Risks occurring and risk taking in projects, is inevitable. This is because projects are enablers of change and change introduces uncertainty. This doesn’t mean you should stop doing project work, what it does mean, is that you can manage your risk effectively to reduce risk impacts.
Key factors of risk are:
- Defining your risks
- Your approach to risk
- Determining risk owners
The management of risk is systematic and should not be left to chance. It is about being proactive in identifying, assessing and controlling risks that may affect the delivery of your project outputs/objectives.
As a result, you need to set up and maintain a cost effective procedure. This procedure will support the business and project team to improve their decision making by understanding the risks, their causes, likelihood, impact, timing and how you respond to them.
Managing your project risk must be a continual activity. To identify risks at the beginning of your project and then forget about them will not the way to effectively manage your risk. By not doing this, you risk your project, your outputs and your clients happiness!
Having an ongoing risk management procedure will help instil confidence to your clients and your business owners, that the project is going to meet its objectives. It also assists the business to make key decisions on when to stop a project, potentially saving your business time and money.
To talk to Brytbiz Solutions Ltd about a free consultation and quote for services contact us now.
Other areas of service that Brytbiz Solutions Ltd offers are:
- Project management
- Change management
- Business process improvements
- Improving client relationships
- Program management