Frisking out project risk

Risk Management road sign (Photo credit: Wikipedia)

So what is a risk ? First understands and identify a risk is most important part of risk management.A risk is a probability of uncertainty associated with executing certain item/task/process/work etc. A risk generates out as soon as we initiates a task. A critical resource in terms of skill set, in a team is a potential risk of leaving the project in between because of unavoidable reasons.

So a risk is inevitable, only thing we can do is ; manage and mitigate. Just like handling/catching error in software program. Always plan for the element of risk in project from the start and reiterate control over it for any contingencies.

Steps to assess risk:

Identify---------->Analyze--------------> Set priority to each risk

Steps to control risk:

Mitigate------------>Plan for contingency----------> Quantify it and Set a control process

Design a Solution process at the team level:

Taking help of the experts involved in the project will always a idea for certain of the items to assess for the risk. Prepare a risk register to notify each of the team member and stakeholder.Prepare for ownership records for each of the items .

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