Managing Risks and Project Management

“Plans are worthless. Planning is essential.”

Dwight D. Eisenhower

As we continue our discussions on effective execution of any project and initiative, a critical element to success requires robust project management, as we have discussed previously. An element of a good project plan is directly related to mitigating risks that will delay or worse, sabotage the project’s execution.

Assessing risks throughout the life cycle of any project or initiative will increase the probability of a smooth execution. As we state in our website:

Every Organization, regardless of size, is susceptible to risks. Some risks are common, while others are industry specific. Unfortunately, risks cannot be eliminated. However, risks can be mitigated. Understanding those risks that create the highest exposure should be identified and steps taken to mitigate them.

So how can a Project Team incorporate risk mitigation into its project management methodology? Here are some hints to mitigate risks:

  • Consider the risk impact to any changes to the project plan
  • Manage scope creep, as we discussed in a recent insight as it can often have risk implications
  • Anticipate potential delays that will risk the project’s deliverable
  • Plan for Staffing conflicts that mitigate the risk to the project
  • Consider the possibility that management might impose staff or budget reductions

The execution of any project or initiative is directly related to effective project management and risk mitigation. Aldridge Kerr can help your organization avoid the pitfalls of inadequate planning.

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