This
simple 5 step process will help you manage project risk easily.
Step 1: Where are the risks?
The first step is to list everything that could have an impact on whether your
project is a success. Think about all the potential problems that you could
come across during the project and write them all down. It helps to do this
with your team, as they will see things differently to you.
Step 2: What is the impact?
Now you have your list of risks it's time to see what impact they would have if
they happened. You'll have the full spectrum: risks that won't cause big
problems and risks that could potentially force your project to stop.
Prioritize
the list of risks based on the impact: the ones with the largest impact are the
highest priority. These are the areas you should focus on right now. Look at
each individual risk, but also look at the risk profile overall—do all these
risks add up to make your project really risky or is it going to be a low risk
initiative? Use ProjectManager.com to present your project's risk profile
as a report or dashboard, as that makes it easy for executive managers to see
where potential problems lurk.