Tuesday, April 27, 2010

Risk & Project Management:

To effectively mitigate risk when implementing organizational initiatives or projects, risk & project managers should be advised to do the following:

- Determine how risk will be managed; ensure there is a clear plan of action and emergency capital. Questions to ask are: How will this risk be resolved? By and with what means? When? By Whom?
- Indicate a clear chain of command; detailed responsibilities and action points are vital.
- Ensure all team members have clear communication channels by which they may report foreseen risk in the project.
- Maintain an accurate project database. Risks should be ordered by date, probability, importance and cost.