Any project is associated with risks and uncertainties. Since projects are becoming increasingly dynamic, project managers must have the ability to manage those risks or uncertainties. To accomplish project success, managers need to track project status through a well-formulated report that describes how the original plan matches the current progress. Status reports can detect dangers, empower remedial action, and enable stakeholders to monitor costs and effectively manage the budget. In this article at Rebel’s Guide to Project Management, Elizabeth Harrin sheds some light on the project risk status report.
How to Include Risks in the Project Status
There is no single risk report template. However, the report must be clear, concise, and indicate actions taken. Furthermore, risk reports must be consistent in content and approach. The team and stakeholders must know what to expect in the report and what information will be found. Remember, the type of project, the project management methodology practices, the business standards, and the project scope will influence the risk report’s level of detail and content. As a project manager, you must include:
The financial impact of occurring risksOverall project pitfallsStatus of each threat (for example, high, medium, or low)Distribution of risks across categoriesIdentified risks that have occurred, and actions takenThe predicted level of overall project risk for the following reports
Presenting Risk Report to Project Sponsors
“For a senior management report, I would only report the open risks per project and/or open risks per category (scope, budget, schedule, etc). This would let you see if there is one area like a schedule that has a big risk impact on all projects,” says Harrin. Do not present a report with closed risks and threats with medium or low impact. Include only a short description of the most important takeaways from your status report. Keep in mind that busy stakeholders may only look at the highlights or blockers.
Including risks in project status reports does not replace other risk management documents. On the contrary, it only conveys the overall risk status at a given moment. To read the original article, click on https://rebelsguidetopm.com/tips-for-risk-and-issue-reporting/.
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