Risk workshops and project management risk identification strategies

Risk workshops allow for a strong modeling process of any project management problem. Risk workshops, when conducted effectively produce a prioritized list of risks that has an assigned action and stakeholders attached to that risk. As a project manager all risks rely on the details of the project. I would always expect to be briefed on any changes in budget, deadline or change in objective. Identifying risks that address these issues is important in assessing the value of risk workshops.

Prioritization of key principles and objectives is imperative in the project management way of business. Understanding the difference between a threat and a priority is essential for success. High-priority opportunities should always be addressed first since they compose the main objectives and goals for that project. Threats are important but should not cause the project to come off the tracks.

Section 1C

When disaster strikes in the middle of a project, a strong project manager must leap into action and regain control of the situation. For example, if a hurricane comes along and damages a construction project at 80% completion, it is necessary to examine the options involved with the case. Options include finding new sources of funding, reprioritizing essential tasks and ensuring that all deadlines will be met. Such a project must be able to allow for more flexibility in ways that can contribute to the solution.

Section 1D

In the case of "Planning for Unknowns," a strategic shift would be necessary if a contingency budget was released allowing for more funds, however the completion date can not be moved. This is the time to test the adage: time is money and apply all resources and skills to the speeding the process up by applying financial resources to the problem that were not there before.

Section 2A

It is of the utmost importance to constantly monitor active risks while continuing to identifying new risks. The varying shifts of any industry or environment must force the project manager to stay abreast of threats that can damage the overall product. For instance, as projects become closer to finishing there is an increased risk of complacency and let down. It is important that PMs stay vigilant in their pursuits.

Section 2C

The review process is very effective and practical in helping determine and lengthen the projects life cycle. Both major and minor reviews allow the project manager to find a status and completion schedule for all components of the project. Size of the project, along with the resources available help determine the scope and effectiveness of the review process. It is important to remember that the review process are tools and not objectives themselves and should be applied appropriately.

Section 2D

Major stakeholders should play a role in major project reviews. This is useful to help guide and lead the project along in the right direction. When the many and varying stakeholders come together in unison, new ideas and problems can be discussed. Leaders from operations, finance, law and human resources should all have a part in these major reviews as they are part of contributing to the success of the project.