Construction Product Owner - Retired| Project Management InstituteWellington, Fl, United States
I'm curious about your strategies for mitigating risks in high-stakes projects. What's been your most effective approach so far? Saving Changes...
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Navaid Ur RehmanAdditional Director / Project Management Expert /Writer /Trainer| Confidential (Pakistan)Karachi, Sd, Pakistan
Dear Robert,
During initiation process, prepare Risk Register, identify potential risks and do proper risk analysis with risk responses. Make risk register live and review the risks on weekly basis and or as and when required. Involve all internal and external stakeholders to identify and mitigate risks. Saving Changes...
Across all domains, I've found the weakest element of risk management implementation has been making risk recommendations matter to the stakeholders who will make decisions.
If the PM and team cannot get buy-in from risk response owners to carry through on the implementation of response plans, the risk management exercise has been academic.
Kiron Saving Changes...
William M Hayden JrAdjunct Assistant Professor| University at Buffalo, School of Management, Operations Management & StrategyBuffalo, Ny, United States
Re: "strategies for mitigating risks in high-stakes projects"
We have a most horrific record in the USA for construction site safety.
If you send your email or tell me how to post a slide deck herein, I will do so.
Cheers,
Bill Saving Changes...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Bob, with the current high level of uncertainty all over the world and the the ever evolving nature of today's world, we do definitely spend more time trying to identify risk early on. Of course, we used to do this before but now we look at both internal and external factors with a wider more diverse lense. We also do monitor and review risks more frequently to ensure nothing changed so on a high level, we do deal with risk assessement related to high-stakes projects just like we do on any other project except that we now put more emphasis on the above two steps.
On a related note, what helped recently on one of our projects is conducting scenario planning exercises to simulate potential risk events and their impact on the project which helped us prepare for various outcomes and develop strategies to mitigate risks more effectively. Saving Changes...
Bob, nice seeing you here!
Regarding your question, I agree with Rami. In my current project, we use what-if analyses to gain a better understanding of potential risks. We regularly review high-impact risks and escalate those beyond our decision-making authority to the program board. This approach helps us manage risks effectively so far. Saving Changes...
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