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Home Tools Free Tools Project Planning Risk Evaluation Checklist
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Project Planning Risk Evaluation Checklist

Risk Analysis and Management is a key project management practice to ensure that the least number of surprises occur while your project is underway. While we can never predict the future with certainty, we can apply a simple and streamlined risk management process to predict the uncertainties in the projects and minimize the occurrence or impact of these uncertainties. This improves the chance of successful project completion and reduces the consequences of those risks.

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Description

Project team members at various levels identify and handle risks in different flavours. However, this will be ineffective without a structured risk management framework, as this leads to:

  • Incomplete impact evaluation, leading to the loss of:
    • Knowledge of the overall impact on the project objectives, like scope, time, cost, and quality
    • Identification of secondary or new risks arising from the already identified risks
  • Lack of transparency and a communication gap within and outside the team

Thus, it is very important for any project organization to set up an effective risk management framework. Instituting such a practice as a project team culture ensures:

  • Conscious and focused risk identification and management
  • Project progress as desired, with the least amount of deviations or surprise, and in line with project and organizational objectives
  • Early and effective communication of project issues to organization and project stakeholders
  • An effective team building tool, as team buy-in and acceptance is assured

Exhibit 1 shows that risk management is an iterative process and each facet of risk management should be planned and followed during each phase of the project.

*From www.pmi.org

Category: Free Tools Tags: Project Management, Risk Evaluation, Risk Management
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