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Topics: Risk Management
How to handle situation?
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You are managing a project. A risk was in the risk register which realized yesterday, but you was on leave.
Now, today you are in office. So, how will you manage the situation now?
(Type of risk and impact is not mentioned).
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You are project manager then you have to demonstrate you are in control. That is the main reason you are hired as project manager. That is most critical into all related to risk. People do not accept surprises. You need to create the environment to not have surprises. If I understood well the situation you stated do not address it. In our case we use an schema to monitoring the risk state (as any other project indicators) based on time needed to solve it. Each risk must have a related strategy to manage it so it implies some "mini" plan we must monitor.
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1 reply by Rajeev Sharma
Dec 07, 2017 8:49 AM
Rajeev Sharma
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Agree with Sergio !
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Agree with above notes from Sergio.

Risk must be identified Early i.e."During Project Plan" including most viable mitigation plan (If something like above seen "suddenly" then it could be "Error" not "Risk" by definition ).Can refer to PMBOK "Identify Risk" section
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Sonali -

If a contingency plan had been developed for responding to the realized risk, the team should have been able to execute that plan in your absence.

If no such plan existed, then you are dealing with an issue (not uncommon for PMs to face multiple issues after returning from time away!) and would follow the normal issue management processes for your project based on the urgency and specifics of the issue.

In the event that the issue could recur (i.e. the risk is not closed as a result of its realization), a mini-lessons learned after the issue has been resolved would be good so that you can improve the effectiveness of the risk response. You also have actual data of the impact of the realized risk so your quantitative risk data will be more accurate going forward.

Kiron
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2 replies by Anish Abraham and Sonali Malu
Dec 09, 2017 11:00 AM
Sonali Malu
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I believe this is the most appropriate way to handle this situation.
Thank you.
Dec 09, 2017 11:33 AM
Anish Abraham
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I agree with Kiron on this. I think we should include contingency plans in standard operating procedures and make sure to provide initial training on the plan to team members.
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Dec 07, 2017 5:17 AM
Replying to Sergio Luis Conte
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You are project manager then you have to demonstrate you are in control. That is the main reason you are hired as project manager. That is most critical into all related to risk. People do not accept surprises. You need to create the environment to not have surprises. If I understood well the situation you stated do not address it. In our case we use an schema to monitoring the risk state (as any other project indicators) based on time needed to solve it. Each risk must have a related strategy to manage it so it implies some "mini" plan we must monitor.
Agree with Sergio !
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Sonali as per risk management practices, if you have completed your risk management process and you have identified risk, then you also have identified the its management strategy and also identifed the risk owner, so if you have done all this, then relax if your are away no issue, riks owner is there to implement the risk response strategy already work out and registered in register. If there is any change in risk management strategy, risk owner may inform midcourse change to PM.
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Manssor is correct: the risk owner is the one who is monitoring for the triggering of the risk and then implementing the contingency and, perhaps, the fall back plans.
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Sonali, Is your team aware of Risks and mitigation plan and are their roles & responsibilities well defined.
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I am in total agreement with all the comments. There is one item still left to address: If you are the risk owner and you have no backup for when you are out of the office, you now learned a valuable lesson in risk management. It is a team effort. So if you don't have governance to cover your absences, you may want to address it. In this manner, there can be someone in the office who would be responsible in your absence AND be able to let know when you have an issue. That would become part of your risk strategy.
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THANK YOU
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I agree with all the above great responses to Sonali's question.

One of the best practices of proactive risk management is to capture and track risk trigger dates and review them during the project meetings. If you have a PMO, the risk specialist should generate a report with risk trigger date along with probability and impact which will alert a PM to take note of the possible upcoming risk.

Since the risk already occurred in your case, assessing the impact and risk response strategy to make sure that the response is still appropriate is needed. Any key stakeholders need to be notified with appropriate action plans.

Hope this response helps.
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