10 Rules for Project Risk Management. (Part 1)

Good project management allows the manager to not only minimize all possible threat to his/her project but also capturing opportunities that may occur. This article will provide the reader with 10 golden rules for effective project risk management. Further information on this could be found in the 60PDUs bundle.

1. Embed risk management in your project

This first rule is essential to the success of both risk management and the project itself. The approach’s full benefit can not be applied once risk management is not included in the project. Technology giants and professional companies add risk management to their daily operation plans, including it in their projet meetings, discussion, and other training sessions.

2. Early identification

Identifying risks in the early phase of the project requires an open-minded manager, who can focus on all the possible scenarios which may occur in the future. Identifying risks before they even occur is not an easy task at all. By making use of two main reliable sources – people and paper, and carefully combining other methods, unexpected risk could, however, be foreseeable.

3. Make use of communication

The art of communication in project management is crucial in earning PDUs. It is commonly known that if the manager of a project has no idea of what is about to hit them, the project itself may turn into a failure. However, the problem is that while some of the team members can see the “hammer” clearly, they chose not to inform their leader. By constantly including risk management in the team meeting/discussion, this problem could easily be avoided. Also, make sure that communication with stakeholders is also well maintained.

4. Put both opportunity and threat into careful consideration

While positive risks are “good guys”, who will likely make your project better and more profitable, negative risks, on the other hand, are “bad guys” who can badly be harmful to your project. Always make sure that you are clear between the two, and have enough time to deal with both, whether it is opportunity or threat.

5. Ownership clarifying

The next rule is to assign a risk owner for each risk that you have found. This step is to make sure that there is at least a person in the team who is responsible for the risk when it may happen, whether it is positive or negative.

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