, additional risks should be located, with the risk mitigation process beginning again.
As risks are controlled, did they have an impact on the cost of the project, time schedules and milestones, or project resources. Did a solution create a new risk. Are there changes to the project plans and agreements that created new risks. How will the new risks be handled and minimized.
Risk management is a continual process, right up to the end of the project, moving into the delivery phase. Great project managers take advantage of training sources such as a PMP training DVD. The project management certification training course, available from sources including K Alliance, provides the key areas of project management, such as business soft skills, handling and forecasting risk management, project scope, managing deadlines, project change management, resource management, and many more issues necessary for a successful project creation and deployment.
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