Bringing in Process driven change to effectively manage risks

Keep it simple... we do not have to think hard to identify and document a Risk-Mitigation plan. Few will definitely slip and we will have to be prepared to take care of them as and when it happens.

 

When it comes to managing risks, human tendency is to find solutions which would immediately mitigate the risk especially under stringent deadlines and we tend to forget to evaluate whether the solution is just a quick fix. Such quick fix solutions could result in other issue(s) - Watch out!

 

Here are few things which you can do to ensure you are in control and mitigate the risk instantly right from the project initiation phase:

 

1. If a similar project(s) is executed before in the company, learn from previous project(s) and evaluate the risks, list them down. Do not shy away from asking. A real leader is one who does not reinvent the wheel rather he uses the available time and resources effectively

2. Risks typically can be classified in the context of Budget, Scope, Timelines, Infrastructure, Product(s), Service(s), Skills, Resources, Constraints, and Assumptions. At every juncture, plan to check the project dependencies and “issue trigger points” relevant to each of these

3. Ensure there is an appropriate tracking mechanism available to check on the use of Standardized, Operational and Quality compliance guidelines

4. Issues are tracked thoroughly detailing the source and relevant dependencies

5. Ensure Professional needs of the team members are met timely

6. All project personal to have the same level of understanding of Project expectations

7. Ensure Risks and respective mitigation is evaluated frequently and updates are carried out

8. Required Management approvals are obtained timely for any of the dependencies listed above

 

Foreseen and Unforeseen risks will always be there. Have a structured process in place. Do not try to avoid or ignore but be PROACTIVE in identifying and mitigating the risks before it is too late.

 

[Progress always involves risks, You can't steal second base and keep your foot on first - Frederick Wilcox]