When I teach project management principles to non-professional PM’s, I emphasize that the two things you must do to greatly increase your chance of success are (1) create a complete Project Charter, and (2) manage risk. Those two practices, when done well, contribute to the bulk of project success.
In previous topics I discussed Risk Management in two places:
- The Project Charter
- The Project Management Plan
In the Project Charter, only the initially identified high exposure risks are typically listed and you may not yet have fully developed mitigation and contingency plans. In the Project Management Plan, the Risk Management Plan describes how you will conduct risk management but it does not address the specific risks.
In the “Risk Management – Deeper Dive” series, I will present the following topics in detail:
Part 1: Risk Identification
Part 2: Risk Prioritization (probability/impact/exposure)
Part 3: Risk Triggers
Part 4: Risk Mitigation Strategies
Part 5 : Risk Contingency Plans
Part 6: Risk Ownership
Part 7: Risk Monitoring
Managing risk is a key project management best practice. I strongly suggest you make this one of the first areas of mastering project management.