March 9, 2023 | Articles
From Drawing to Building: Laura Capraro’s Career in Construction
Risk is an integral part of project management. Any new creation generates uncertainties and gray areas. Every project has its own unique share of risk; yet, sometimes project management professionals struggle to allocate sufficient time or effort to properly address the unique risks of their projects. It is perilous to ignore risks. Whether upstream or downstream, risks are there. They must be found and addressed early in order to help ensure project success.
To avoid being overwhelmed by unaddressed risk, here are some basic and simple steps to follow as you approach a project.
1. Understand Different Forms of Risk
This is only a brief list. It would be worthwhile to collaborate with your teams on the many different risks you’ve encountered professionally. The more varied your positions and skills, the better. There will be more ideas and less chance of forgetting an important area where risk may arise.
Once you’ve collaborated with your team, the question “How should we anticipate risks for our project?” may arise. There is no step-by-step, miracle solution to anticipating and addressing the unique risks that may emerge on any given project. However, a list of risks will allow a team the opportunity to begin assessing the variety of negative, unexpected circumstances that could emerge on their projects.
2. Classify the Risks in Your List
3. Determine the Best Strategy
4. Adopt Practical Solutions
5. Stay Agile, Flexible, and Adaptive
A project is constantly evolving, as is the list of your risks, so constantly reassess the risks one by one and adapt the actions to be put in place to best anticipate the problems. Again, always work as a team. Everyone will then be able to assess the progress of the project and the associated risks, the actions that have been implemented, and the closure of the risks.
Do not forget that each action implemented to avoid a risk can generate another risk!
Please enjoy Master Yoda’s “Risk Ten Commandments” to summarize this discussion.
By: Vice President Pactrice Daens, Hill International, Inc.
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