Project Risk Management – It’s all about “success”

Project Risk Management – It’s all about “success”

In many cases, the focus of Project Risk Management is primarily about protection against threats and uncertainties. Failure to consider what is required to realise the opportunities that present themselves, instead focusing solely on threat mitigation, has the potential to re-inforce the perception that risk management is purely about protection, rather than a direct value-adding activity. Consequently, risk management can be perceived as a “necessary evil”, rather than of real benefit.

How do we change this focus? The first step in driving project success is to establish a clear set of goals or objectives, which are formally acknowledged and supported by the key project stakeholders. Once these are understood, we can ask the question “what does success look like, and what is critical to achieving it?” The answer to this question lies in the development of a set of “critical success factors“. These form the basis for the identification of the key risks. When considering what is critical to the success of a project, it is important to understand any internal or external factors that could create risks or opportunities. Strategies are developed and incorporated into the project plan to increase the probability of success. These aim to capitalise on the upside, while minimising any downside.

At Riskwest we work with our clients to assist them to identify the key drivers for their projects and the opportunities and risks associated with successful delivery, across a range of different areas including major infrastructure delivery, business improvement and IT projects. Our project risk management services cover all aspect of planning, framework development, facilitation, training and advice. For further information, contact enquiries@riskwest.com.au.