10 Rules for Project Risk Management. (Part 2)

6. Risks prioritizing

While treating all risks equally makes project life simple, this approach, however, does not bring the best possible result. It is clear that some risks pose a higher impact than others, hence these risks should be treated carefully. A large amount of time and continuous effort should be spent on those risks that cause the biggest lost and gain. No matter what measure and criteria are used, use them consistently and remember to focus on the big risk. 

7. Risks analyzing

Understanding the root of a risk is a crucial part of the online PDU project risk management course and a precondition for any good response. Take time to see through an individual risk is a must, and remember not to jump right into any conclusion without getting all of the risk itself. Different level of risks requires a different method of risk analysis, which will be carefully discussed in the 60PDUs bundle. Any information that could be found while analyzing those risks will provide further understanding of the project and the necessary input to solve the risk itself. 

8. Plan and implement response

There are three options in responding to risks, which include avoiding, minimizing and accepting. The final response, in this case, depends heavily on other aspects of the risks. The key point here is to execute your choice of response. 

9. Project risks registering

Maintaining a risk log is similar to keeping a bookmark, which will be a great help in recording your progress, not to mention that it helps prevent you from forgetting a risk or two. A risk log is also an effective communication tool, by which both of your teammates and stakeholders will know what is going on. A good risk log will be carefully presented with further information in our online PDU courses

10. Risks tracking and task associating.

All the risk register in rule number 9 play crucial roles in both tracking risk and associating tasks for others. These two tasks are considered daily jobs for every project manager. However, risk tracking is different from task associating, whose main focus is on the risk’s current situation.

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