Every project has a degree of risk. From the construction of Burj Khalifa to the great wall of China, it’s important to understand that every project has some certain level of uncertainty.
Project managers must constantly identify risks in every project before they spell doom. As a project manager, you must see beyond the beautiful grant chart or project plan you intend to follow dogmatically.
Risk identification is a critical ingredient in the successful execution of projects. Good project practices come from experience. Experience, unfortunately, generally comes from unsuccessful practices and poor project management. We tend to learn what not to do, all too often, by doing it and then suffering the consequences. Experience can be an invaluable resource, even when it is not your own.
How will I succeed as a Project Manager?
- Detailed Planning: As a PM you need to plan your work to the letter. While planning in details, you are able to anticipate the potential risks that might crop up during the course of the project
- A good project manager is able to diagnose that nothing is new! That’s a pretty bold statement. Regardless of the type of project being handled. The PM is able to refer to records and lessons learnt which will serve as a roadmap to identify potential risks and avoid pitfalls
A summary of the above is to look to the past to avoid mistakes done previously and plan ahead to reduce or eliminate future risks in your project. This is the ideal way of carrying out effective risk management in your projects.
We have seen weekly meetings degenerate into becoming a “status reporting” session by project teams. One of the primary reasons for holding a project team meeting is risk identification. While it’s a huge task to identify all the possible risks associated with a project especially knowing that force majeure can kick in at anytime, it’s imperative that the team is able to not only identify majority of risks associated with a project but provide actions to reduce or eliminate the identified risk.
Remember that risks are events that MIGHT occur but are NOT guaranteed. Risks do not necessarily mean a terrible outcome. A good project manager needs to be positively minded. While you will get applauded for identifying potential risks in projects, it’s also important to look for the positive risks; opportunities!
Are there changes in either government or company policies that might positively influence your project? Are there cost savings that can be derived from utilizing a certain vendor or partner? Is there a new technology that can save you time and resources in your ongoing project? Project Managers should be attentive and intentionally be alert to pick up positive risks.
Project Management is fun when it’s done the proper way
