Article : 10 Things That You Should Know about Risk Management on Project

Article : 10 Things That You Should Know about  Risk Management  on  Project
10 Hal yang harus Anda ketahui tentang Manajemen Resiko dalam sebuah project

Managing risks on projects is well worth theeffort and keeps you in control of your project.

Risk Management is a process for identifying, analyzing and responding to risk factors throughout the life of a project in order to provide a rational basis for decision making in regards to all risks. Proper risk management implies the control of possible future events, and is proactive rather than reactive; so it is embedded in to the project planning process. It will reduce not only the likelihood of an event occurring, but also the magnitude of its impact.

The intention of the Risk Management Process is to reduce management by crisis. While there may always be some things that will occur on your project that you may not have anticipated you can manage most of these, through sound risk management rather than gut reaction.  Essentially, the Risk Management Process is a quality problem- solving process.  It uses quality and assessment tools to determine and prioritize risks for assessment.

Importance of Project Risk Management

Projects often get started in the right direction but then get off track. For example, project managers will spend time with their teams to develop a clear scope and detailed plan. Then something happens; something unexpected—a major disaster strikes. The project manager and team move quickly into their reactive mode – they manage this risk on the basis of their experiences and best judgment but they have no opportunity to test it out and they hope that it’ll be okay, but they do not know for sure. This is not risk management – it is management by crisis. Here are ten (10) rules to help you manage project risk effectively.

1.       Identify the risks early on in your project.

·         Review the lists of possible risk sources as well as the project team’s experiences and knowledge.

·         Brainstorm all potential risks.

·         Brainstorm all missed opportunities if project is not completed.

·         Make clear who is responsible for what risk.

2.       Communicate about risks

·         Pay attention to risk communication and solicit input at team meetings to ensure that your team perceives that risk management is important for the project.

·         Focus your communication efforts with the project sponsor or principal on the big risks and make sure you don’t surprise the boss or the customer.

·         Make sure that the sponsor makes decisions on the top risks, because some of them usually exceed the mandate of the project manager.

3.       Consider opportunities as well as threats when assessing risks.

·         While risks often have a negative connotation of being harmful to projects, there are also “opportunities” or positive risks that may be highly beneficial to your project and organization. Make sure you create time to deal with the opportunities in your project. Chances are that your team will identify a couple of opportunities with a high pay-off that may not require a big investment in time or resources. These will make your project faster, better and more profitable.

4.       Prioritize the risks

·         Some risks have a higher impact and probability than others. Therefore, spend time on the risks that cause the biggest losses and gains. To do so, create or use an evaluation instrument to categorize and prioritize risks.

·         The number of risks you identify usually exceeds the time capacity of the project team to analyze and develop contingencies. Therefore, the process of prioritization helps the project team to manage those risks that have both a high impact and a high probability of occurrence.

5.       Fully understand the reason and impact of the risks.

·         Traditional problem solving often moves from problem identification to problem solution. However, before trying to determine how best to manage risks, the project team must identify the root causes of the identified risks.

·         Risk occurs at different levels. If you want to understand a risk at an individual level, think about the effect that it has and the causes that can make it happen. The project team will want to ask questions including:

·         What would cause each risk?

·         How will each risk impact the project? (i.e., costs? lead time? product quality? total project?)

·         The information you gather in a risk analysis will provide valuable insights in your project and the necessary input to find effective responses to optimize the risks.

6.       Develop responses to the risks.

·         Completing a risk response plan adds value to your project because you prevent a threat occurring or minimize the negative effects. To complete an assessment of each risk you will need to identify:

·         What can be done to reduce the likelihood of each risk?

·         What can be done to manage each risk, should it occur?

·         What can be done to ensure opportunities are not missed?

7.       Develop the preventative measure tasks for each risk.

·         It’s time to think about how to prevent a risk from occurring or reducing the likelihood for it to occur. To do this, convert into tasks, those ideas that you had identified that would help to reduce or eliminate risk likelihood.

8.       Develop the contingency plan for each risk.

·         Should a risk occur, it’s important to have a contingency plan ready. Therefore, should the risk occur, you can quickly put these plans into action, thereby reducing the need to manage the risk by crisis.

9.       Record and register project risks.

·         Maintaining a risk log enables you to view progress and make sure that you won’t forget a risk or two. It’s also a communication tool to inform both your team members, as well as stakeholders, about what is going on.

·         If you record project risks and the effective responses you have implemented, you will be creating a track record that no one can deny, even if a risk happens that derails the project.

10.    Track risks and their associated tasks.

·         Tracking tasks is a day-to-day job for each project manager. Integrating risk tasks into that daily routine is the easiest solution. You may carry out risk tasks to identify or analyze risks or to generate, select and implement responses. The daily effort of integrating risk tasks keeps your project focused on the current situation of risks and helps you stay on top of their relative importance.

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