Finding the Silver Lining in Project Risk Management

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Risk is natural, and is not something that should be feared. The key thing to remember is that risks are not problems. A problem is something that already happened. It could have worked out, but it didn’t, and now it’s your job to find the solution. A risk is something that could be a problem or it could be a solution. The uncertainty is what identifies it as a risk.

Here are some examples of risks that could be a problem or a solution:

Bad Risk (Impacts)

  • Project Slip
  • Budget overrun
  • Unsatisfied customer

Good Risk (Opportunities)

  • Return on investment
  • Revenue generation
  • Process improvements

So, how can project managers transform largely negative risks in to wholly positive outcomes? They can do this by executing a good risk process.

  1. Identify
  2. Assess
  3. Manage / Execute

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