Reduce Project Threats with One Simple Step

Following 20 years at a large Canadian telecommunications firm, Bruce established the project management consulting firm Solutions Management Inc (SMI). Since 1999, he has provided contract project/program management services, been a source for project management support personnel and created/delivered courses to over 7,000 participants in Canada, the United States and England.

  Risk Management  

My previous article regarding risk management was titled “3.5 Steps to Effective Risk Management.” This article argues that a simple one-step process is better than nothing at all.

In an individual’s life, if a person is told that an event could take place that could cause them personal injury, it’s likely the effected person would take action to reduce the likelihood of it happening. If a business person must be at a critical meeting at a specific time, they will take actions to ensure they aren’t late. As homeowners, most people purchase household fire extinguishers to reduce the impact of a kitchen fire.

The point is this: Simply being aware of a risk reduces the likelihood and/or impact of it happening. So how does this apply with projects?

All projects have risks (threats) that can effect success. PMI’s five-step process is an ideal approach. My previously noted 3.5-step process works as well, when limited project resources result in it not being possible to create a comprehensive plan. Some projects are so fast paced that a plan barely exists. It’s far from ideal, but it’s important to accept the reality of some businesses/projects.

If a detailed plan including scope, time, cost, quality, etc. doesn’t exist, why is it necessary to do risk management? Realistically, events will happen that will impact a …

Please log in or sign up below to read the rest of the article.