Risk Management Process
The risk management process is a path you can follow to help keep your project progressing towards a successful conclusion. This can be accomplished when you have an effective risk management plan that is documented.
The risk management process has to be an active part of your risk plan. This will be the path you and your team will take when a risk is about to or has been encountered by your project. The reason to have a risk plan in place is so it can be mitigated in the most effeicent manner possible. Without a plan in place you and your project team would have to take the time in deciding how severe the impact damage is and what would be the appropriate steps to minimize the damage. With a risk plan in place there will be no lost time in deciding what to do next.
Your risk management process will involve listing all of the possible risks that could impact your project. You will also need to prioritize them according to impact potential and severity of the damage they could inflict on your project. This is where you need to considered both of these conditions. If the impact potential is great but the damage is not severe, it should not be on top of the priority list unless there is no other risk that could impact your project.
By being prepared with your risk management process before entering your execution phase of your project’s lifecycle, you can also take the time necessary to make the right decision in the different mitigation paths to follow. This is what generally occurs when you have the appropriate amount of time and are not pressured to get the production line back up and running.
By having your risk management process in place and documented, you and your team will be fully aware of just what to do, when a risk is threatening your project. This will reduce the possibility of delays that could send your project into being classified as a failure because it did not meet the time constraints set by the stakeholders.
Provided by Brent Westland