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Risk Management: Identifying Risks

Risk management is a matter of identifying the situations that could cause your project to fail. Common risk include loss of staff, decreased funding, decision point approvals not completed in a timely manner, content not being available. Brainstorm three or four other risks that you have seen projects experience.

Once you have 3-4 risks, identify at least two ways to prevent each and two ways to resolve them, if they happen in spite of your preventions. Post your ideas.

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A risk that might be encountered is a change in legislation. This has happened to various industries, causing a sea change in the way they do business. The result is that companies must either evolve or face demise. Examples of this would be the HIPAA laws for health care providers, the MSA ruling for tobacco companies, and environmental laws for energy suppliers. In order to prevent changes in legislation companies can be proactive in doing the right thing so legislation is not demanded. In addition, companies can join industry groups to unite and fight pending legislation through lobbying activity. In the event adverse legislation happens despite these efforts, it is key to first of all be aware of the change and alert to the effect it will have on your company and projects. Companies must plan for changes and make plans to adapt to the changes. As well, companies may decide that based on the impending legislation, certain activities are no longer worthwhile or practical and may decide to close divisions or change product or service mix, as well as cancel projects. In working on a project it ...

Solution Summary

This solution outlines three to four risks and how to prevent and resolve each one. It includes examples.

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