As a project manager there are many difficult decisions to be made. This requires risk management experience, skills and knowledge. Depending on the decision you take you will either succeed in making things happen in your organization or lose the opportunity to make a positive difference. The consequence of poor risk management is that you will have to face problems resulting from your negligence.
Often, not reacting to a situation that may be predictable or anticipated is against best practices. Sometimes project managers have to take the risk deliberately because there are greater chances that the organization will benefit from. This is taken as one of the best practices recommended for project managers. In a situation where the risk taken proves to be negative, there will be losses incurred by the organization. Being a project manager, poor risk management and failure can have implications on your career as well. Therefore, you must be willing and ready to face the consequences no matter what may happen.
When a project is received, there is need for a concise and detailed evaluation of the cost, risk management planning and additional expenses. Managing the funds to make sure everything works as planned is a big challenge. However, there are still things beyond ones capacity and there may be complications along the line. These complications are issues that can be avoided through best practices. Ignoring such problems means that you are taking great risks and more issues may arise. Therefore, an additional requirement for project managers is to have the ability to assess whether a risk is too great and how to deal with the issues coming forth from the risks. The first and most important thing project managers must refrain from is – playing the blame game.
The blame game never solves the problem, and instead wastes precious time and efforts. The right approach is to face the fact that the issue has arisen and there must be implementation of risk management strategies. Whenever a project is assigned, planning also involves foresights of risks and planning risk management strategies as a backup. Therefore, looking past who to blame and taking immediate measures for damage control is the right step to take.
Weighing risks and issues is an essential best practice for risk management. This means assessing the extent of the impact a risk will have is as important as knowing how to manage the issue. Identifying the risks always helps in predicting the scenarios to come and measures to be taken to control the issues. To ensure that project managers can ensure proper risk managements, there is need for reporting every aspect of project management. This helps in keeping up with deadlines, delivery dates and fulfilling the contract with accuracy and efficiently with minimal losses and risks. This is among the most recommended best practices for project managers.
Concluding on risk versus issues, they are both equally important aspects of any form of project management. Assessing a risk and predicting issues go hand in hand and project managers must stick to best practices to make sure they do their job right.