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Project risks need to be identified, evaluated, recorded and
managed. The aim is to prevent the risks becoming a
“barrier” to successfully completing a Project.
For all identified project risks, appropriate counter-measures
need to be planned, resourced and implemented to ensure
that all the risks within the project are monitored and
controlled.
You can use a Project Risk Register (which is sometimes
referred to as the Project Risk Management Plan) to help you control
risks.
The risks are recorded in the register with details of
the probability of the risk occurring and the likely
impact on the Project.
(Click here to view examples which contains guidance
notes on how to rate the probability or impact of the
risk)
Counter-measures should also be put in place or be
considered to minimise the risk occurring and details
should be recorded in the register.
Owners should also be appointed to monitor and control
the risks and this should also be recorded in the register.
Risks of Success
Risks are commonly viewed as the 'barriers' to a
project’s success and should be managed.
However, there are also a set of risks, which are
commonly known as the “risks of success”.
The identification of these risks, as well as the
barriers to success, is extremely important. Some
questions are given below which help you identify what
your risks of success might be:
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If we achieve our vision what problems and side
effects will this cause?
-
Who will lose out as a result of this project?
-
For those risks identified, what effects will they
have and will they present a problem to the project?
Some useful examples of risks of success are given
below:
-
Over stimulation of demand
-
Moral hazard
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Policy clashes
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Precedents
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Perverse incentives
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Adverse responses
Go to Project Management Knowledge Base
See also
Go to Analysis Knowledge Base
Go to Process Change Knowledge Base
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