This video compares and contrasts risk identification approaches from project scenarios to give you an opportunity to determine the best risk identification approach for your project.
- There's a saying, "A plan has no chance when it meets reality." I hope that doesn't apply to your risk management. Here are some specific approaches I recommend to ensure your risk management plans effectively help you manage risks and their impacts on your project. Apply these as appropriate based on the type of project you're running. First, seek out experienced project managers to participate in building or to review your risk identification list.
Having people who've been there and done that gives you a great advantage when building risk plans. You don't want to call upon just any project manager however. Two sets of experience are most helpful. Finding a project manager who has worked with your specific client or area of the business before can give you valuable insights. Knowing your client's risk sensitivities, those areas they'll be most concerned about, can focus your risk management planning.
If you're working in an industry or technology that's new to you, find a project manager with that industry or technology experience. They can help you anticipate potential risks you might otherwise miss. My second real-world tip relates to those of you who are managing business process changes as part of your scope. Conduct a step-by-step process risk workshop. Gather your team together and brainstorm possible risks, examining your business processes step by step.
While this may sound overly detailed, you'll be surprised how effective and efficient this can be. You end up surfacing risks that are very business focused which is extremely useful. And because there are several process steps you can skip over as you search for potential risks, the process risk brainstorming process doesn't take as long as you might think. Finally, consider the immersion approach to risk identification. If you're in construction or working on a project that'll be implemented in a specific environment, this is very effective at surfacing risks.
Go to the location where your project will be implemented and immerse yourself in the environment. Spend time there to brainstorm your risks. A colleague of mine is in the mining industry. She won't finalize her risk list without using the immersion approach. Seeing the environment, roads to and from the mine site, the attitude of the local community to the mine's activities, and the nature of the terrain is invaluable to her. Although she could read schematics, industry reports, and study topographical maps, nothing surpasses being there.
This is an underappreciated approach that also applies to projects where changes are anticipated for a specific business area. Go to the offices where the changes will be realized and get an understanding of the environment to identify potential risks. These techniques are useful to help you ensure your risk plan is pragmatic which is valuable to ensure you deliver your project successfully. And just maybe, your risk plans will indeed survive the clash with reality.
Note: This course follows the latest guidance from Project Management Institute, Inc., as outlined the PMBOK® 6 Guide.
- Explore why dealing with risks needs to be part of the everyday process used to manage a project.
- Learn to outline the most common, pragmatic approaches to identifying risks specific to a project.
- Recall methods for qualifying and quantifying your risks to determine specific risks and manage their costs.
- Examine the primary considerations for a project risk plan and what components should be included in every plan.
- Assess techniques that help you identify the overall risk a project presents to your business.
- Examine several risk analysis and filtering examples that help ensure you've addressed individual risks properly on your project.