This video features risk response approaches and examples from several project scenarios.
- Have you ever walked into a room, flipped on the light switch, and nothing happens? You end up stumbling around, disoriented, trying to find a light source so you can see what you're doing. Unfortunately, that type of thing happens often when risk response sessions don't yield the proper results. A risk occurs, you invoke a response plan you and your team have agreed upon, and nothing happens. The risk still proceeds to impact your project and you stumble around looking for other solutions.
You can avoid this unfortunate fate by being aware of certain real-world occurrences. Here are a few to look out for. You proceed without agreement. While you discuss and write down a response to a risk, your team doesn't fully agree. This could be because they have not thought of something better, they don't believe the risk will actually occur, or they don't believe they'll be responsible for implementing the response solution. Ensure you poll your critical team members and confirm that they agree each risk response is doable and will legitimately address the risk.
Your risk responses are business-as-usual activities. At times, people will suggest typical project management activities like draft and execute a communication plan as a response to a project risk. Risks are events that will occur despite the business-as-usual activities you engage in as a project manager. So using a standard tool is not a viable response approach. Ensure your team goes above and beyond the use of standard project artifacts when creating a risk response approach.
Your risk responses create other risks and you fail to account for these new risks. For example, your risk response may be to hire a vendor to perform a task you would normally perform in-house. Should you need to execute that response plan, then you'll have vendor management-related risks you might not otherwise have in your plan. You neglect to include risk triggers in your response plan. While you might have created a sound response action for a risk, it does not become a response plan until you identify any indication a risk might be occurring and the timing for executing your risk response.
For example, a complete risk response with a trigger and timing would be: should vendor X miss two deadlines, we will contract a back-up vendor on Y date. To help you review the integrity of risk responses, I've provided a checklist of these and other risk response issues in the exercise files for this course. Risk response management is a critical exercise to maintain the viability of your project.
With a bit of diligence, you can ensure your responses always shine a light on the right way to handle the risks that surface on your project.
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.