Project Management Sources of risk and how to manage them

Mondo Three rural Updated on 2024-01-31

Project risk is one of the difficulties in project management, and while we can't eliminate it completely, we can prepare in advance to minimize the risk.

Project risk lurks like a reef, and you and your team need to be vigilant at all times. The following risks are of particular concern:

1.Inadequate measures: Errors in cost and action, like a ship sailing in shallows, can deviate from course at a slight inadvertent course, resulting in high costs.

2.Tight schedules: Tight deadlines can lead to poor quality, low morale, increased friction, and even the death of a project.

3.Improper management: The shortcomings of technical leaders in planning, evaluation, and tracking are like a ship without oars, which makes it difficult to move forward and impairs efficiency.

4.The project is too large: the scale itself is a risk, such as the shipwreck, the probability of miscarriage increases. Large projects are a year or more overdue, budgets are doubled, and output is hard to find.

Managing project risk requires a thorough understanding of these points in the upfront work in order to plan realistic project goals and commitments. Assessing project risk increases awareness of overall risk and reveals many small issues that can be easily eliminated, saving time and making time-critical work much easier.

When dealing with project risks, we adopt three main strategies: risk control, risk retention and risk transfer.

Risk control, through all possible means to avoid, eliminate or respond to risks, to ensure the smooth progress of the project. Risk retention is a prudent choice, based on an in-depth assessment of project risks.

This strategy is chosen when we believe that the probability of risk occurring is small, or that the probability is high but the potential loss is within a tolerable range. Of course, in some cases, when the risk cannot be effectively controlled, but the project must be carried out, we will also choose to keep the risk for ourselves.

Compared to the first two, the risk transfer strategy is undoubtedly more powerful. It frees the project from potential risks and transfers them to specialized organizations that are adept at dealing with risks.

How to control the quality of the project?We can conduct in-depth analysis and implementation from multiple dimensions:

1. Establish quality control rules.

In project management, a complete set of enterprise quality control rules is the cornerstone to ensure that the entire project can be executed in accordance with the established quality standards.

This set of rules needs to be detailed and detailed, covering all phases of each project, with clear quality standards, responsible persons and management details required. At the same time, according to different management levels, the personalized setting of quality rules is carried out to achieve comprehensive coverage of project quality management, so that problems cannot be hidden, and effectively avoid the past quality management dilemma, such as untraceable and fault monitoring.

2. Strictly monitor the deliverables of the project.

The key to the quality management of a project lies in the quality of its deliverables. In the project management system, the quality rules of the project are preset to ensure that the deliverables of each project at different stages meet the established standards. At the same time, through the pre-set quality control process, enterprises can find and correct problems in time, effectively control cost losses, and ensure that the final product meets the expected standards.

At the same time, with the help of project management tools, the project progress control and management can be realized to ensure the effective implementation and execution of project management. Therefore, through the introduction of project management tools in the project rolling, the effective control of the project quality process and results can be realized, so as to achieve the overall long-term development of the enterprise's business. The project management tool progress cat can clearly see the project progress, the project participants, and the progress of the project personnel to complete the task, and understand the reasons for the project delay in time, so as to solve it in time.

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