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Risk management and Communication with Customers

All projects are plagued by all sorts of risks throughout the entire process. Risks are just part of the game.

However; not all risks have an equal probability of occurrence, nor are they all equal in potential impact. It is important to sort out the highly probable and the high impact risks so that you can concentrate on them rather than the low impact and highly improbable risks.

One way to help in this process of identifying the risks is to organize your project team to sort the high probability and high impact risks from the low probability and low impact risks. How might you organize your project team to identify and manage the risks accordingly?

In your role as a project manager (PM), a big part of your responsibilities will be customer communications. The PM must communicate to the customers and that means all customers of the project. Discuss what your communication strategy would be and its frequency and type, in order to be sure that all stakeholders of the project are constantly informed.

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Solution Preview

It should be kept in mind that the management of risks continues throughout the lifecycle of the project. Developing the list of risks should happen as early as possible within the project to ensure effectiveness. With this said ...

Solution Summary

Discusses how a project team will look at risk and how this will be communicated to the customers.