Risk Management Process

The risk management process is a path you can follow to help keep your project progressing towards a successful conclusion. This can be accomplished when you have an effective risk management plan that is documented.

The risk management process has to be an active part of your risk plan. This will be the path you and your team will take when a risk is about to or has been encountered by your project. The reason to have a risk plan in place is so it can be mitigated in the most effeicent manner possible. Without a plan in place you and your project team would have to take the time in deciding how severe the impact damage is and what would be the appropriate steps to minimize the damage. With a risk plan in place there will be no lost time in deciding what to do next.

Your risk management process will involve listing all of the possible risks that could impact your project. You will also need to prioritize them according to impact potential and severity of the damage they could inflict on your project. This is where you need to considered both of these conditions. If the impact potential is great but the damage is not severe, it should not be on top of the priority list unless there is no other risk that could impact your project.

By being prepared with your risk management process before entering your execution phase of your project’s lifecycle, you can also take the time necessary to make the right decision in the different mitigation paths to follow. This is what generally occurs when you have the appropriate amount of time and are not pressured to get the production line back up and running.

By having your risk management process in place and documented, you and your team will be fully aware of just what to do, when a risk is threatening your project. This will reduce the possibility of delays that could send your project into being classified as a failure because it did not meet the time constraints set by the stakeholders.

Provided by Brent Westland

Comments

Post a Comment

Popular posts from this blog

Lean Methodology

The use of lean methodology has grown in the manufacturing sector since it was first implemented after World War II. As time has progressed, this methodology has been refined with the end result of creating more, faster and with less. The type of companies that can best utilize the lean methodology approach is manufacturing, because of the principles involved with it. This is to create a product with as little invested as possible in the deliverable. For a company wishing to use the lean methodology , they must first analyze their process in depth. Once the analysis has been completed in every process, the process of eliminating waste can begin on the process as a whole. Each part of the process has to contribute to the end product. The cutting of waste from each and every step in the production of a deliverable is the core essence of the lean methodology approach. This can be in the material that is added or the number of workers necessary to complete the task. The overall reductio...
Read more

Communications Register

Under what situations should I create a Communications Register for my project ? For small, medium and large projects you should always implement a Communications Register. This register will identify all of the communications events that have taken place for the project and also the communications events that are due to take place in the future. The reason for listing the communications events that are due to take place is that it provides a single place where the project manager can use and control communications to stake holders. For example the register will enable the project manager to view the status of all of the communications to date and determine whether or not the stake holders to the project are being kept in the loop and informed.
Read more

Management Methodologies

The modifying and developing of new management methodologies to fit the needs of industry is an ongoing process. With the use of a computer, this has become a much easier process than before. This has made it very easy to create, customize and import existing methodologies along with managing several of them at once. You can use management methodologies to define new process you have developed or group any set of existing process into a new methodology. There are project management methodology programs that can assist in the documentation of your new methodology so it can be used and shared by those you have approved. You can even customize a methodology for a particular size project with this type of program. The most often use of this type of software program is to use several different management methodologies and modify them to you specific needs. This way you’re working environment and available resources can be made the most of in running your project. Most programs that allow ...
Read more