Project risk management

Risk managemement is really important project management practices but unfortunatelly usually we do not give attention to it until real and seriuos problem or crisis happen. Risk management practices strongly depend on company top managers view, culture, maturity and experience aggregated from the past. My personal practice shows (it comes from different industries from project portolio manager role) - Project managers will not show relevant attention to risk management if managers above almost don't care. Moreover what we should expect if in some companies projects are missing at all this role - Project owner/executive who should review project risks, take appropriate decisions as being responsible for project benefit and success.

PRINCE2 knowledge areas here will be provided only in executive summary as PRINCE2 standard gives much more details.

GOAL:

Increase project success probability by identifying, assessing and managing project uncertainty

MUST MANAGEMENT PRACTICES:

Documented Risk Guide should be created in project plan with defined risk management procedure

Documented Risk register must be created and used on regular basis

Risk management procedure must be executed (Identify>Assess>Plan>Implement>Communicate) by Project manager

Lessons learned should be captured

TAILORING PRACTICES:

Here are just some limited number of management practices.

All recommended practices you can read in stardard manual yourself or learn it in PRINCE2 trainings.

Risk register🔺 template should be used

Appoint Risk owner for each risk

Use risk reserves where necessary

Define risk expression using 1) Cause, 2) Event, 3) Effect approach

Use different risk management strategies

Review total project risk on particular project decisions & include summary risk data in updated Business case

Examples from T RISK REGISTER solution:

T Risk Register🔺 DOWNLOAD here

JUMP TO OTHER TOPICS :

• Risk management practices
  • What is risk management
  • Business risk management
  • Department risk management
  • Portfolio risk management
  • Project risk management
  • Personal risk management
  • Agile risk management
  • IT risk management
  • Risk register
  • Risk owner
  • Risk management steps
  • Risk identification
  • Risk assestment
  • Risk response planning
  • Risk decisions
  • Risk response implementation
  • Risk communication
  • Risk brakedown structure
  • Risk management guide
  • Contigency plans for crisis
  • Success factors
• Examples
  • Business risk management
  • Department risk management
  • Project risk management
  • Personal risk management
  • Risk brakedown structure
  • Risk management guide

Recommended applications for Jira Cloud

• T Risk Register & DOWNLOAD here