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- Title
Uncovering All Of The Risks On Your Projects.
- Authors
Burek, Paul
- Abstract
Through my experience working with project teams, in many industries, on hundreds of projects, I have learned that although Project Managers (PMs) are expected to manage risk on their projects, many times they end up fighting fires and managing the problems that result from unmanaged or unknown risks. There are many reasons why Project Managers avoid Risk Management and resort to firefighting project problems. Common perceptions PMs have are: * My project won't hurt anybody * Our company has a "kill the messenger" syndrome, so it is best not to bring up risks * Firefighting is rewarded, the more problems I can solve, the better I look * Failure is not an option, so why focus on risks, our team won't allow them to impact the project * Risk is inevitable, so why bother trying to avoid or manage it. Another underlying reason for not managing risk on projects, or not managing it well, is because the Project Manager does not have the right tools and techniques for risk management. It all too common for PMs to understand risk management theory, but not be skilled in the transformation of this theory into practical application. Effective risk management includes engaging the project stakeholders throughout the entire risk management process: identifying, assessing, responding to and managing risks throughout the life of the project. Several factors can stand in the way of an effective Risk Management effort including: * Preparing a Risk Plan with insufficient project knowledge * Risk Management is not an integral part of the organization's project methodology * Too little time in invested in identifying and managing risk * Too few risks are identified (10 - 20 risks versus hundreds of possible risks) and those that are identified are not fully understood or clearly defined This paper will share techniques for enhancing the success of risk management efforts by uncovering a larger number of well written project risks which may need to be managed throughout the life of a project. It will explain and demonstrate the use of the Risk Meta- Language technique (Hillson, 2004, p73) enabling stakeholders to fully develop actionable risk statements. Additionally this paper will provide an overview of multiple sources which can be used to uncover risks on projects.
- Subjects
RISK assessment in project management; INDUSTRIAL management; RISK management in business
- Publication
PM World Journal, 2016, Vol 5, Issue 9, p1
- ISSN
2330-4480
- Publication type
Article