Risk Management - 5 Tips to Do it Right

TL;DR

Learn five top tips for effective risk management in project management.

Transcript

risk management is a huge and rich topic and for me one of the most important topics in project management there's a huge amount to say but in this video I want to focus on five top tips for great risk management tip number one when you want to identify risks at the start of your project there are many tools you can use but one of my favorites is t... Read More

Key Insights

• 🧑‍🏭 The specters framework helps to identify potential sources of risk, considering various factors like social, political, economic, commercial, technological, regulatory, environmental, and safety/security.
• 📽️ Maintaining a list of risks from past projects can provide a categorized checklist for future projects.
• ✳️ Tailoring the evaluation of risks based on specific impacts can enhance risk management effectiveness.
• 🍵 The strategies of terminate, treat, transfer, and tolerate provide a framework for handling risks.

Questions & Answers

Q: What does the specters framework involve in risk management?

The specters framework identifies eight potential sources of risk: social, political, economic, commercial, technological, regulatory, environmental, and safety/security.

Q: How can past projects help in risk management?

Maintaining a running list of risks from past projects allows for a categorized list of potential risks to consider in future projects, providing a helpful checklist.

Q: How can the evaluation of risks be tailored in risk management?

Instead of giving an overall impact rating, consider specific impacts such as on budget, schedule, reputation, health and safety, quality, scope, security, data protection, or the environment.

Q: What are the four main strategies for handling risks?

The four main strategies are terminate, treat, transfer, and tolerate, which help in mitigating impact and reducing the likelihood of risks.

Summary & Key Takeaways

• Utilize the specters framework to identify potential risks in your project, considering social, political, economic, commercial, technological, regulatory, environmental, and safety/security factors.

• Maintain a running list of risks from past projects to create a categorized list of potential risks to consider in future projects.

• Tailor your evaluation of risks by considering specific impacts on budget, schedule, reputation, health and safety, quality, scope, security, data protection, or the environment.

• Use the strategies of terminate, treat, transfer, and tolerate to handle risks effectively.

• Keep the likelihood estimation simple with a scale of low, medium, high, or very low, low, medium, high, and very high.