Managing risk is one of those afterthoughts for many of us. We should plan early for it, think of ways to mitigate it, avoid it in certain areas, and help ensure our project’s success by dedicating a chunk of that early project budget to it. In reality, how much time – and on how many projects – do we actually sit down as a team (or as team and customer) and really plan for risk? Seems like planning for when the tire might blow out on our car. We’ll deal with it when it happens.
I’ve written articles that suggest risk planning and the creation of a Risk Management Plan as a deliverable on all of our projects, but often due to time constraints, budget constraints, and lack of customer interest, it either doesn’t happen or very little time and effort is dedicated to it and it becomes a very short spreadsheet list that is tucked away till later in the project. I’m not proud of it, but it is reality.
Risk management really shouldn’t be a once and done activity either. It needs to be a living, breathing end-to-end project activity. So in what time I do dedicate to risk management on each project I least do this….create a combined Issues/Risks list that becomes part of the weekly project status report and part of the weekly status call and review process. That way, it has all project eyes on it every week and we spend at least some time discussing the potential risks on the project and occasionally adding to it as the project is in progress. Some practical risk management is better than none…definitely.
In lieu of spending a large amount of time on an upfront risk management strategy with a full fledged, fully documented risk management plan, I’ve found that at least performing the following during a 1-2 hour session at kickoff time or during early planning phases can get key risks documented and monitored throughout the project.
Continue reading “Are We Really Managing Risk on Our Projects?”