Understanding and Managing Risk in Your Project

To manage projects effectively you need to be able to recognize and manage risk. Risk is the possibility that you may not achieve your product, schedule, or resource targets because something unexpected [more…]

How to Identify Risk Factors in Your Project

A risk factor is a situation that may give rise to one or more project risks. A risk factor itself doesn’t cause you to miss a product, schedule, or resource target. However, it increases the chances that [more…]

Identify Specific Risks Associated with Project Risk Factors

After you recognize your project’s risk factors, the next step in your project risk assessment is to identify the specific risks that may result from each of your risk factors. With this information in [more…]

Assessing the Likelihood of a Risk in Your Project

As you refine your project’s schedule, you need to assess the various risks that you have identified. Determining the likelihood of each risk will help you manage risk if the worst happens. The first step [more…]

How to Estimate Risk Consequences

After you identify the likelihood that a particular risk will affect the project you're managing, be sure to determine the magnitude of the consequences or effects that may result. That magnitude directly [more…]

How to Choose Which Risks to Manage in a Project

All identified risks affect your project in some way if they occur (after all, that’s the definition of a risk). However, you may determine that anticipating and minimizing the negative consequences of [more…]

How to Develop a Risk-Management Strategy

Managing risk is an important task for any project manager. After you have determined what risks exist for your project and assessed their importance, you need to choose a strategy for dealing with each [more…]

How to Communicate Project Risks

As a project manager you know that projects involve risks. Communicating those risks is a special skill. People often share information about project risks ineffectually or not at all. As a result, their [more…]

How to Prepare a Risk-Management Plan

Managing risk, like it or not, is a part of a project manager’s reality. A risk-management plan lays out strategies to minimize the negative effects that uncertain occurrences can have on your project. [more…]