Any project, large or small, involves risks and opportunities associated with the method, technology, personnel, budget, content, timetables, decision making and more.
Project risk management is a process that helps project managers identify the weaknesses of the project they are in charge of, alert about them and find appropriate solutions. Identifying problems or failures in a project falls under the category of “project risks”. Other potential risks to a project can be significant deviations from the budget, schedule, shortage of personnel and delays due to various problems.
Project risk management is an integral part of the project’s plan and it follows the project at all stages. It serves as a kind of “traffic sign” that indicates the problems and dilemmas that endanger the project and require solutions. There are stages in every project that demand real-time solutions to problems, or else it may be delayed and even shut down.
Contents of Project Risk Management Course
In order to understand risk management and know how to utilize the existing knowledge in the field, it is recommended to take a course and improve the core skills that are critical for any project. Through this course, any project manager can improve their risk management skills, acquire knowledge, develop creativity and learn the latest knowledge and methods for identifying risks at various stages of a project. The risk management course provides practical experience and management skills based on the standards published in the PMBOK® Guide. The course teaches these standards and the related theoretical knowledge published in the PMBOK® Guide. Project managers can acquire tools and methods for dealing with different and unexpected scenarios throughout the various stages of a project.
The project risk Management course is intended for all interested parties, including procurement and logistics personnel, and anyone else involved in projects.
Why do projects fail and how does this relate to risk management and opportunity management?
Risk is defined as anything that might impede the achievement of the project’s objectives such as a major deviation from the set resources and timetables. Many projects fail precisely because of this. Risk management begins with mapping the risks and understanding their implications; appropriate decision-making aimed at advancing the project, making necessary changes and showing flexibility in the face of structural change in the organization or other constraints.
Project risks are often found already in the planning phase. Insufficient action (and subsequently insufficient product) may result in real failures that require rethinking. Another problem is an incorrect assessment of the number of actions and tasks within their set time frame. Changes that have been added to the content during the project and create gaps in the budget, personnel, time, and other.
Through risk management, it is possible to detect all these deviations that may affect and even kill the project. Risk analysis during the planning phase will significantly reduce failures and allow effective evaluation of the risk factors endangering the project.
The project manager is exclusively responsible for risk and opportunity management. Proper risk management will ensure that you are the one managing the project and not the other way around.
RBS Projects holds risk management courses for companies and organizations. These courses significantly improve project performance.
PMBOK is a registered mark of the Project Management Institute, Inc