Categorized | Management

Effective ways of Managing Risks and Issues within projects

Whenever you are working on a project there are always going to be risks and issues to think anything else is foolhardy. The objective is to be able to work with and through them in a way that identifies key issues and provide a strategy to mitigate or cause minimal disruption. Appropriately managing risks and issues protects your schedule and costs and ultimately your deliverable.

1. Capture your risks

Capturing your risks is your first step. Create a risk log – run brainstorming sessions to understand what risks your project is exposed too. Understand if the risk materializes what impact it might have on the project (i.e. cost overrun).

2. Mitigate risks

Develop mitigation strategies. Ensure that appropriate Project team members are given actions to reduce the like hood of risk – do not as the Project Manager attempt to do this on your own. It is important to make sure your team know what to look for and how to handle issues should they arise.

3. Prioritize your risks

Score your risks – consider how you prioritize key risks in turn of allocating resources (included finances) to help mitigate. Its likely that some risks will play a bigger part in causing the project problems than others. Knowing what that list is will help focus your teams efforts.

4. Involve your team

Ensure that the project team is involved in analyzing risks as well. Having the entire team work on this can really help the process ensuring that risk assessment is robust.

5. Communicate the issues

Once you have identified what potential risks and issues may occur ensure you communicate with your project team and key stakeholders.

6. Ensure that someone owns the risk

It is also important to not just list what the risks and issues are, but also to know who is responsible for making sure steps are taken to keep them from happening or at least the person who will be responsible for making sure it is taken care if it does occur.

7. Keep a lessons learned log

Recording what issues you faced and how you dealt with them can really assist future projects. It can help in future mitigation, who to give tasks to next time, or what type of training may be needed.

8. Turn Risks into opportunities

Consider what the threats and opportunities are of the risks and issues. The goal is to make them an opportunity instead of a threat

Summary

Knowing how to work through risks and issues will help your project move along a lot easier and be a helpful tool for other projects in the future. Looking at all possibilities will help the team feel more secure as they work through the project.

Leave a Reply