As a project evolves from merely an idea on a whiteboard to a plan and into a complete project management strategy, it also attracts a lot of risk.
A diverse variety of risks show up at practically every stage of the project.
In some cases, even the most responsible project managers can break trying to deal with risky situations.
However, the extent of the effect on the project is determined by how well the team controls risk. This process of ‘risk removal’ typically involves four stages:
Each and everyone involved in the project should be aware of the risks. Once identified, the project manager should determine if the risk is important enough to be dealt by the team.
While there always will be certain level of uncertainty from the starting of the project, it is your job to identify which ones should actually be dealt with and which ones are negligible. At the same time, risk management shouldn’t include worrying over every little thing. Instead, it should focus on coming up with mitigation strategies that would aid the overall project.
If the risk passes through the identification stage and stays, it must be evaluated.
This step involves bringing in people like stakeholders, matter experts, and other decision makers.
Once the analysis is complete and all the necessary information is available, it is time to decide if the risk is actually important enough for the team’s time or if it should be left as is.
After analysis, it is time to finally decide if the risk is to be eliminated or accepted as part of the project. If it is important enough, it should be mitigated and the project plan should be updated.
The last step here is the removal. Risk can be eliminated due to successful mitigation or as part of the procedures involved in the management plan. Removal also ensures that team members no longer need to spend time on it.
Even though there will always be threats, every time you remove one you get one step closer to your goal.
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