Risk Management
Risk is encountered throughout the life cycle of a project. Some
projects have more risks than others. A risk event can slightly or severely
impact a project's success. Risk management is actually broader than managing
potentially adverse events. Risk management includes both threats and
opportunities. By definition, projects have risk. A risk management plan helps
a project team manage that risk.
The risk management plan (RMP) should be developed early in the
life of the project. The plan should be revised when a risk event occurs, and
on a periodic basis. Risks will change over the duration of the project. The
frequency of periodic updates is dictated by several factors: complexity of the
project, strategic importance of the project, and volatility of factors that could
affect the project. Risk levels increase and decrease during the life cycle of
a project, but a risk event can occur any time. It is important to
distinguish between risk and a risk event. Risk represents a threat level to a
project, while a risk event is the actual occurrence of the negative incident.
A project that has an RMP can respond properly and more quickly to address an
identified risk.
A Risk Management Plan typically includes:
- Risk Management Planning (RMP) - Every project must address risk, but smaller
projects can typically use a "canned" plan. All projects need to
address risk. However, it isn't cost effective for every small project to
build it’s own RMP. For that reason, organizations build a scalable
template so that all of their project teams can use an RMP.
- Risk Identification
– Ask your team early in the project to brainstorm about potential risks
to the project.
- Qualitative & Quantitative Risk Analysis - determine the potential impact of each risk on the
project.
- Risk Response Planning
- Put the risk events in order.
- Select the events you want to address.
- Build a Risk Response Plan for the risk events you
choose.
- Risk Monitoring and Control - done after the Risk Response Plan is defined. This
typically includes the following strategies: avoidance, transference,
mitigation, and acceptance (contingency plan). The risk changes as the
project continues. Risk levels in some project areas increase, while
others decrease. Risk is present during the entire life cycle of the
project.
Communication Management
Managing communication is crucial to the success of any group of
people. Communication plans are effective for many different groups, including project
teams, management groups, and civic groups. You can build a communication plan
in four easy steps. Typically, the project manager, project sponsor and key
members from the project team meet together to build the communication plan. If
you are building a communication plan for your management group, build it in a
team meeting.
Steps to Building a Communication Plan:
- Identify your key stakeholders.
- Ask the key stakeholders what type of information they
want to receive and in what format.
- Document the communication strategies.
- Obtain sign off from the key stakeholders.
Communication can take many forms. Written, oral, listening, and
speaking are typical means of communication. It is important that communication
approaches be made up of a two-way approach.
Some examples are: speaking and listening, writing and reading,
and sending and receiving messages. Finally, there are informal and formal
communication forms of communication.
It is very important for project managers to be effective communicators.
Clear, concise, and timely communication can add clarity to a complex project.
A project manager must be able to effectively communicate across geographic,
technical, and business boundaries.
Types of Meetings
Meetings are a common forum for communication.
It is important to note that there may be different types of
meetings that take place throughout a given project. Some examples of meetings
may include:
- Project kick-off meeting.
- Status review meetings.
- Problem-solving meetings.
- Design review meetings.
- Post project evaluation meeting.
The Project kick-off and Post project evaluation meetings would
occur at the beginning and end of the project, respectively. The status review,
problem-solving, and design review meetings may occur throughout the duration
of the project.
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