Some project managers make timely responses to risks, resulting in positive progress toward their project goals. Others act haphazardly, resulting in undesirable consequences. Let's look at some common risk response mistakes and how to overcome them.
So, what do I mean by risk response mistake? A mistake is an action that is misguided or wrong.
"If you treat risk management as a part-time job, you might soon find yourself looking for one." —Deloitte
Joe Cunningham once managed a project to implement a commercial-off-the-shelf (COTS) software solution for a bank. He and the team had identified the project risks, but they had failed to analyze the common causes of the most significant risks. Consequently, the team was responding to risks but missing the high-leverage responses.
Perhaps you are making mistakes like this one. But, you don't have to.
I've created a list of ten risk response mistakes. I'm sure that you aren't guilty of all. Read through them, thinking about one of your projects. Make notes where you might improve.
Consider using this list as a checklist for one of your current projects. Keep your risk management as simple as possible while ensuring that the responses are economical and effective. Scale your response plans as needed; do more planning for larger complex projects and less for smaller projects.
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