How to mitigate risk as a project manager

Project managers play the lead part when it comes to mitigating any risks that can arise within a project lifecycle. Any risk that is not resolved or addressed can influence all phases of the project.

Every day we are facing challenges that need to be addressed and we do not even notice how we solve them. As being a project manager, I face problems on a daily basis that needs my attention and requires an immediate or a long term solution.

The scope of a project manager is to lead and oversee the planning, executing, monitoring, controlling, and closing of a project. Each cycle has different obstacles and risks that the project manager must deal with.

If you are looking for an IT project manager career you must bear in mind that setting up, monitoring, and closing a project will always bring unexpected problems that need to be addressed and solved.

Many of us ask why do I have to think so far ahead of any possibilities that can occur on a later stage of the project. The more you plan ahead the more confidence you will gain.

When planning ahead I always try to find all the positive and negative points that can occur during a project. Working in a fast paced company I always need to react fast and work in implementing effective procedures that can ease our day to day working environment.

What can a risk influence in a project lifecycle?

There are many parts where a projects’ lifecycle can be hindered. However, the most important for which a project manager should look after are the following:

1. On-time

2. On-budget

3. Goal-based delivery

You should always take the initiative and stop a risk that can influence the above goals of the project.

Can a project manager disregard any potential risk?

The project manager needs to classify each risk into categories. The categories will determine how bad can a risk influence the project lifecycle.

Even if it is classified as low this can anytime change and become a huge problem. Every project cycle must be monitored so each identified issue can be addressed in time without major hiccups.

Let’s take a day-by-day example. You are driving your car and hear that something quietly rumbles. You will think that it is a small problem that does not need to be addressed now. After driving several days with the persisting problem, the car will suddenly stop, and you will remain on the road. This shows that even a low risk can transform into a big problem.

Is communication key to abate risks?

As a project manager you need to have good communication with the project stakeholders and have a clear overview and visibility of the product. Communication is a key aspect in finding, reviewing, and resolving any issue that can come up.

Do not forget, not every risk can be mitigated. Often you must make difficult decisions when it comes to solving a problem. While being the middleman, you should always focus on reducing and controlling any potential obstacle that comes into the way.

Can workarounds help in reducing any setbacks?

As being involved in multiple projects, the word workaround has pierced my mind. Sometimes ideas and bush fixes can bring value and also can speed up the project, however, long term it is not beneficial.

I try to push back as much as possible when I hear about workarounds as this means that we try to find a solution that is not ideal and can cause serious issues and setbacks. However, if a workaround can save time and is not considered as a long term solution my suggestion is to go with it.

Can I as a project manager resolve every risk?

The answer is No.

Even though finding solutions for issues is a key part of a project managers’ role, not every challenge can be solved. Also, an important attribute that a good project manager should have is to accept that the project can have unexpected situations that cannot be resolved. The most critical part is to know and communicate the risks that can arise so each involved team member can help and act upon it.

Is a risk always considered negative?

Lets not forget that when we are talking about risk it is not always negative. You can also seek for positive and impactful opportunities that may happen during the project lifecycle. Even though we perceive it as something negative it can also impact the project in a positive way.

What is a positive risk?

Events that can positively impact your project. As an example: A technology currently being developed that will save you time if released.

All in all, assessing and handling risks that may arise during a project lifecycle is a key part in a project managers day to day job.