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Project Risk Management: Benefits and Obstacles
August 27, 2008 | Author: PM Hut | Filed under: Risk Management
Project Risk Management: Benefits and Obstacles
By Tom Carlos (PMP)
Below are two lists, the first one highlighting the benefits of Risk Management, while the second consisting of the obstacles that a Project Manager usually face to apply it properly.
Benefits of Project Risk Management
- Help gain better understanding of the project
- Encourage proactive management practices
- Identify risks early and incorporate into plans
- Do it right the first time and thus avoid disasters or rework, “gold plating” and “scope creep”
- Increase the chance of project success
- Manage expectations (of all stakeholders)
- Determine accountability and ownership
Obstacles to Project Risk Management
- Risk process too complex or overwhelming
- Too many team members and/or approval process
- Tools and reports are difficult to maintain
- Team members are not familiar with the process
- Process abandoned once the project starts
- Risk process stands alone and not integrated with other standard processes
- Risk Mitigation steps are not part of the overall Project Plan
- Lack of Management Support
Tom Carlos has over 20 years of cumulative experience in business, technical, and training environments. He is a Certified Project Management Professional (PMP) and member of the Sacramento Valley PMI Chapter. For other articles on similar subjects, you can visit www.carlosconsulting.com or contact him at tom@carlosconsulting.com.
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Hi Tom,
Under the Benefits of Project Risk Management you listed “Do it right the first” - This is not so much a function of risk management as Project Scope Management.