Project Risk Management is very important part for a project

Project Risk Management is very important part for a project, if we handle it well, the influence of it can be positive to the project, but if we do not manage it well, it may hurts the whole project. The article has provides 10 golden rules which we can apply in our project to deal with risk management.

As the PMBOK has mentioned, “The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project. (PMBOK, p.310)“ From this objective we need to deal with it carefully, and should think about risk management in advance. I believe before each project starts, the project team should consider all the possibilities of risks, which may appear in the future project, and then think about some way to deal with it. By doing this step, it will help the project team to decrease the risk, and hurts. And when the risks appear in a project, the first thing to do is to identify it, then to looking for some similar experience to deal with the risk.

The next step for the project team to do is to communicate well with the project team members, sometimes, the project manager is not the first one who notice the risk happen in a project, and the project managers should also communicate well with some stakeholders, to get their support to better deal with the risk management. When facing a risk, there may be more than one way to deal with it; the project team should consider the advantages and disadvantages of each method, and then choose the best way to deal with it. The project team need also consider the interest of each sponsor, and who going to pay for the threats. The project team need manage it well, in order to avoid the conflict between each shareholders. After the risk has been solved, the project team should to track it, in order to avoid some potential risks.

At last, I believe in each of the project, it is impossible for the project team to avoid any risks, but there are many ways the project team can do to handle it reduce the disadvantages of it. The project team need to consider and manage it before the risk real appear in the project, and choose the right way to deal with it.

Please provide your own lessoned learned from the information reviewed from reading the PMBOK where Project Risk Management is one of the nine knowledge areas. How would you apply this information to your own projects.

The reference must be :Project Management Institute (2013) A Guide to the Project Management Body of Knowledge: PMBOK(R) Guide. (5th edition) Newtown Square, Pennsylvania: Project Management Institute Inc.

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