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Cultivating Success through Effective Risk Management
There is an old saying that says: “An ounce of prevention is worth a pound of cure.” In other words, to forestall a disaster from happening, prevention and anticipation is crucial to the success of a project. And although some project managers may consider putting energy into the negative aspects of a project unproductive, it has been proven that addressing risk is key to successfully managing projects.
For this reason, while others may not fully appreciate the need for pre-planning of risks, based on my many successful years as a project manager it is my contention that the greatest factor that influences how projects are delivered is risk management. Accordingly, with appropriate risk management in place, serious risks can be intercepted before they have a chance to do great damage.
What Exactly is Risk Management?
Risk management is the identification and acceptance of the risks involved in a particular type of business, a risk that may threaten the profitability and even the existence of an organization. It is therefore important for a project manager to understand that there is never just one single type of risk that can impact on a project, primarily because different companies and situations pose different problems.
But understanding the risks of your business and being able to define risk strategies can help manage those …
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