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Betting on Project Risk Management

Okay, I think you've got the risk-and-reward concept. But how does all this relate to project management? Have you ever worked on a project that failed because of lack of planning? Have you ever had a vendor promise to deliver the goods on time, only to be late and screw up your entire project? Have you ever managed a project that was dependent on another project—which was late, and you caught the heat?

That's risk.

When it comes to your role as a project manager, you must always—and I do mean always—be on the lookout for any risks that can cause the project to fail. And not just the project manager, but the whole project team.

Risk identification is an iterative, active process. Risk identification doesn't live between launch and execution, but from project launch to project closure. The project manager must stress, must perform risk identification.

But how exactly does this work? Glad you asked.

Most organizations have some risk management procedures in play—even if they're not formally identified. A risk management methodology, in its purest form, has procedures for risk identification and classification, the organization's utility function, and the process for risk analysis.

What?! Your company doesn't have this? Don't worry—I've worked with lots of organizations that don't. Let's take a look at how you can establish a risk management approach.

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