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Risk Management is all in your head

Posted on August 19, 2022 By Lennon

“Everything in life comes with some risk. What you need to learn is how to navigate it.” Reid Hoffman
There are always risks involved in any project. How you manage those risks is up to you. The best place to start is right at the beginning. When a project idea has been discussed, it is the right time to start thinking about “What could possibly happen?” You are not merely putting down an idea; you are strategically thinking. You are actually helping to ensure the success and growth of this project. The more prepared you are, the easier it will be to navigate unplanned and unknown events. You can prepare for the unexpected.
Risk management starts in your imagination, and the imaginations of your colleagues. It could be said that it is all in your head. Your team and you want to think about what could happen. This should be closely followed by “And what will you do about it? and who needs to know?”
This will help you develop a risk management mindset. Risk management is essential. You should never stop thinking about project risk until the project is over. There are many project risk management techniques and tools that can help you. You can review your Work Breakdown Structure (WBS), look at lessons from past projects, and conduct brainstorming sessions.
The good news is that pmStudent has a new course on this topic that covers all the basics.
You can now get into that mindset, and also master Project Risk Management.
This new course from pmStudent will help you if you are new to risk management or if you work in an environment that doesn’t really use risk management.
Be sure to check out www.learn.SPOTO.com/the-project-risk-management-course

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Previous Post: Risk Management in the Snow There was a lot of snow during the Christmas holiday. It was a lot. This is NOT the vehicle that I drove around in. We couldn’t make it to my in-laws for their birthday celebration and Christmas presents for my 3 spoiled boys, so we stayed the night. It was getting worse and there weren’t any snow plows until the next day. I would not have driven back Saturday afternoon, but Snickers had to be taken care of. I decided to venture out, leaving my family warm and safe. THEN IT HAPPENED. It didn’t happen. I was not fooling you! I began to think about the increased risk in my environment. It was a risky situation, and I began to see it through the eyes of a project manager who has always taken risk management seriously. Data
Next Post: Risk Management for Small Projects. I know that I have neglected to manage small/simple projects in the past. However, the need for risk management becomes evident when managing large/complex projects. This topic was the subject of a recent discussion in pmStudent.e-Learning. I’ll share some of my thoughts and welcome your comments. Scaling it down photo by Soggydan Dan Bennett via flickr. My basic principle when managing small projects is to scale back the critical project management processes to fit the environment, not eliminate the need. Although I didn’t feel this way in the beginning, my perspective changed after managing larger projects. I see the value of thinking about even the smallest projects in an organized way. Sometimes, distinct activities can be combined on smaller projects. However, I’ve come to the conclusion that this is not optimal. Respecting the boundaries between discrete projects management processes is key to clarity and thought. This helps you get better results and preserves the integrity of your process. Intuition: The simpler a project is, the easier it will be to intuitively grasp the risks involved. If your project is two weeks long, you will need to think about the risks when planning the project. Because it is a short time frame, you will probably be quite proficient at it if your team has done similar projects before. How valid is our “gut feeling” in identifying and assessing risk? The longer a project takes, the more involved it becomes. Continuous risk management is essential for a long-term project. This will ensure that you identify and assess all risks throughout the project’s life cycle. Even if a project is only for a month, it is possible to only do this activity once or twice. It’s not going be a 2-hour discussion. It should be a 5-minute conversation. Steps to manage risk in small projects

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