Project management has become a big part of how all organizations get things done. Managers at all levels need to take on and deliver projects. The scope of these projects range from small projects lasting days to multi-million dollar projects taking years. All of these projects have one big thing in common: RISK. Risk happens! Things go wrong. As many of us have learnt recently, the real world does not respect your hopes, plans or expectations. It moves according to its own, if unexpected, agenda. So you need to respond with a practical approach to managing project risk.
Project risk can be defined as uncertainty that can affect outcomes, so your first step in reducing risk is to remove uncertainty. In the earliest stages of your project, start by working hard to remove uncertainty about your project’s goal and objectives by consulting widely, then defining and documenting them as clearly and unambiguously as you can.