Every initiative faces risks but there are also opportunities for things to go better than planned. A robust risk assessment should be part of every business case. Alongside each risk should be a contingency plan should it come to pass. Key opportunities should also be identified along with contingency plans to capture them should they present themselves.
- Every initiative faces risks,…but there are also opportunities…for things to go better than planned.…A robust risk assessment should be part…of every business case.…Alongside each risk should be a contingency plan…should that risk come to pass.…It's easy to overlook or minimize risks.…You're excited about your idea.…It's hard to foresee anything going wrong with it.…Involve people from other areas to offer suggestions…on what the risks might be.…It'll be easier for them…to see possible problems with your plan.…
Once you have identified these risks,…explain how you would react, should that risk come to pass.…Stakeholders will be more likely to approve your idea…if they know you have a handle on the risks.…Key opportunities should also be identified…along with contingency plans to capture them,…should they present themselves.…Set stakeholder expectations.…You might come back to them for more resources…if there's an opportunity to capture more value.…For example, if your marketing campaign goes better…than planned, you might come back to them…
- Define the structure and uses of a business case.
- Write effective executive summaries.
- Explain the components of a problem definition.
- Describe how to articulate the benefits of an idea.
- Estimate financial results and identify measurements of success.
- Describe how to outline risks and opportunities.
- Create milestones.