Risk Management – Take the Time
The Project Management Institute’s (PMI) A Guide to The Project Management Body of Knowledge (PMBOK), Third Addition states Project Risk Management includes “the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project; most of these processes are updated throughout the project. The objectives of Project Risk Management are to increase the probability and impact of positive events, and decrease the probability and impact of events adverse to the project” (p.237).
Another challenge many Program and Project Leaders have is thoroughly identifying (and documenting) Risk Management Plans. I have participated in numerous Risk Management Reviews and have seen, I believe, the full gamut. A word of caution. Do not fall into the trap of trying to convince others, during the Program/Project initiation that a program/project, that the risk is low in order to manipulate the Pricing (or Cost) Team(s). This practice is a very, very bad idea and sets you, and your team, up for potential high cost work arounds and potential schedule delays downstream.
As a Program or, Project Leader, you need to go into an engagement with your “antenna” sharp and understanding your risks and plans to address. Ask yourself, “What hasn’t our team thought of that will either potentially increase our cost to deliver or, push our schedule to the right?” Taking a little extra time up front. I am confident the up front time will save your program/project unplanned cost and help avoid schedule delays downstream.