Expect the unexpected

Projects fail for a multitude of reasons, but many risks can be foreseen and mitigated with proper planning and risk management practices. Early in the project process, key stakeholders should participate in a risk brainstorming session and think critically and proactively about prospective risks. Throughout the project, risks and contingencies need to be reassessed. Since all risks cannot be foreseen, some risk planning can address unexpected occurrences, focusing on impacts instead of potential causes. Although risk management traditionally seeks to avoid or minimize problems, attention is shifting to the kind of positive risks which offer opportunities that organizations can exploit to their benefit. Risks and rewards are directly related, and when properly managed, sometimes the riskiest projects turn out to be the most rewarding.
registered user content locked

Log in or join PMI to gain access

or Account Registration

Advertisement

Advertisement

Related Content

  • PM Network

    Going to Extremes member content locked

    By Fister Gale, Sarah Blistering desert heat. Arctic chill. Middle-of-nowhere sites. When projects happen in extreme environments, teams face a test of professional skill—and personal will. Embracing a climate of…

  • PM Network

    Healthy Defense member content locked

    Digital transformation is sweeping the healthcare sector, but with more data and connected devices come more opportunities for cyberattacks.

  • PM Network

    Virtual Disconnect member content locked

    Fraud and theft hover over every online transaction— and project teams are taking action. As e-commerce continues its meteoric rise—up 18 percent in 2018 to nearly US$3 trillion globally, according…

  • PM Network

    Risk Ready member content locked

    As the speed of business change accelerates, even the most storied organizations are injecting digital transformation into their organizational DNA. With so much change, risk management has moved…

  • PM Network

    Raise the Roof member content locked

    A serious labor shortage is threatening to slow housing projects across the United States. In May, builders reported shortages in 12 of 16 labor categories, with carpenters, framing crews,…

Advertisement

Publishing or acceptance of an advertisement is neither a guarantee nor endorsement of the advertiser's product or service. View advertising policy.