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Project Risk Management: Benefits and Obstacles
By Tom Carlos (PMP)

Below are two lists, the first one highlighting the benefits of Risk Management, while the second consisting of the obstacles that a Project Manager usually face to apply it properly.

Benefits of Project Risk Management

  • Help gain better understanding of the project
  • Encourage proactive management practices
  • Identify risks early and incorporate into plans
  • Do it right the first time and thus avoid disasters or rework, “gold plating” and “scope creep”
  • Increase the chance of project success
  • Manage expectations (of all stakeholders)
  • Determine accountability and ownership

Obstacles to Project Risk Management

  • Risk process too complex or overwhelming
  • Too many team members and/or approval process
  • Tools and reports are difficult to maintain
  • Team members are not familiar with the process
  • Process abandoned once the project starts
  • Risk process stands alone and not integrated with other standard processes
  • Risk Mitigation steps are not part of the overall Project Plan
  • Lack of Management Support

Tom Carlos has over 20 years of cumulative experience in business, technical, and training environments. He is a Certified Project Management Professional (PMP) and member of the Sacramento Valley PMI Chapter. For other articles on similar subjects, you can visit www.carlosconsulting.com or contact him at tom@carlosconsulting.com.

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