Project Management Central

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Topics: New Practitioners, Risk Management, Strategy
Risk Analysis
Network:398



Risk Analysis is a very important aspect of our project management. If not done right, it can cost the project dearly in terms of money and extra time, but also frustration of the team. Yet not all corporate cultures allow the Project Manager to have access to all the information they would need.
My tip to young project managers is: start with the information you have! If you do not get financial info, or info on cost of sales etc, then start without. Make a list of your risks, weigh them, think of how to prevent, mitigate, transfer or accept them and allocate the responsibilities. Document your outcomes, issues faced and how that affected your projects. Then collect your data from several projects, prepare a presentation or workshop and sit down with your bosses. Explain to them the issues, your possible solutions and discuss with them the way forward. Make sure the discussed is documented and implemented.
What would your advise be to young project managers starting out and trying to establish the methodology and tools they use in their projects?
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Network:1475



Risk management is about people first. As Dr. Hillson says "Risk is uncertainty that matters". To make it matter you need to understand your stakeholders.

Kiron
Network:1832



Agree with @Kiron, adding that project risk management key is elicitation like any other of the project management defintinions.
Network:644



It means risk management plan how to mange risk by identify, assess, treat and control!!!!
Network:615



Hi Stephanie.
This remind me great lines of Warren Buffett "Risk comes from not knowing what you're doing ". So it is better to seek for information you do not have, analyse it, plan and mitigate and finally document it. Great suggestions.

Thanks a lot !!
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1 reply by Stephanie Jaeger
Apr 20, 2019 12:27 AM
Stephanie Jaeger
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Great tips here. Thanks everyone for your comments
Network:398



Apr 19, 2019 11:57 AM
Replying to Alok Priyadarshi
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Hi Stephanie.
This remind me great lines of Warren Buffett "Risk comes from not knowing what you're doing ". So it is better to seek for information you do not have, analyse it, plan and mitigate and finally document it. Great suggestions.

Thanks a lot !!
Great tips here. Thanks everyone for your comments
Network:2369



Alok, W.Buffett has insider info to help make an educated solid trade decision there is no risk to him as other traders blindly enter a position either bullish or bearish
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1 reply by Alok Priyadarshi
Apr 20, 2019 8:16 AM
Alok Priyadarshi
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Hi Riyadh,
Righly said ! Risk can be minimised with possession of right information at right time.
Network:615



Apr 20, 2019 2:11 AM
Replying to Riyadh Salih
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Alok, W.Buffett has insider info to help make an educated solid trade decision there is no risk to him as other traders blindly enter a position either bullish or bearish
Hi Riyadh,
Righly said ! Risk can be minimised with possession of right information at right time.

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