What Is Project Risk Management | Tips In Project Management

What is Project Risk Management? Tips In Project Management
This video focuses on all things risk management and issue management! A risk is something that is always in the future and may positively or negatively impact your project.
Five steps that a risk management process should include:
Identify: Document all possible project risks (e.g., technical, financial, etc.). Think worst-case scenario! Accomplish this through brainstorming sessions with the project team and stakeholders; receiving input from subject-matter experts; and reviewing lessons learned from past projects.
Analyze: Determine the probability of the risk occurrence and the impact on the project schedule, cost, quality or performance. Categorize risks so resources can be focused on the critical risks first. Risks may be displayed on scorecards or heat maps to provide a visual for easier interpretation.
Develop plans: Mitigation plans outline the actions that will be taken to reduce the probability or impact of a risk. Contingency plans outline what will be done in response to the risk, should it occur. Clearly outline resources required to execute the plans.
Execute: Execute actions outlined in the mitigation plans; contingency plans are only executed if the risk turns into an issue.
Monitor/track: Identify a clear owner for monitoring and tracking each risk. A risk register should be routinely updated and made available to the entire project team for review and input. Progress should be communicated to stakeholders.
Don’t let unexpected issues derail your project! Risk management is an iterative process that should take place throughout the project life cycle.
As a Project Manager, you have to be proactive in identifying and analyzing risks. As they say, "hope for the best and plan for the worst!"
Comment below with your questions and Project Management related video requests! If you would like a copy of the risk register used in this video, email [e-mail].
#projectriskmanagement #projectmanagement #tipsforprojectmanagement
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Kandis Porter is the Founder and Managing Director of Effective Flow Connections (EFC), a management consulting company that helps transform organizations through project management, process improvement, change management, facilitation of key meetings, and training. Kandis also works one-on-one with clients, focusing on Leadership development and growth. EFC enables organizations to do what they do, even better!
Kandis has more than 17 years of experience managing people and large projects in both the government and private sectors. She has supported clients in various industries, to include the Department of Defense, Federal Aviation Administration, utilities, medical device, non-profit, and learning & development. Kandis has a Master of Science Degree in Project Management (MSPM) from The George Washington University and Master of Business Administration (MBA) in Human Resources. In addition, she is a certified Project Management Professional (PMP), Prosci Change Manager, and Six Sigma Green Belt. She is also certified as a Myers Briggs Type Indicator (MBTI) Practitioner, Thomas-Kilmann Instrument (TKI) Practitioner, and is a Wiley DiSC Workplace assessment facilitator.
Learn more about Effective Flow Connections at www.effectiveflowconnections.com
Our mission at Effective Flow Connections is to provide outstanding consulting services through highly motivated and effective team members.
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[@gurpreetvirk319]

Thank you for bringing the energy and enthusiasm in this lecture. I engaged and completely engrossed in your lecture, which seem to fly by far too quickly. You really are so talented because as you explained about the project risks, this becomes too easy to get. Please keep sharing these informative videos.

[@PMPexpert]

Thanks for watching! Best of luck on your projects. 🙌🏻

[@happyhead7509]

Beautifully explained 👍

[@PMPexpert]

Thank you 🙂

[@mahaadji5669]

Thanks a lot for this video. Clear and instructive

[@PMPexpert]

Thank you, Maha!

[@ayikor]

Very helpful video. Thanks very many.

[@PMPexpert]

Best of luck to you! Thanks for watching.

[@franto121]

i loved how you explain this topic !!! one question in the risk log , when you put the mitigation plan is it necessary to put on it the extra cost involve in that mitigation and contingency ? and how that issue impact in the schedule? if we are not able to manage it and become in a issue ? cheers :)

[@PMPexpert]

Thank you, Juan! Yes, great point. If there is cost associated with a mitigation or contingency plan, I would absolutely include it in the risk log. You could also include options (option 1, option 2, etc.) for the mitigation and/or contingency plans, with the associated cost of each, to help drive a decision on how to proceed. Once a decision is made, this should be included in your budget for any funds required. Best of luck!

[@unclemike4329]

Great video!!

[@PMPexpert]

Thanks!

[@w.dinidudarshana9996]

Thanks a lot for your kind support , excellent teaching , wish you good luck 💮💮💮

[@PMPexpert]

Thanks for watching! Best of luck with your projects.

[@w.dinidudarshana9996]

@@PMPexpert you are welcome. Thanks

[@maesolo]

Wow! thank you for a great lesson. Can you use this template in smartsheet ?

[@PMPexpert]

Thanks, Fabian! This template was created in Excel, however, you can import it into Smartsheet. I recommend setting them up as separate ‘grids’ in the same Workspace in Smartsheet. If you want a copy of the excel, just email [e-mail]. Cheers!

[@victorford6378]

Can you register and track risk management in smartsheets?

[@PMPexpert]

Yes! Here is a video: Manage Risk in Smartsheet via Forms & Grids
czcams.com/video/0zHH-uiDcJM/video.html
Thanks for watching Victor!