The Planning Process
Risk Management
Ch 5
Risk Management
Ch 5
Introduction
Uncertainty is present in every newly designed project. Even sometime when the project is completed and the product enters into the production process, things could go wrong. The conscientious project manager is the professional that has an umbrella ready for any unexpected rain storm.
Risk management
Risk management is a method to bring the uncertainties that the project may endure under control on regular basis. In addition Risk management allows the project manager to create an approach to eradicate the negative effects that the project may suffer because of that. Risk management has several advantages when implemented by the project team systematically. One of these advantages is that it reduces the frequency of unexpected problem where the team is caught unprepared.
Risk profile
As the uncertainties that may hinder the success of a project are several so are the possible solutions to them. However, a shroud project manager can learn some good lessons from prior experiences. A practical way of organizing this in a systematical way is to have a Risk profile. A Risk profile is a list of questions that address traditional areas of uncertainty on projects (The Fast Forward MBA in Project Management, Verzuh, Eric). A number of questions refined and collected from previous similar situations that the project manager found himself and the project in. These items should be relevant to the industry as well as the specific organization. They should address the final product and the management risk, and also, it should predict the scale of the risks to a certain point.
Reducing Risk
The most practical approach to risk reducing is by deciding first of all to whether I as a project manager have control over that situation or not. If I do, then I need to find a solution to it or contacting the right authority to make a rolling. However, if that risk is something I have no control over it, and then I will try my best to be ready to minimize its negative effects on the project. For example, if my project was an outdoor construction, then preparing a waterproof secured shelter for my building materials will be a step to minimize me loses from an unexpected rainy weather.
Risk Strategies
The Risk profile created for prior project should be well kept and updated as a good risk strategy and to be one step ahead of what might go wrong. There are few things to keep in mind, such as; the nature of the event, when it happened, its complexity, who was responsible, and how it was eradicated.
End Point
Appling the knowledge about risk management that I found in this chapter to my project, I find it a good risk reducing method to be working in an environment perfect for applying my finding and final product. In addition, and because of the nature of my work, I can put together a reasonable risk profile learning from my colleagues that had walked this path before and learn from their mistakes.
Reference:
- Verzuh, Erick (2005). The Fast Forward MBA in Project Management. 2nd edition. Hoboken, New Jersey: John Wiley & Sons, Inc.
Risk management
Risk management is a method to bring the uncertainties that the project may endure under control on regular basis. In addition Risk management allows the project manager to create an approach to eradicate the negative effects that the project may suffer because of that. Risk management has several advantages when implemented by the project team systematically. One of these advantages is that it reduces the frequency of unexpected problem where the team is caught unprepared.
Risk profile
As the uncertainties that may hinder the success of a project are several so are the possible solutions to them. However, a shroud project manager can learn some good lessons from prior experiences. A practical way of organizing this in a systematical way is to have a Risk profile. A Risk profile is a list of questions that address traditional areas of uncertainty on projects (The Fast Forward MBA in Project Management, Verzuh, Eric). A number of questions refined and collected from previous similar situations that the project manager found himself and the project in. These items should be relevant to the industry as well as the specific organization. They should address the final product and the management risk, and also, it should predict the scale of the risks to a certain point.
Reducing Risk
The most practical approach to risk reducing is by deciding first of all to whether I as a project manager have control over that situation or not. If I do, then I need to find a solution to it or contacting the right authority to make a rolling. However, if that risk is something I have no control over it, and then I will try my best to be ready to minimize its negative effects on the project. For example, if my project was an outdoor construction, then preparing a waterproof secured shelter for my building materials will be a step to minimize me loses from an unexpected rainy weather.
Risk Strategies
The Risk profile created for prior project should be well kept and updated as a good risk strategy and to be one step ahead of what might go wrong. There are few things to keep in mind, such as; the nature of the event, when it happened, its complexity, who was responsible, and how it was eradicated.
End Point
Appling the knowledge about risk management that I found in this chapter to my project, I find it a good risk reducing method to be working in an environment perfect for applying my finding and final product. In addition, and because of the nature of my work, I can put together a reasonable risk profile learning from my colleagues that had walked this path before and learn from their mistakes.
Reference:
- Verzuh, Erick (2005). The Fast Forward MBA in Project Management. 2nd edition. Hoboken, New Jersey: John Wiley & Sons, Inc.
