Projects face risk in many forms. Project managers, project sponsors, and project teams need to collaborate on identifying, monitoring, and responding to projects risks in order to improve their chances of success. Mitigating risks can add value to a project by reducing the costs that those risks would create.
- Every project faces risks.…Let's look at a process for…effectively managing risks while you're executing a project.…For me, risk is the same thing as uncertainty.…The real world is unpredictable,…so project leaders need to handle surprises…when they appear and that's…what risk management is all about.…It's helpful to track project risks…in a document called a risk register.…The risk register lists all of the issues…that your team thinks might come up during the project.…
Here are two things that make a risk register really useful.…First, it can be the collection point…for everyone's concerns.…The more input that you're able to gather…from the various perspectives on the team,…the better the odds that you'll have thought about a risk…before it becomes an actual problem.…Second, the risk register provides transparency…and helps the team collaborate.…It can be shared with the entire team,…so people who are focused in one area…can learn about the challenges…that are confronting folks in other functional groups.…
And sometimes a team member can help with a risk…
- Defining the vision
- Documenting the project scope
- Investigating potential options
- Conducting a SWOT analysis
- Selecting a course of action
- Resolving issues
- Building trust with transparency
- Managing project plans
- Identifying risks
- Changing processes
- Helping people transition
Skill Level Intermediate
Project Management Foundations: Teamswith Bob McGannon1h 29m Appropriate for all
Next steps2m 37s
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