From one passionate Project Manager to another. For all you Risk Management evangelists out there, my next blog posts will help you understand the Risk Management Process. These posts will contain several short and sweet parts where I will give some practical implementation of the theory.
Why Risk Management is necessary for Projects?
Many, many projects fail? Why? It’s got to be scope creep, schedule delays, cost overrun, poor quality and/or customer dissatisfaction right? No. Not really – these are not root causes.
The root cause is Poor or No Risk Management throughout the project.
Want to implement Risk Management for Projects within your company? Wait!
Take a step back. Before anything, try to get buy-in from key management folks in your company. Look for evangelists - People who believe in Risk Management. This will help leverage your Risk Management principles and gain credibility. Knowing what to do is easy. Implementing it is another ball game all together. These evangelists will help you move your ideas forward without the fear of failure.
The process itself:
Following are the various processes within the Risk Management Knowledge Area
- Plan Risk Management
- Risk Identification
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk Response Planning
- Risk Monitoring and Control
All the above processes except Risk Monitoring and Control occur during the Project Planning Stage. Risk Monitoring and Control occurs in the Monitoring and Control stage of Project Management.
Risk Management should occur throughout the Project Life Cycle and not just during the early phases.
Watch out for the what and how tips on the first Process Area – Plan Risk Management in my next post shortly.
Anand Chittoor, PMP, CSM.
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