Running a project involves some risk factors: Will something impact the delivery date? What components could make a project go over budget? Will every part of the project meet stakeholder expectations? These are all normal and expected risk considerations when starting out on a project, whatever the industry. And as a Project Manager you can’t always have all the answers upfront – but you can be across the risk possibilities from the offset. The key to minimising the likelihood of risks becoming project issues is being able to identify and regularly track them.
Mission Control’s ‘Risk Log’ allows you to do just that. Project Managers can proactively document and manage potential risks as a project progresses. Risks can be simply created and then categorised by:
- Impact rating (high, medium, low) and score (1 – 3)
- Probability rating (high, medium, low) and score (1 – 3)
- Proximity (short, medium)
- Overall Risk Score (1-9)
The Risk Matrix provides a visual snapshot of all risks – with the most impactful / probable instantly identifiable to help focus attention. To keep a risk from becoming an issue, it may require some team collaboration. This can be simply done via the ‘Chatter’ tab – supporting real time communications which can be critical for those risks that are time sensitive. In some cases, risks will become project issues no matter how much monitoring. In this scenario, a risk can be escalated to an issue via the Risk Log – creating an Issue Record with all details being carried across for quick resolution. The key then becomes minimising impact of the issue, which given the earlier monitoring, will have already been considered and in turn, hopefully, lessening the repercussions for the wider project.
To learn more about how Mission Control can help you manage risks on your project(s), get in touch with our team today.