Be risky: Yay! or Nay!

"Life is a series of calculated risks – nothing more."

            Every day, we are risking our lives to unknown elements. Elements we have previously faced and conquered, and those that we have yet to face and are not certain how to conquer.

            The same is true in organizations. When we are handling projects, we face and anticipate risks. Although there are some risks that are simply out of our control, it is best to have countermeasures to mitigate or eliminate them by establishing a project risk management plan. 

            There are two ways in which project risk management (PRM) is regarded; one with a doubtful mindset and the other with an open mindset. As managers, we must have the ability to be on top of our game, and one of the ways to make it possible is through our influence on our members, especially those with a doubtful mindset.

            To make sure that project risk management is fully understood, we follow the acronym PRM in educating the members on its value.

Present and discuss the importance of Project Risk Management because it allows us to identify, analyze, and manage project risks. After recognizing potential risks, plans can be made to avoid them. If at some point, unavoidable risks occur, the defined alternative courses of action are ready to implement and mitigate the impact on the project. 

Require the involvement of the project team, stakeholders, and other experienced risk experts. This will make them feel that their inputs are important. In this step, the team is to classify the risk by the probability that it will occur and the impact on the project if the risk does occur, then identify which risks are to be tackled with a plan.

Manage the monitoring of the project whether the risk has occurred or not yet and measure the results through a selected model. Most importantly, projects should be directly linked to the organization's strategy and goals.

            While it is a challenge to convince the minds of other people, we must take into account that learning new things is always a process. In the same way, creating a risk management plan is a process and its importance cannot be underestimated. So, Yay! to Project Risk Management.

Reference:
Reynolds, G. (2009). Information Technology for Managers. Cengage Learning.

GIF was taken from:
Ways of managing risk in construction projects. (2018, February 14). globalcompliancepaneltraining. Retrieved March 13, 2023, from https://globalcompliancepaneltraining.wordpress.com/2018/02/14/ways-of-managing-risk-in-construction-projects/