Operations Management For Dummies

Chapter 16

Responding to Risks That Threaten Your Project

In This Chapter

Monitoring the progress of a project

Using risk registers to plan ahead

Reacting to risk in a positive way

Responding to risk in the cost, quality, scope, and especially timing of your project can only be done well if you can identify and prepare for those risks beforehand. Trying to correct for those risks without preparation delays your response time, letting things only get more out of control as you try to develop response plans on the fly. One of the marks of a superb project manager is his ability to anticipate, plan for, and successfully manage project risks.

In this chapter, we explore the two key tools needed to manage risk effectively. One is a good tracking system so that you know whether your project is on schedule and budget. In practice, this is trickier than it sounds. However, there are some common methods that work well.

The other main tool is a structured approach to identifying and preparing for risk ahead of time. By identifying cost, quality, scope, and especially timing risks ahead of time, sometimes you can eliminate them entirely at the beginning of the project at relatively low cost. ...