Risk Management in Practice

Anonymous

My feeling is that risk management isn't really done on a regular basis, except maybe for large projects or mature organizations, and that a majority of projects don't do risk management. But I don't know if this thinking is really true or not. Are there any thoughts on this board on this statement?

Posted: Apr 2, 2009 3:10 PM

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Mark Price Perry Business Driven PMO Evangelist| BOT International Orlando, Fl, United States

Hi Anonymous, great post and replies by all. I tend to side with the camp that suggests that most of the time we do risk management relative to the needs of the project - the larger and more riskier the project, the more formal discipline and application of risk management; and the smaller and less riskier the project, the less formal discipline and application of risk management. And, of course, some projects are inherently low risk and others are inherently high risk. But even in projects that are low risk, or that are percieved to be low risk, the application of risk management is good advice. Great post, I hope we continue to hear and learn from others.

Posted: May 22, 2009 10:55 AM

Digvijay Singh Project Manager| Mastek Limited Pune, India

I feel the risk management should be divided in few levels, where first level is identifying the risk, second level is planning the mitigation and contingency plan, prioritizing them, next level is to attach the damage value with each risk based on impact and frequency, I have observed project manager identify risk, also plan the mitigation and contingency plan but they always lack in identifying the damage value.
Risk monitoing is also not happens frequently because project manager is busy in resolving day to day issues.
One more problem I observed that project managers always try to keep low value of the impact of the risk because if they show the red signal, they need to do lot of process related activities, they don't get that extra time when customer is firing, team is not happy. Most of the time senior management if highlighted about the red risk items, they try to find the fault in project manager's way of working.
If everything is going goody goody, project managers are happy to do these things but during tough time risks are used for playing blame game.
I feel it is utmost important for a organization to provide conducive atmosphere for PMs to follow all the process even in tough projects.

Posted: May 22, 2009 11:05 AM

Jeannette Simmons Project Manager / Coordinator| Contractor Spring, Tx, United States

Apr 08, 2009 9:34 AM

Replying to anonymous

...

Thanks Peter for your insight. I agree that there are a lot of extra things given for PMs to do, which pushes risk mgmt down the list, especially in these times. The irony is when management doesn't promote risk management, they aren't opening the door to project cost containment and the benefits of managing risk. As a segue, does anyone have ROI as it relates to performing risk management?

Did you every get an ROI request answered, if so may you share as I would like to get information on the same.

Thank you.

Posted: Apr 28, 2018 12:53 PM

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