7 Ways To Mitigate Risk on Projects

"As project managers, we know that risk mitigation is a ‘thing’. We talk about mitigating risk. We have a column on our risk logs for mitigation strategies. But what does it actually mean? How do you do risk mitigation?

Here are 7 of the most common ways to mitigate risk: all approaches that will transfer to your project in most cases."

Quiz

Select the one that is not a relevant way to mitigate risk on projects?

"7 Ways To Mitigate Risk on Projects"


"1. Clarify The Requirements

How To Do It: Hold workshops. Interview stakeholders. Produce a comprehensive scope document and project brief, even if it takes much longer than you wanted to spend on this exercise. It will pay off in a big way if you get it right.

2. Get The Right Team

How To Do It: Use resource allocation techniques to identify the resources you require for the project and then to secure them. Make sure that you know when your resources are available for project work and book their time accordingly.

 3. Spread The Risk

How To Do It: Quantify the risk. If you can’t quantify it, how can you put a financial measure on it to enable transference? Think about cost of transfer and likelihood of occurrence.

4. Communicate and Listen

How To Do It: Plan your communications and take third parties into account too.

5. Assess Feasibility

How To Do It: Break your project down into phases and include time at the beginning for a feasibility or investigation stage.

6. Test Everything

How To Do It: It’s probably not a popular view but you should estimate the time needed for testing and then double it. That’s the time you should put into the plan for the task.

7. Have A Plan B

How To Do It: Agree tolerances and contingency with your sponsor before the project starts. Talk about what additional funding you can secure to deal with unforeseen issues. "


  • Spread The Risk
  • Have A Plan B
  • Get The Right Team
  • Do Not Set Time For Testing