PROJECT RISK FIGHTERS: Risk is Everyone's Business

 

“Your tomorrow’s reward depends on your today’s risk management”
― Syed Quaid Ali shah (Ph.D. Scholar)

 

     Nowadays, businesses are moving toward advanced wireless technology, and as a result, they are exposed to an increased number of risks in addition to internal and external environmental changes. These risks may either negatively or positively affect the company.

     It is impossible to completely eliminate risks from a project in project management. Additionally, as businesses become more digital and wired and use IT more frequently, security threats and other risks are increasing.

ONE NEEDS TO HAVE A PLAN.

    According to Reynolds (2010), known risks can be identified and analyzed. Project managers can manage risks by identifying and evaluating its impact and planning responses to address the problem. 

     If all projects are risky and we are the project managers, then managing risks is something we must do because our clients and stakeholders depend on us to deliver successful projects. This requires collaboration and commitment for all the team members. It should be every team member's business. The project will succeed if the manager and team members are given responsibility for risk management. Risk management enables project success and makes the job safer while saving the manager and team members' time and effort. The project is vulnerable to risks and has a chance of failing if the members do not put importance on risk management. A manager can resolve this issue by educating the team about the value of risk management, setting an example as a leader, encouraging team participation in the project, and making risk management a top priority. It is a team project and team members should get involved.

     A big part of risk management is being detailed. Being able to communicate with team members, paying attention to the details, and keeping the larger picture in mind are all necessary for the project manager. RISK MANAGEMENT MAKES A DIFFERENCE.

For a detailed discussion on project risk management, click on the video below.

(Made by La Pratique du Management de Projet, 2017. Video link: https://www.youtube.com/watch?v=TBX6azJb0ps)

 

References:

Reynolds, G. W. (2010). Information Technology for Managers: Project Management. Boston, MA: Cengage Learning.

Photo credits:

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