![]() There is a project to develop a new CRM system (sales system) and there is a Risk that we can get a reduction of 50% on the warehouse integration module which has a value of €15,000. Describing Risk as a positive – or should I say an opportunity – might be new for you, so here is an example. Another way to say this is a Risk can be seen as a Threat or Opportunity. Risk can be seen as positive or negative. Risk is an uncertain event that, if it occurs, will have a positive or negative effect on a project objective. Risk is a set of events that, should they occur, will have an effect on achieving the project objectives. PRINCE2 has a specific definition for Risk, which is taken from the MoR® method. It is the Executive that is responsible for Risk in a project, and they rely on the Project Manager to continually identify, assess and control risks throughout the project. ![]() Risk Management is not just done at the start of the project but must be a continual activity during the full life of the project it is therefore one of the main tasks for the Project Manager. When is Risk Management done in the project? The project needs to know how to identify risk, how to assess this risk, and how to control this risk, as risk may affect the project objectives. You could also say that the purpose of the Risk Theme is that “it looks at identifying, assessing and controlling uncertainty and improves the ability of the project to succeed”.Īs projects are about doing something new, the change introduces uncertainty and uncertainty is risk. The purpose of the Risk Theme is to provide an approach to “identify, assess and control uncertainty during a project and as a result, improve the ability of the project to succeed” “How should risk be assessed, tracked and communicated during the project? This will give you a very good idea on Risk awareness for the project and perhaps for the organization. I believe that the most important thing to understand in this theme is the structure of the Risk Register, how to use it to enter Risk information, and how to track risks during the project. The knowledge provided in this Risk Theme provides an excellent approach to Risk Management that you will be able to understand and use. If you are not working in a Program environment, then you should check if there are standard procedures available for Risk Management in the company or in use by other Project Managers. If you are working in a Program environment, there will most likely be a standard approach to Risk Management and hopefully you will have received training. ![]() To follow, and the rest of the organization also has to be aware of the importance of Risk Management. Even if Project Managers spend an appropriate amount of time on Risk Management, they may stop once they realize that nobody is interested in the Risk information, as there may be very little awareness of Risk Management in the organization. This is covered very well in all the Project Management methods, but it seems to get forgotten about as soon as the project starts up. Most Project Managers don’t really get a chance to practice Risk Management. ![]()
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