20/01/2024
PROJECT RISK MANAGEMENT
This is one of the knowledge areas in project management.
Risk management is a process that enables activities and event to be understood and manage within a project.
It all about ensuring the successful outcome of a project by reducing the threat and increasing opportunities.
Project are naturally risky, so putting in a risk management process enables us to manage risks and to stay in control of your project and respond accordingly.
Risk is anything that affects an outcome in a project.
For a successful project delivery, Risk has to be identified, analyzed, planned and action. That is putting plans into action for risk reduction or risk avoidance.
Risk can be identified in the scope of the project, cost of the project, quality of the deliverables provided as part of the project.
Scope creep is a major threat to a project management. When you are working beyond your project scope.
Government policies and regulations can be a risk to your project.
Funds is a big risk to a successful project delivery. No matter the viability of a project, without adequate funds the project will not fly.
Technology risk, obsolete technology is risky to the success of a project.
Poor communication skills in a project can hindered the success of a project.
Strategies to manage all kinds of Risks.
As a project manager, you must accept, identity and acknowledge the existence of a risk and decide not to take any other action until the risk is attended to. This is one of the best approach in risk management.
Risk mitigation, this is a risk prevention technique or to reduce the rate of risk occurrence in a project.
Risk transfer, the project manager can decide to transfer or shift the burden to another person or institution.
Risk avoidance. As a project manager the source of risk in the project must be abandoned. Stop the usage of a bad equipment or stop the project, force majeure.
However, not all risks are negative. There are also positive risks.
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