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Practice Areas: Communications Management, Leadership, Risk Management
Risk Taker
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Should always a project manager be a risk taker?
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Nizar - To improve the chances of project success, the project manager must not only be an effective risk taker, but must also assume the role of contingency planner. Since preparation of a “perfect project plan” is not feasible, its weaknesses must be identified and compensating contingency plans must be developed. A PM cannot expect to start a project with an acceptable plan unless contingencies-needed to compensate for the inherent weaknesses in the budget, schedule and technical areas of the plan-have been considered and applied.
Once contingency planning is performed, the PM will have the flexibility needed to effectively deal with the unique aspects of a project and its inherent uncertainty. Proper evaluation of the project plan's weaknesses and development of comprehensive budget, schedule, and specification or technical contingency plans, as a part of the project planning process will significantly improve the chances for project success.
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Dear Nasrullah,


I am with you regarding the contingency plan that every risk should be analyzed on schedule and cost and see how we can mitigate it in the case of a secondary risk happen but as a project manager even a person I should confirm that not taking the risk is the biggest risk so taking the risk may be dangerous but if we succed into it they will give us better and faster results.


So I am person whom stands with every person willing to take risk to achieve better results because behind it stands a challenge as a leader to motivation.
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Any risks that the project manager takes should be those that are a low impact or probability on the success of the project.
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Need to take informed risk.

Within the level of discretion imposed by organisation.
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If not, project can't proceed. Almost all projects start with various assumptions and uncertainties.
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Project manager needs to be Risk Aware....not necessarily a Risk Taker most of the time. There are occasions where they may have to take some risks in order to meet the time, cost , scope expectations and therefore contingency plans need to be in place .

A project mostly is about Progressive elaboration of scope and schedule and always has inherent risks. I would say that the Project Manager provides great value here by monitoring and controlling the risks.
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1 reply by Sungjoon Park
Apr 18, 2017 10:58 AM
Sungjoon Park
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Well said. What are differences of between Risk Aware and Risk Taker as PMs? I am really confused of whether a project can proceed without taking the risks. Project manager might be a risk averse, neutral or seeker based on the his/ her risk attitude but he / she should take a certain amount of risks to plan, execute, control and monitor the project, and even to close the project.
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I agree with Deepesh. The PM needs to be risk aware and act based on facts and risk analysis results that he has in hand.
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There's a time and place .... Due diligence taken of course
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Dears,


As experience and history show that the projects that need to have an ultimate success should take the risk into consideration so as I see that a project manager should be always a risk taker.
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Apr 17, 2017 7:46 PM
Replying to Deepesh Rammoorthy
...
Project manager needs to be Risk Aware....not necessarily a Risk Taker most of the time. There are occasions where they may have to take some risks in order to meet the time, cost , scope expectations and therefore contingency plans need to be in place .

A project mostly is about Progressive elaboration of scope and schedule and always has inherent risks. I would say that the Project Manager provides great value here by monitoring and controlling the risks.
Well said. What are differences of between Risk Aware and Risk Taker as PMs? I am really confused of whether a project can proceed without taking the risks. Project manager might be a risk averse, neutral or seeker based on the his/ her risk attitude but he / she should take a certain amount of risks to plan, execute, control and monitor the project, and even to close the project.
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