Risk Management Tips: How to Manage a High-Risk Project

When you start your project planning process, one of the first things you need to ask yourself is, “What can go wrong?” Though it sounds negative, pragmatic project managers know that proactive risk assessment helps prevent threats. Uncertainty is at the heart of risk. Therefore, meticulously planning for these uncertain events with a robust risk management plan will allow you to steer your team into calm waters. In this article at Northeastern University Graduate Programs, Scott W. O’Connor shares some top risk management tips you must follow.

Risk Management Tips to Boost Project Success

Not everything will go wrong in a project. However, proactive risk assessment and incident management help you be prepared and achieve project objectives on time and within your budget. Here are some risk management tips that will undoubtedly help you to manage your projects while reducing the amount of risk:

Identify

One way to identify risks is to brainstorm with your team, colleagues, or stakeholders. Find individuals with relevant experience and set up interviews with them. Gather the information you will need to identify and resolve project problems. Remember to include them in your risk register once you determine the critical risk events.

Analyze

Analyze the likelihood, severity, and response plan for each identified risk. Conduct risk analysis with your team and key stakeholders. Analyze how risks will impact your project goals. Will it delay your timeline? Will project issues undermine your budget? Draft a risk response plan based on your analysis.

Be Proactive

“It will always be necessary to have the agility to react when an unplanned event occurs, but it is also important to take a step back and view your project through a proactive lens,” says the author. Invest time in the early stages of the risk management process. Prepare yourself to take preventative steps that reduce the probability of risks.

Are you curious to learn more about risk management tips? Click on https://www.northeastern.edu/graduate/blog/project-risk-management/ to read the original article.

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