03 May Managing Project Risk – ‘It’s all about uncertainty’
All too often, project risk management is used to manage the “issues” that arise during a particular phase of a project, rather than the inherent “uncertainties” that may arise during the whole life of the project. Identifying and managing “risks” once they about to materialise is “too little too late” and completely misses the mark in terms of the effective management of projects.
Risks, or uncertainties that can impact your ability to deliver successful projects, should be identified right at the start. In doing so, the whole project lifecycle is considered, not just the upcoming phase, and the real showstoppers are identified. Those uncertainties over which you have no apparent control are particularly important to understand; whilst you may not be able to control the likelihood of an external event, such as a change of Government priority or a downturn in economic conditions, considering how you would mitigate such events is critical to you successfully delivering your project.
The next time you embark on a major initiative, strategy or project, take a moment or two to consider what is critical to the success of that project. Considering what the key impediments to that success are, and what could directly or indirectly cause those to occur, means you will better focus on measuring and managing those at the outset and through the project lifecycle. This will result in less surprises and pave the way for a better project outcome.