Right-Size Your Project Risk Investment


Avoid malinvestment in your approach to project risk.

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Major Business Pain Points

The same approach to risk is often taken for these very different situations:

  • It is obvious that we would misspend the time required for any further risk assessment because the sponsor owns all the risk.
  • There may be some risk to doing this project that may affect multiple business stakeholders.
  • There is definitely risk involved in this project that will likely affect much or most of the enterprise.
Right-Size Your Project Risk Investment-Pain Points

Recommendations

Key Points

  • Something is better than nothing. Avoid the all-or-nothing mindset – it’s not PMBOK or bust. Even modest investments in risk will provide a return.
  • Don’t re-invent the wheel. Learn from and record current and historical risk events so lessons learned can easily be embedded into future projects.
  • Get a curator. Assign someone to own the risk topic and make it their job to keep a relevant menu of risks.

Approach

Right-Size Your Project Risk Investment-Recommendations
  • Since all projects are not created equal from a risk perspective, create a standard process during intake or initiation to triage the appropriate rigor of the risk approach.
  • There will be a lot of overlap between projects, so why reinvent the wheel? Build a structured menu of potential risk events to consider early in the project and maintain that menu over time so it remains relevant. Provide easy access to the menu through a tool or template for all project managers to use during the project planning phase.
  • Right-size the total approach. There’s a tendency in the IT culture to either do things by the book or not do them at all. It’s not all or nothing. Even small investments in project risk planning can play dividends by avoiding disasters.

Methodology and Tools

Executive Brief

Read our concise Executive Brief to find out why you should right size your approach to project risk management, review the methodology, and understand the four ways we can support you in completing this project.

  • Right-Size Your Project Risk Investment – Executive Brief
  • Right-Size Your Project Risk Investment – Phases 1-3

1. Assess Your Current Approach to Project Risk Management

Shed the "all-or-nothing" mentality. Gain a better understanding of why project risk matters, assess your current state, and determine an approach to risk for your organization.

  • Right-Size Your Project Risk Investment – Phase 1: Assess Your Current Approach to Project Risk Management
  • Project Risk Management Workbook

2. Develop an Organized Approach to Project Risk

Lay the foundation of effective risk management.

  • Right-Size Your Project Risk Investment – Phase 2: Develop an Organized Approach to Project Risk

3. Create a Standard Risk Approach for Your Projects

Finalize a project risk process and prepare your organization's culture for implementation.

  • Right-Size Your Project Risk Investment – Phase 3: Create a Standard Risk Approach for Your Projects

All resources on this page are provided to Cyber Leadership Hub members under license from third parties including Info-Tech Research Group Inc, a global leader in providing IT research and advice.