Is Your Lack of Risk Management Hurting You?
Risk management is, essentially, the process by which you identify and analyze the various risks that are associated with any project, no matter how large or small. This is important because it gives you the chance, during the planning process, to figure out what risks might end up affecting your project. That way, you can take steps to avoid those potential risks becoming a real problem. And, if those risks do become reality, you can immediately take action.
Identify and Analyze Risk in Project Management One of the most important steps when coming up with a plan for your next project is identifying and analyzing risks. Whether you’re new to project management or you want to become a better project manager, understanding how to accurately determine where your risks lie can help ensure you’ll meet your goals with fewer, if any, setbacks along the way. In our previous post, we covered the essential element, Creating a Work Breakdown Structure (WBS). A WBS is a graphical decomposition of project deliverables. It is the “family tree.” Now, it’s time to cover the important element of identifying and analyzing risks when you’re managing any project. What Are “Risks” in Project Management? What is a risk, exactly? Basically, it’s anything that might affect your project in either a positive or a negative way, so a risk is really a potential threat or…
10 Common Risk Mistakes to Avoid on Projects, Part One
Do you want to control your projects instead of having them control you? One of the main ways to do that is by strategically managing risk. But if you aren’t taking the right approach to risk management, you won’t be taking full advantage of what this technique has to offer, and you might even end up doing more harm than good. So, to help you along, we’ve compiled a list of 10 common risk mistakes that you should aim to avoid on every project.
To get started, and to help you improve your risk management strategy, here’s a list of five of the ten common risk management mistakes, along with Tricks of the Trade® on how to avoid them.
This is the second part of our guide to 10 of the most common risk mistakes that you should try your best to avoid on projects.
Before moving forward, be sure to read the first 5 Common Risk Mistakes to Avoid on Projects – Part One. Then, when you’re ready, check out the remaining five mistakes that can hinder your ability to tackle a project successfully, along with tips that will help you manage risk more effectively.