Elements to successfully manage project risk

Why are critical elements important to successfully manage the project risk?


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The critical elements are vital to su


Get the Big Picture

No matter how small or how big the project is, it is important to know why are we doing it? Unless we recognize the overall reason and impact of what we are doing, the chances are we will less commit to it.


Understand the Project Charter

In the entire list of the project documentation and process steps, the Project Charter is the main one. It sets the tone for everything. The Charter contains the statement of the scope, objectives, and participants in a project. It is a document that provides the clear roles and responsibilities and lists the main stakeholders as well as defines the power and authority of the project manager.


Know your Stakeholders

Stakeholders are those who have an interest in the project. These people and/or entities can be internal or external to the organization where the project is being done. Their impact can be either negative or positive for the overall success of the project. It is therefore important to keep them engaged and know what their needs are


Create a structured Project Documentation Repository

During the project a lot of documents are created. Many versions are there. Keeping them and managing the documents which can serve as audit trail is imperative. What is written in the original charter and then the business and technical requirement documents needs to be aligned with what is delivered in the end.


Know and Engage the Client / Business Users

On so many projects, I have found that ultimately listening to the business users and/or client was critical for the success of the project. On one project, we had representation from each business group on the main project team. Despite the fact that we knew the representative from one of the critical groups did not get along well with the Director there, we took his version as the truth


Factor in the individual schedules

A project has many moving parts with many teams involved. These days mostly the project teams are global in nature with team members working across geographies. Each country and community with many countries have holidays and important days at different times.


Be Culturally Aware and Sensitive

Not all cultures are the same and more often than not, your team members will come from very different cultures. All the cultures bring their own characteristics of decision-making and interaction. It is important, therefore, for the project manager to be observant and understanding of these differences.

Get the Project Schedule Ready Early

Basically, a schedule lists down all the tasks to be completed during the project and also it includes who will do what. Resources and teams involved in the entire work are imperative to complete that task.

Know your team well

A good project manager knows his/her team very closely. It is often a great idea to bring the team members together along with their families so it is a much bigger connection that just sharing deliverables on a project! Know what makes people tick. That will also help you to customize your communication to people.

Understand the risks to the project

Every project has several risks and areas and a project manager needs to be clear about what they are. They can stem from: Executive level risks, Scope definition, Cost-related issues, change management under-estimation, stakeholder issues, Bad Communication handling, and resource capability and availability issues

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