How to Plot Project Management Risk
Implementing risk management into your project is a crucial aspect of project management, even without formal processes established in your organization. Devin Deen outlines tips to improve the success rate of managing risk in your projects.
In this whiteboard video session, Devin Deen walked you through the steps you take to create your risk register, the beginning step in managing risk on your projects. That begins by assembling a risk list. Rather than simply blast an email, though, Devin recommends bringing together your team along with your client representatives, maybe even some vendors, and have them all identify potential risks in the project.
Wouldn’t it be better to know at the project start whether a vendor might be experiencing delays in manufacturing due to commodities market fluctuations? Or to know that your client really meant July, though all the documentation said June? Bringing key members of your team helps, too, as they might ask difference questions and shed new perspectives on deliverables.
Once you’ve identified these possible risks in your risk register, remember the following tips:
Arrange a follow-up session with some of your team members to figure out the likelihood and impact of those risks.
Assign a low, medium or high tag to each identified risk.
Developing plans for mitigating, starting with high risk items.
Use risk monitoring tools in your online project management software.
Review your risks strategy regularly.
This isn’t to say you’ll eliminate risk from your projects, but follow these steps and you’ll be less likely surprised when something happens and more likely to do something effective about it.
Pro-Tip: A risk register filed away and never reviewed is not a risk management strategy, it’s a list-making exercise. Don’t just create a risk register for the sake of it, just because it’s a “best practice”. Store your risk strategy online for team access, put review dates in your calendar, and use the regular review of risk with your team as an opportunity to collaborate and share ideas.