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Integrating Risk Management into your Approach to the Project

October 17 2011

By integrating risk management into your overall approach to running a project, many of the damaging variables that could damage or lead your project astray can be handled in an appropriate manner. In the past this was not always done since many of the risk are in the future and not visible seen during the planning stage of the project.

Once a project manager plans on the integrating risk management in to their overall project plan, they can be prepared for the risks to unfold without a worry about what damage they might inflict on their project. This is because the damage is already known and in many instances has been mitigated away.

The best way to have integrating risk management into your project plan is to have a separate risk management plan documented. This will enable all the proper steps that are needed to deal with any of the known risks to be written down so all the project team members have to do is follow them. This will avoid any hesitations or delays the impacting of a risk with a project for having a negative effect on the project s progression.

The integrating risk management plan can only be done by the project manager. They are the ones responsible for the creation of this type of plan within a project. In many cases, the manager uses a project management template as the tool for its creation. This is helpful since the template is accompanied with examples of most if not all the risks that can be associated with your line of business and the projects they take on.

With the establishment of the risk list, the integrating risk management and its mitigation of the risks requires less effort. It is true that half of solving a problem is first knowing it exists. This is just one of the advantages of having a risk plan in place. The options and possibilities have already been looked at and studied.

By integrating risk management into your project plan you have just increased the odds of your project becoming a success. This will allow for less guess work by the project manager and the team during the execution phase of the project so forward progress can be maintained.