Project Management Central

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Topics: Risk Management, Schedule Management
Keeping control of the Risks and Issues in your Project

t takes more than just recording the Risks and Issues but there should be a proper management and control of these within your Project
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Risk Mgmt process sheet should bring out the process aspects in handling risks & issues and Quantitative/Qualitative Management is advised to reduce subjectivity in such cases

Just logging risks and issues and communicating them is like reporting that a car is about to hit you. Effective project managements are active project managers - it's what we do which can make the difference between a car accident and a near miss!


via Tom DeMarco - Risk Management is Project Management for adults. Every project should have a risk log that is reviewed at the various meetings/levels to ensure that ALL stake holders have an opportunity to review and provide input and all identified risks are dissected for potential of occurrence and level of impact if they do occur as well as a mitigation plan for those medium/high level risks.

An effective risk control strategy that helps to manage risks well can drive project success. This is where a project manager will require risk management skills.

Step 1 is not to identify risks. It is to create a Risk Management Plan. Besides documenting how you will identify risks, qualify them and quantify them, it also states when/how often you will do so. How often will you review the risk register? Who will be involved? Will risks be upgraded/downgraded/retired? How often will you identify new risks? Will you be performing risk audits?

Having a risk and issue log is just a fundamental to executing next steps- critical steps like the resolution steps and assignment of an owner. The project's success depends mostly on risk and issues management and definitely, the PM needs to go beyond just identifying and logging them. Which means steps to mitigate and resolve and assign an owner and due date.

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