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Practical Project Initiation: A Handbook with Tools by Karl E Wiegers

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Risk Management Can Be Your Friend

The skillful project manager will use risk management to raise awareness of conditions that could cause the project to go down the tubes. Consider a project that begins with a fuzzy product vision and no customer involvement. The astute project manager will spot this situation as posing potential risks and will document them in the risk list. Early in the project’s life, the impact of this situation might not be too severe. However, if time passes and the lack of product vision and customer involvement are not improved, the risk exposure will steadily rise.

By reviewing the risk list periodically, the project manager can adjust the estimated probability and/or impact of these risks. The project manager can escalate ...

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