Project Risk Management

Finding the Silver Lining in Project Risk Management

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


Read the original article summary in AITS here>>

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