12 Real-Life Examples Of Project Risk Management Strategies

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Although you can learn about formal risks management, it’s not easy to manage risk in real life. There are many competing priorities, deadlines and personalities that make managing risk difficult.
Trust me, it’s been my experience. I have managed many projects and discovered a lot of risk strategies over the years that aren’t covered in most textbooks.
Although they aren’t as simple as some of the theory, these project risk management strategies can be equally useful. Because they were created from the complex and chaotic world in which real-life projects exist, they may be more applicable to your project.
This list of real-life strategies for managing project risk is your best friend. Please share it with anyone who wants to have fewer problems, better ROI and a greater sense of security.
What are the Different Types of Risk Response?
Real-life Risk Management Must Go Beyond the Five Risk Response Types
12 Project Risk Management Strategies That Only Experience Can Teach You
Share your real-life risk management techniques
What are the Different Types of Risk Responses?
PMBOK Guide-based theory identifies five types of risk response strategies.
Real-life Risk Management Must Go Beyond the Five Threat Response Types
These five risk response strategies are well-known if you have had formal training in risk management strategy (avoid, transfer mitigation, escalate, escalate, accept).
These are the most important. It’s a good start. However, well-developed risk management strategies go beyond just knowing the five types of risk and applying them to your project.
I will not tell you what the best risk strategy is, nor will I give any advice on managing risk.
What I will do is show how managers of risk need to look beyond the theory and take into consideration environmental factors. And, from our experiences on projects, learn from them to create approaches that work.
12 Project Risk Management Strategies That Only Experience Can Teach You
Sometimes, innovative solutions, tricks, or workarounds are needed to mitigate risk in real projects. These are not things you’ll find in any textbook. This is not a comprehensive list, but I have compiled a list of twelve strategies that I have used to manage project risk over the years.
1. Let’s start by understanding what risk management looks and feels like
Take a step back. I know you understand what risk management looks and feels like. How can team members and other stakeholders learn how to manage project risk effectively? Without coaching, risk management improvements will not happen naturally.
Competent risk management requires exceptional interpersonal skills as well as basic technical skills. Therefore, it is important to practice with feedback from experienced practitioners and to improve your skills.
2. Use the “avoid” option
There are many ways to address identified negative risks, including avoidance, transferral and acceptance, escalation and mitigation. It would be reasonable to assume that risk managers would choose the best risk control response for each threat. However, most risk registers I have seen only offer two options: accept or mitigate risk. Risk avoidance is a strategic option, but risk mitigation strategies are very common in project management.
As Mr. Miyagi stated in Part 2 of Karate Kid:
There are two common ways that an avoid response can be used. One is to reduce or alter scope. In extreme cases, this could mean that you choose not to proceed with a project.