Project risks

Control and prevent risks on your project
Minimize unexpected events on your project by creating a risk register and action plan to prevent them. This will give you the confidence that unforeseen problems will not derail your project.

From risk recognition to successful execution with FlexiProject

It is common knowledge that many projects do not finish on time or budget and often don’t deliver the expected results. There are certainly a lot of reasons for this state of affairs. Despite the strenuous attempts of the project manager and the entire project team, it isn’t easy to develop a project plan that can be implemented without significant deviations. In fact, this isn’t easy when implementing large and complex projects. It is common practice to identify project risks to prevent unforeseen project situations. Project risks are undesirable situations that can negatively affect the course of a project. Since they are undesirable, asking whether they can be predicted and counteracted seems reasonable. Several risks can be foreseen, provided the project team regularly devotes sufficient time to identifying and assessing risks. Without a doubt, keeping a record of project risks on every significant project should become standard practice. For example, project risks should be described in a dedicated risk sheet once identified. When deciding to implement a project management program, it is worth ensuring it has the functionality to identify and track project risks. FlexiProject is a project and portfolio management program with a built-in project risk register.

In addition, in FlexiProject, project risks can be linked to tasks on the project schedule. If project risks are linked to tasks on the schedule, then warning icons are visible on the schedule to signal places with risks in the project. Above all, in the implementation of large and complex projects, this is a beneficial solution because it immediately draws the attention of the manager and the project team to the risky places in the project. Project risks should at least have an assigned owner, a defined impact on the project and the likelihood of their occurrence, and a plan of action to prevent them. It is worth promoting such a project management culture in the organization, in which time is systematically devoted to identifying and discussing project risks. Recording risks on projects also allows the organization to learn from its mistakes, which helps subsequent projects be better planned and executed.

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