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Managing Risks - The Basics
September 8, 2008 | Author: PM Hut | Filed under: Risk Management
Managing Risks - The Basics (#1 in the series Managing Risks)
By John Filicetti
Risks refer to potential events or circumstances outside the project team’s control that will have an adverse impact on the project.
There are four steps to assessing and managing risks, and effective risk management requires all four of them.
- Identify the risks
- Qualify the risks
- Assess each risk for impact to the project if it does occur
- Assess the likelihood of the risk occurrence
- Plan for risks by creating a list of risk triggers and how to handle the risk if it does occur
- Monitor and manage risks
To adequately analyze risk, you’ll need a detailed plan. The best time to perform an initial risk analysis is during the Planning Phase. Don’t make the mistake of thinking that risk analysis is a one-time task. You’ll want to reevaluate the risk management plan and your risk analysis from time to time throughout the project and whenever major deviations from the plan occur.
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 Risks - Identify Risks
- Managing Project Risks (Part 3): How to Quickly Assess Potential Pitfalls
- Managing Testing Resources: Five Suggestions for the Project Manager - Assessing the Risks Associated with the Testing
- Managing Project Risks (Part 2): 10 Major Mistakes Your Team Can Avoid
- Managing Risks of Fixed Costs
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