This video is all about risk management and problem management! A risk is something that is always in the future and can have a positive or negative impact on your project.

Five steps that a risk management process should include:

Identify: Document all possible project risks (e.g. technical, financial, etc.). Think about the worst-case scenario! Achieve this through brainstorming sessions with the project team and stakeholders, gathering input from subject matter experts, and reviewing experiences from previous projects.

Analyze: Determine the likelihood of risk occurrence and the impact on project schedule, cost, quality or performance. Categorize risks so resources can focus on the critical risks first. Risks can be displayed on scorecards or heatmaps to provide a visual representation for easier interpretation.

Develop plans: Mitigation plans outline the actions that will be taken to reduce the likelihood or impact of a risk. Contingency plans outline what will be done in response to the risk should it occur. Clearly outline the resources needed to implement the plans.

Execute: Execute the actions described in the risk mitigation plans. Contingency plans are only executed when the risk becomes a problem.
Monitor/Track: Assign a clear responsibility for monitoring and tracking each risk. A risk register should be updated regularly and made available to the entire project team for review and input. Progress should be communicated to stakeholders.

Don't let unexpected problems derail your project! Risk management is an iterative process that should take place throughout the project lifecycle.

As a project manager, you need to proactively identify and analyze risks. As the saying goes, “Hope for the best and plan for the worst!”

Comment below with your questions and video requests about project management! If you would like a copy of the risk register used in this video, email [email protected].

#ProjectRiskManagement #ProjectManagement #ProjectManagementTips

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Kandis Porter is the founder and CEO of Effective Flow Connections (EFC), a management consulting firm that helps organizations transform through project management, process improvement, change management, facilitation of key meetings, and training. Kandis also works with clients one-on-one, focusing on leadership development and growth. EFC empowers organizations to do what they do even better!

Kandis has over 17 years of experience leading people and large-scale projects in the public and private sectors. She has supported clients in a variety of industries, including the Department of Defense, Federal Aviation Administration, utilities, medical devices, nonprofits, and learning and development. Kandis holds a Master of Science in Project Management (MSPM) from George Washington University and a Master of Business Administration (MBA) in Human Resources. In addition, she is a certified Project Management Professional (PMP), Prosci Change Manager, and Six Sigma Green Belt. She is also certified as a Myers Briggs Type Indicator (MBTI) Practitioner, Thomas-Kilmann Instrument (TKI) Practitioner, and is a Wiley DiSC Workplace Assessment Facilitator.

Learn more about Effective Flow Connections at https://www.effectiveflowconnections.com

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