Managing Project Risk
Project Risk is a term that is too loosely used in projects and far too often poorly managed, and used as a “Good Excuse” for poor outcomes.
It doesn’t mean things don’t go wrong, but if you get it right then you have a process in place to manage known risks, and to proactively deal with unforeseen issues.
Lying in the foetal position crying is not the best way to deal with project risk…
When dealing with risk the two greatest attributes a Project Manager can have is flexibility and to surround yourself with problem solvers.
It is critical to have processes and systems in place to deal with risk, but you must be prepared to step outside the process if the resolution for a particular risk requires it. This doesn’t mean you negate processes and just go off and do whatever you want, it means being willing to be flexible. Different risks require different solutions and when a PM gets caught up in the process, time is wasted and costs rise.
Of course the best risk mitigant of all is to have a very good team of problem solving consultants surrounding the project. As a project Manager you are only as good as your weakest link…make sure all the links in your project chain are strong.
