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Best advice on handling risks on projects

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Megan K
How have you found is the best way to handle risks on projects?
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William M Hayden Jr Adjunct Assistant Professor| University at Buffalo, School of Management, Operations Management & Strategy Buffalo, Ny, United States
Hi Megan.
1st, prior to going beyond the 2% complete date: STOP ALL WORK.
2nd, facilitate the project group members. . . they are NOT yet a team...and identify risks,
constructing a "Risk Monitoring System/Checklist."
3rd, assign individuals to monitor each and report back to all at a frequency related to that risk.
Cheers,
Bill
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1 reply by Rami Kaibni
Apr 24, 2024 11:43 AM
Rami Kaibni
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Bill, I am not sure it is very practical to Stop All Work when you're working on a Mega Construction Project for example because that's a risk by itself that could cost you hundreds of thousands. Just my 2 cents!
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Abolfazl Yousefi Darestani Manager, Quality and Continuous Improvement| Hörmann-TNR Industrial Doors Newmarket, Ontario, Canada
Constantly review and update the Risk Register. Try to be proactive
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Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates New Westminster, British Columbia, Canada
Megan, over the years, what proved to be most valuable to me in handling risks are the following:

1) Frequently review identified risks (in case they change) and check if new risk arise because it's very common.

2) Foster a culture where team members feel comfortable raising concerns and proposing solutions.
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Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates New Westminster, British Columbia, Canada
Apr 24, 2024 8:23 AM
Replying to William M Hayden Jr
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Hi Megan.
1st, prior to going beyond the 2% complete date: STOP ALL WORK.
2nd, facilitate the project group members. . . they are NOT yet a team...and identify risks,
constructing a "Risk Monitoring System/Checklist."
3rd, assign individuals to monitor each and report back to all at a frequency related to that risk.
Cheers,
Bill
Bill, I am not sure it is very practical to Stop All Work when you're working on a Mega Construction Project for example because that's a risk by itself that could cost you hundreds of thousands. Just my 2 cents!
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Megan -

#1 (and #2, #3, #4...) - Make risk MATTER to your stakeholders.

Without that, all the identification, analysis, and response development work you do will be useless.

Kiron

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