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.