Project Risks Management

The future is unsure, and therefore managing risks is important in every project. By identifying potential risks in a project or an organization, you are prepared for what is coming. 

How to manages Risks in a Project?

When an organization is working on various projects, and every project is unique, multiple teams can be made to achieve higher levels of consistency in processes and to meet deadlines effectively and efficiently. Therefore, its important to identify the risks. A Project Management Risk Register is a table or matrix that is used as a risk management instrument, to meet compliance and regulatory needs, and providing an overview with risks and solutions, on how to act when such risks might occur. It contains: nature of the risk, reference and owner, mitigation measures, etc.

Risk factors:

• Technology
• Interfaces
• Safety
• Political Visibility & Stakeholder Involvement
• Funding
• Time/Schedule
• Site Characteristics
• Labor
• Quality Requirements
• Number of Key Participants
• Contractor Capabilities
• Regulatory Involvement
• Magnitude and Complexity of Contamination

There are various factors that can make a project successful and these factors should be carefully considered to achieve the desired results. In addition to this, there are also different project management styles, which project managers can choose based on the requirements of various projects. 

In general, the organizations management is accountable to deal with the risks that occur. The Project Manager (PM) is responsible for planning, organizing, managing risks that might occur while the project is implemented, in order to secure delivering the project on time, according to budgeted resources, quality requirements and within scope.

Download this Project Risk Management template. For more information, check out this Project Management Kit Templates and free Project Planner. They can be used for any kind of project, and provide intuitive ways to manage your project team.