Author: Ken Lynch

Using Risk Management in Your Projects

Risk management is a routine used by project managers to minimize potential problems that can affect the project.

Risks are possible events that can impact resources, processes, technology, or project participants during the system development lifecycle (SDLC).

The results of risk are often unclear before it strikes. Through risk management, you can estimate threats beforehand and put control measures if necessary.
Risks can arise anywhere in the SDLC. Even as organizations venture into new projects, there is a need to monitor the ones in operation. For this reason, risk management is continuous.

You can make risk assessment and management less tedious by creating a risk management protocol. It may comprise of a consistent set of tools and templates as well as training of project participants. By embedding risk management to your daily routine, your company can assume better health and overall performance.

Your 6-Step Guide to Risk Management

Uncertainties are inevitable in projects, and so is risk management. The process is about acting before a risk turns into an actual problem.

You can eliminate it, mitigate its impact, or accept it if you can accommodate its consequences. However, your course of action should be a result of careful. Here are six steps to follow to manage risks in your projects.

1. Risk Identification

It’s impossible to solve a problem that you can’t pinpoint. You can identify risks in different ways, including interviews, brain-writing, root analysis, and more.
Visualize the project as if it’s complete and running. Think about what could go wrong and note your fears down. Analyze historical data on similar projects and record any deficiencies found.

You can set up interviews with the help of the project team, colleagues, and stakeholders to gather information on issues to emphasize. Consider inviting people known for critiquing. Their opinions can divulge essential insights which could have easily slipped t