Suppose you are monitoring a software development project. Various concurrent events have put your project at risk. The defect level of the source code has increased significantly. One of your employees has fallen sick and might not deliver her assignment for a week. The users continue to request changes, which can be challenging to deliver. There could be numerous last-minute changes or tasks that you need to deal with. In its article, ‘Project Risk Coach’ shares why it is essential to take risks and how to instill risk management in your work ethic.
Who Would You Choose?
Imagine the risks mentioned above are handled by two different project managers: ‘A’ and ‘B’. ‘A’ is not inherently a planner. He deals with situations that have an immediate deadline. His resources are limited, and he doesn’t want to take the unconventional path, ever. On the other hand, we have ‘B’, who doesn’t see his part of the job as a separate entity but as a coherent entity of the business. His team identifies and manages risks. He believes in communicating ideas to the team, correcting them when required, and regularly appreciating their efforts. Which project manager would you like to work with?
Risk Management and Its Advantages
Experienced risk owners are aware of the situations and risk identification tools, enabling them to take an unusual yet better decision, which makes all the difference. They learn from their earlier projects and interview their stakeholders. Managers with practical risk-taking skills mitigate risks early and proceed with their exigency and backup plans. Such skills also enable you to analyze the situation and reduce the possibility and effect of the risks.
Risk owners handle several projects and risk response plans simultaneously. Risk owners also envision the effectiveness of the risk response plans. If the results are unexpected, they tend to identify the situation and formulate other ways to lessen the impact.
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