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Some projects are complex but timelines of the project could not allow to go in detail risk assessment of the same. Should we follow detail risk assessment in any way or there is other way out? Please explain.
Sould visualise the completed project.
Know the possible weakness in the agreements and the team going to be Engaged to the prjeject
It varies alot based on the industry and for which any one need to work out its risk assessment. Conservative approch will be to follow detailed risk assessment even it takes time but for aggresive investors risk overview will do the needful.
Risk management is an ongoing process that goes inline with the project life cycle, it should not be time consuming and even if took sometime it is still essential, an hour spent in prevention is better than a thousand spent in response to a disaster
In terms of crucial importance of the risk itself, anything less that detailed is not recommendable by any risk professionals; however the diversions are not closed by any means and there are numerous ways out to handle the projects with contracted timelines. Standardization, based on any company's industry and the product/services line is the core. Although, every project differs in terms of its deliverable and objectives and therefore requires a customized risk mitigation plan; however still a carefully standardized risk plan which is devised having considered company's major operations will do the needful. Moreover, if the company has been involved in conducting detailed risk analysis and risk assessment is the embedded in company's culture the company is well prepared for improvisation at times of contingencies if the detailed risk assessment is not done prior to the incident.
The unerstanding of the Risk Managment is to know what we are doing and what the cost would be...the simplest thing I would say, that the team/leader knows their job, what the do not know and what the consequencies in terms of the health, enviornement and finally the cost. Understand that the life has no cost (?) but tremendous hidden value. If the team understand then the the time involve has really no meaning. If we practice the concept, the toughts and the actions, then there is no need of the procedural requirements. Procedures are in place to develop and maintain the thoughts and actions in persistant philosophies.
I believe with a well thought out and designed Risk Management Framework, which incorporates support at the strategic level, the Risk Plan( Event/Risk Identification, Risk Assessment , Risk Response, and Risk Control) should be neatly crafted , and implemented systemically at each phase of the project life cycle, without lagging behind specific project milestones and deliverables. A clear cut out Risk Break Down Structure proactively carried out prior to the next project phase, through planned brain storming sessions involving all project team members and relevant stakeholders should help quickly eliminate all risks with low likelihood of impact and occurrence in the project thus making the whole process less time consuming.
Risk management procedure cannot and should not be time consuming if you have a regular ongoing risk management functional group, a systematic elaborative process, tools and competent motivated people. If you are facing time issues, then probably you have flaw in some of these things.
IF you are under pressure to start/deliver your project then Risk plan will be neglected but be smart & don't kill this plan by assigning some one expert from your team to let him follow to produce this plan even in simple shape as one page.
Risk assesment is part of risk management plan & it's elaborative work (can be updated along of projet time line) so risk procedures is some thing started with project time line especially during the execution phase.
Bushra -
It's recommended that any project team follows the guidelines of Risk management such as - Qualitative, Quantitaive and Risk response strategies.
However, considering the timeframes on a project, below are are a good-to-have check list as soon as we are in the Initiating phase of a project -
1. start identifying risks right from the project charter / requirements / business need.
2. get some money allocated to the contingency reserve. (however, project manager does not have hold on Management reserve!)
3. Contingency can include both Cost & Time factors.
4. Pay special attention to the Quality requirements - list out factors that could affect quality.
5. Ask team members to identify as many risks as they can.
Risk assessment takes little time that too can be reduced if you have already studied the relative previous audit reports, associated probable risks, relative manuals etc to understand the process. Risk assessment seems time consuming because its an ongoing activity that keeps on updating on daily basis. Risk assessment is essential and shall not be taken for granted anyway. More the risk assessment is handled effectively, less are the chances of losses and failure provided risk management is also handled accordingly
