Project Risk Management

Project Risk Management is the process of :

• identifying possible risk,
• assessing their potential effect, and then
• developing and implementing plans for minimizing those negative effects.

 While project risk management are among the core tools to develop plan to achieve desired results on time and within budget, they often not addressed by project managers.

Remember, "The best laid project..." You have the greatest chance for success.

The key benefits of project risk management are:

• Better desired outcomes for you and your organization, including higher quality and quantity of the results from your projects, better decisions, motivation of the people involved, and so on.
• Lower costs in time, energy, and other resources for you and your people, leaving more of those resources to other mission critical tasks. 

So, how do you address your project risks? Take the following steps to determine, evaluate, and manage the risks that may affect your project:
 

• Plan Risk Management and Identify critical and non-critical risks. Document each risk in depth by completing Risk Forms. Questions to ask yourself - How to consider potential risks when you are developing project plan? and How to identify project risks?

• Risk Analysis. Asses their potential effect on you project. Log all risks and notify management of their severity. Questions to ask yourself - How to asses the impact of project risks and minimize their consequences?

• Plan Risk Responses. Develop plans for mitigating the effect of the risk.  Questions to ask yourself - How you can prepare you own risk management plan using risk management templates?

• Monitor and Control project risksthroughout performance. Determine whether project risk are still present and the likelihood of there risks is increasing or decreasing. Are there any new project risks?

• Communication to key audience - Explain the status and potential effect of all project risks to key people in you organization.

Tips, your project risks is greater if your the longer your project last, the less experience you and your team members, and is you are dealing with new projects technology. So the first step of controlling risks is identifying them.



Plan Risk Management and Identify critical and non-critical risks

Risk Analysis

Plan Risk Responses

Monitor and Control project risks 

Communication to key audience