Managing Project Risks (Part 4): A Simple Risk Mitigation Process

Getting a handle on project risks is a slippery job, but well worth the effort if you and your project team desire to sleep more soundly at night. In Part 2 of this series, we identified various risks related to choosing, estimating, and staffing your projects. In Part 3, we assessed the potential adverse effects of those risks on the project cost, schedule, quality, and features.

Following assessment, the mitigation phase involves brainstorming ways to avoid, eliminate, work around, or otherwise manage each identified risk. This article (Part 4 of the series) takes you through a simple, four-step risk management process. The results can help you and your team decide whether or not to take on a project, and can aid in pinpointing the most effective risk management techniques to use.

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© 2005 Adele Sommers, The Enterprise Prosperity Guild

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