Effectively Managing Risks During Project Execution
“Risk is a measure of uncertainty and that all of the facts we have today and all of the lessons learned we have experienced do not provide a guarantee about anything.”
– Frank P. Saladis and Kay Wais
The success of a project is dependent on a myriad of factors; however, the benefits of proactively managing risks during the different phases of a project can have a significant impact on the project’s outcome. This paper will explore four key factors that a project management team may employ to help mitigate potential risks during project execution. It is extremely beneficial to project managers—being in physically and mentally demanding roles—to have a system in place that identifies, communicates, and monitors risks while allowing them to focus simultaneously on other important areas such as budget and schedule. This paper will demonstrate how following four simple steps, namely risk identification and analysis, risk communication and coordination, risk monitoring and control, and risk reporting can help alleviate the workload of the project management team and lead to better project results.
Risk Identification & Analysis
One commonality among all projects, regardless of size, is the inherent nature of risks. Thus, addressing the quiddity of risks, and the subsequent mitigation of said risks, is pivotal to ensuring a
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