Tuesday, December 22, 2009

Project Risk Management

The financial benefits of risk management in projects are huge. The impact to the shareholders top and bottom line can change quickly based on a proactive vs. reactive approach. Projects must be delivered on time, budget, and with quality results.

A few key risk strategies are listed below.

  • Identify Risks - The first step in project risk management is to identify. Focus on future scenarios that may occur and the identification are from the people on the team. Each individual in an organization brings a diverse set of skills from varying backgrounds and can identify via brainstorming and electronic communication.
"Yesterday is not ours to recover, but tomorrow is ours to win or to lose." - Lyndon B. Johnson

  • Communicate - Consistently include risk communication in the project. Make risk management part of the action register – agenda in meetings. Ensure risks are understood and communicate – don’t surprise the boss or customer!
"The key to successful leadership today is influence, not authority." - Kenneth Blanchard

  • Threats and Opportunities - Projects have both threats and opportunities. While the threat of going off track on timing, budget, or delivery is fairly clear, the opportunities can be less. The risk is the opportunity is greater than original plan. Raise the appetite for risk and exceed expectations.
"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it"- Michelangelo

Please add your thoughts. Have fun and deliver results!

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