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Managing Risks - Risk Management Best Practices
September 23, 2008 | Author: PM Hut | Filed under: Risk Identification, Risk Management, Risk Response & Control
Managing Risks - Risk Management Best Practices (#6 in the series Managing Risks)
By John Filicetti
Identify Risks Up Front
During the planning phase, the project team should identify all known risks. For each risk, they should also determine the probability that the risk event will occur as well as its potential impact to the project. Those events identified as high-risk should have specific plans put into place to mitigate them or to ensure that they do not occur. Medium-level risks should be evaluated as well to see if they should be proactively managed. (Low-level risks may be identified as assumptions. That is, there is potential risk involved, but you are “assuming” that the positive outcome is much more probable.) Some risks are inherent in a project like this that can impact every person in the company. Other risks may include not having the right level of expertise, unfamiliarity with the technology, and problems integrating smoothly with other corporate initiatives.
Continue To Assess Potential Risks Throughout The Project
Once the project begins, periodically perform an updated risk assessment to determine if other risks have surfaced that need to be managed.
John F. Filicetti, PMP, MBA
John Filicetti is a Sr. Sales Engineer/PM-PMO-PPM Consultant with a great depth of experience and expertise in enterprise project management, project management methodologies, Project Portfolio Management (PPM), Project Management Offices (PMOs), Governance, process consulting, and business management. John has directed and managed project management teams, created and implemented methodologies and practices, provided project management consulting, created and directed PMOs, and created consulting and professional services in such areas as project portfolio management, Governance, business process re-engineering, network systems integration, application development, infrastructure, and complex environments. John has enjoyed many years as PMO Director for large corporations in the Seattle area and leads the PMO Roundtable discussion group and forum.
Related Articles
- Managing Testing Resources: Five Suggestions for the Project Manager - Assessing the Risks for your Project as a Whole
- Managing Project Risks (Part 1): Don't Be Snared by These 6 Common Traps
- Managing Testing Resources: Five Suggestions for the Project Manager - Assessing the Risks Associated with the Testing
- Managing Project Risks (Part 3): How to Quickly Assess Potential Pitfalls
- Managing Risks - Identify Risks
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