Risk management tips

  1. Start risk management as soon as project starts
  2. Don’t do it alone
  3. Set rules and guidelines for all tasks related to risk management
  4. Create a risk RAM (Define roles and responsibilities)
  5. Decide how much effort should be spent on risk management activities
  6. Use more than one methods to identify risks
  7. Be sure to refer to historical information and lessons learned. They are very valuable
  8. If the risk has 100% probability then it’s a fact, not risk. Deal with it as a constraint.
  9. Risks are identified early in the project but impact later during execution.
  10. Communication communication communication is very important, vital. Timely and Properly.
  11. It is alright to use your best judgement to quantify probability and impact of risks.
  12. Risk management is a recurring cycle. It ends when the project ends.
  13. Consider opportunities as well as threats
  14. Risks affect everything in the project and are affected by everything
  15. Get the buy-in from risk owners
  16. Keep identify risks until it feel stupid / silly.
  17. Make risks the number one topic at project review meeting
  18. Invest contingency (Plan A) and fallback plan (Plan B)
  19. Make sure the contingency and fallback plan do not hurt the project more than the risk itself
  20. Determine risk trigger (during plan risk response process).
  21. Conduct regular risk review
  22. Regularly review remaining reserves
  23. Manage the network diagram with some path with high risk (eg: critical path).


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