How to Manage High Risk Projects
Sr. Project Controls Specialist
Conconity Project Services
Devin noted that risk is what drives innovation in business and organizations. High risk can equal high reward. While not every project manager loves the adventure of high risk projects, some find themselves leading them nonetheless.
As Devin explained, you don’t have to avoid risk, but instead better manage it.
He offered these tips on insuring your high-risk project doesn’t go off the rails:
Plot and manage the risk
Chop it into small bits
Get an all-star team
When you’re breaking down milestone markers into smaller tasks to show progress, note that it’s important to see the artifact of that project starting to come together. Bigger projects can be divided into smaller work streams and those into sub-work streams.
If you want to be where the rubber hits the road, then high-risk projects are for you. They’ll provide you with greater rewards in every sense and you’ll never have a moment to complain about being bored.
Pro-Tip: Getting your team to take ownership of tasks, and be held accountable, helps you share the load and involve the whole team in the risk management process.