Risk requires a special discussion. A risk is anything that threatens the successful completion of a project. Make sure every member of the project team feels that he or she can notify you of a perceived risk – in other words, anyone can be a “risk originator,” regardless of title or position in the table of organization. In fact, line employees can sometimes spot a risk that others have overlooked. Although risk originators may bring you bad news, never “shoot the messengers.” They’ve told you something essential. The project manager is responsible for evaluating the problems the risk originators call to his or her attention to determine their relative signifi cance. Once you’ve confi rmed a risk, take the following steps: Log it in a “risk register” notebook or fi le. Give it an ID number. Assess its probability factor – the likelihood it will occur. Assess its impact factor – how severe the impact will be if the risk comes to pass. List “risk actions” you can take to minimize the probability or impact of the risk.
Create a schedule for implementing the risk actions. “Closure” The life cycle of the project is drawing to an end when you’ve handed over all the deliverables and the customer has accepted them. However, before you turn out the lights and close the door for good, do the following: Document “closure actions” List everything that the project team must do to bring the project to a successful conclusion. Complete a project review – This is also called a “post-implementation review.” It measures project success. In nine out of 10 projects, no one ever does a full and accurate assessment of whether the project achieved its goals. The review will help you to prepare and execute future projects. Document the project closure – The sponsor of the project should sign a document stating that the project achieved its goals. The document should also list any outstanding business issues. Although every project has risks, good planning and solid management techniques increase your odds of success.