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Our INSIGHT newsletters share seasoned advice and fresh insights about many project management topics. We invite you to spend some time learning more about how to make your projects a success.

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Go beyond strategy. Deliver results with Peritius.
June 2011

Dear Colleague:

You take property insurance when you buy a car or a home to protect your things. You take medical insurance and life insurance to protect yourself and your family.

 

Risks Ahead signYet at work, many people ignore the need for insurance to protect their projects. Risk mitigation is the form of insurance that is so often overlooked.

 

By properly managing and mitigating risks, you can keep within your budget, gain credibility and meet your objectives. It is a simple form of insurance. Just as with many personal lines of insurance, you can go without it, but it only takes one problem to make you wish you had it.

 

The following article by Ricardo Viti shares some insight into managing risks. For help with risk management or other issues affecting your portfolio of projects, contact Peritius Consulting at 847-808-9999 or info@peritius.com.

 

Best regards,

 

Laura Dribin Werner
President & CEO
Peritius Consulting, Inc.

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Peritius
(per-it'-ee-us)

Derived from the Latin word peritus

more expert, skilled, experienced

On October 1, 2010, Integrated Systems Management became Peritius Consulting.


Issues Managing Risks

By Ricardo Viti
Senior Manager

 

It sounds like a play on words. An issue is an issue, and a risk is a risk. Which means the first one is already causing pain while the second one is just a threat.

 

Business flowchartBut what are some typical problems we face when managing risks?

 

The process starts at the project's inception. It is important, however, to understand that defining and managing risks is not something done only at the beginning of a project. Risk management is an ongoing process that requires persistence and discipline.

 

A common mistake is to define risks at the onset of an initiative prior to having a solid idea of all the risks and then continue on with the project without periodically updating them.

 

The consequence is a list that includes only the most common risks, such as "lack of resources," "lack of time," and "not enough budget." While these risks may be vital to manage, the trick is to find risks that are not as evident. The trick is to identify project-specific business risks, and sometimes that is not possible at the beginning of the project and should come later.

 

Another common mistake is not managing risks through the life cycle of an initiative. Risks get old and lose value because they relate to phases of the project that are already underway or completed. Without keeping an eye on risks, they can turn into issues.

 

Risks need to be reviewed at each weekly status meeting. They need to be continually prioritized, weighted and mitigated to ensure that they do not become issues.

 

While all of this may seem to be a lot of work when also dealing with day-to-day battles, we have found that it is much worse to deal with the issues that unmanaged risks create.

 


About Peritius

Peritius Consulting is a management consulting firm that helps its clients execute their strategic plans. For over 21 years, Peritius has helped its clients navigate from vision to reality, allowing them to realize their strategic ROI. Please contact us to learn more about how we can help you deliver strategy in the most effective, cost-efficient manner.

www.peritius.com   |    info@peritius.com     |     847-808-9999

 

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