Project Management

Risqué and Risky

Mike Donoghue is a member of a multinational information technology corporation where he collaborates on the communications guidelines and customer relationship strategies affecting the interactions with internal and external clients. He has analyzed, defined, designed and overseen processes for various engagements including product usability and customer satisfaction, best practice enterprise standardization, relationship/branding structures, and distribution effectiveness and direction. He has also established corporate library solutions to provide frameworks for sales, marketing, training, and support divisions.

Large or small, known and unknown--there are risks in doing business. Your success with customers may prompt greater competition, the needs of your customers may change (as well as your ability to keep pace with those needs) and of course there are just some situations you cannot foresee and prepare for.

Performing risk analysis, however, helps you evaluate the severity of risks and thereby determine some ways in which you can best reduce project distractions. When customized to the analyst, risk analysis can be watchful of ways to not only control risks, but provide details on cost and resource efficiencies for each risk reduction strategy.

Risk has a cost associated with it. We each have different ideas on how to calculate it, but it essentially equals the probability of a noted possible loss that is proliferated across the cost of the event. When we identify threats, we determine how much we think a possible loss could occur. Our imagination in these circumstances then can be our greatest ally or our worst enemy as we attempt to project best- and worst-case scenarios. Our different perspectives bring unique views to the table, including the degree of impact (such as how one specific risk might seem small to one partner but devastating to another).

What the Future Holds
To begin with, you need to know just what threats could await you. Most commonly, they …

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