Risk Mitigation Done Early, Not When It’s Too Late

Dick Billows, PMP
Dick Billows, PMP
CEO 4pm.com

Bad things can and do happen on projects. Even the best fire-fighting can make the situation worse. The only solution is risk mitigation. And you need to do it early in the project. That’s when it is easier and cheaper to do.  Risk mitigation is worthwhile even if you can only spend 10 minutes on it. If you can anticipate one significant risk and take steps to prevent it, that 10 minutes was time well spent. On even a small IT project, risk management is often worth the time and expense of a lunch if you get a few knowledgeable users and their manager to attend. You start risk mitigation by tapping into people’s experience from similar or related projects.  Everyone knows that bad risks can make the project take longer or cost more. And good risks can make the project finish sooner and cost less. So you record their ideas about the project’s good and bad risks. Risk Management Main Page

Watch the video where Dick Billows, PMP discusses project management techniques focusing on risk mitigation for IT projects. The discussion covers qualitative and quantitative risk analysis as well as ways to develop risk responses and justify them to the users. Risk Responses

 

Advanced Risk Management

The best way to learn project risk management is through mentoring.  That’s where your employer lets you work with an experienced project manager. Most of us at 4PM learned that way. We studied the risk management techniques an expert PM used on his/her projects.  Then the mentor let us manage small projects until we knew how to do it right. That is a much more effective way to learn than sitting in a class of 25 or more people trying to learn from an academic. Small Project Risk Management

Author: Dick Billows, PMP

Dick has more than 25 years of project and program management experience throughout the US and overseas. Dick was a partner in the 4th largest professional firm and a VP in a Fortune 200 company. He trained and developed 100's of project managers using his methodology. Dick is the author of 14 books, over 300 articles and director/producer of 60 short project management videos. He and a team of 25 project managers work with client companies & students across the US and in Europe, South America, Asia and the Middle East. They have assisted over 300 organizations in improving their project performance. Books by Dick Billows are on Amazon.com