How to Effectively Manage Project Risks - Slide 6
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As stated previously, risk management is not a one-time-only effort. New risks may present themselves as projects progress. For this reason, project risk teams must constantly be on the lookout for potential risks. New risks that surface at various points in the project must then be subjected to the same risk management process. Risk control takes place when project managers remain aware of possible imminent threats and take adequate measures to implement responses in time. Inserting decision points in the project schedule will prevent project managers from getting caught off guard.
Risks can be foreseeable and unforeseeable. In both cases, astute project managers are prepared with some means of dealing with them. Many risk management plans address only foreseeable risks and fail to address the unforeseeable ones. For that reason, project planning must include a degree of schedule, cost, and scope margin.
Michael Taylor, a project manager with more than 30 years of experience, suggests that the most effective way to manage project risks is to adopt a process that systematically deals with the overall problem of uncertain events and conditions that might affect a project’s objectives. This process involves the following five steps.
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