Risk management is an important part of the project management process, how much time do you believe should be spent on the process within the scope of the project? I believe that successful projects recognize that risk management is important and the time designated to the planning, preparation, and evaluation that contributes to achieving strategic goals should not be rushed. I believe that each process must have its own plan and brainstorming to ensure all is capture before starting the task. The cost of risks vary considerably and because of this, much time and consideration must be implemented when dealing with this process.
What process should the project manager take to identify the risks? The process in which a project manager should take to identify the risks should be defined on how to handle potential risks by identifying, mitigating or avoiding problems when they arise. This will allow the project manager to recognize the strengths and weaknesses along with opportunities for improvement to assist in facilitating time management while completing goals within the project and to meet the completion date set forth by the projected timeline.
Discuss the risks that are common in project management. Provide examples. I n my experience, there are a few risks that are common in project Management. First one that comes to mind is communication. The project team leader must communicate all expectations and duties effectively and clearly. The same data must be communicated often and the same way each time; this is to confirm that the team is informed and reminded of the overall goal and short term goals set within the project. Another risk that is common is the decision and resolve risk. Guidelines should be established for decision turnaround time; and those decisions that do not address a particular issue that can potentially create more issues (these decisions are determined to be incomplete). Due to the many risks that are common, I will just list a few more that I have experienced: Team (all duties are properly assigned), Change Management (no complexity nor conflict), Scope (clearly defined at all times), Cost (estimates and forecasts are accurate) and Technology (meet performance demands and compliance). All of these risks have a significant play in project management and if not thoroughly thought through and planned, the project will not succeed.