A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts.
Written by Elizabeth Harrin from RebelsGuideToPM.com.
How do you actually go about mitigating risk? We talk about the need to mitigate all the time, but what kinds of things can you do to ensure that risks really are managed appropriately and mitigated to avoid the impact you think might be on the horizon? In this video, I talk about 5 different things you can try to mitigate risks. They are simple and practical, and you can easily turn them into solid actions for your risk log.
If you want a couple of extra suggestions, and some more detail (or you just prefer to read rather than watch), then the original article that prompted this video is available here: 7 Ways to Mitigate Risk.
Financial Management Specialist | US Peace CorpsYaounde, Centre, Cameroon
Thanks Elizabeth
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
Totally agree with your presentation. Far too often we focus on the specifics of risk management - identifying risk events and designing mitigating measures specific to that risk event. Yes, that needs to be done but before that comes into play we have to address the generalities of risk management as you have in the presentation - essentially risk reduction (and benefit enhancement) as a result of good management.
I remember some time back I was interviewing for a project management position. In the discussion we came to risk management and the question to me was: "What is the first step we should take to mitigate project risk?" I responded by stating that they had already started on the right foot by recruiting for a professional project manager, specifically me.
Rajendra MedepalleProgram Manager| TATA Consultancy Services Ltd.Malvern, PA, United States
Thanks Elizabeth for sharing.
Chee Choong TanIT Architect| IBM MalaysiaPuchong, Selangor, Malaysia
Thanks Elizabeth for sharing these very useful ways to mitigate risks.
An additional way is engaging the key stakeholders effectively early on in the project.
S BalasubramanianSector Head (OPEX) , Power Business Unit| Tata Consulting Engineers LimitedBangalore, Karnataka, India
Systematic approach and regular review and updating of project risk register and following up on actions from reviews is key
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