Project Risk Management: Benefits and Obstacles

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.