Written By: Mark A. Frasher; May 29, 2017
Life like projects is wrought with uncertainty. We as humans, or as project managers, cannot possibly be prepared for every single possibility of risk either in life or when managing projects. Regardless, as a project manager, it is your responsibility to prepare for risk and take steps to lessen the frequency of risk actualization and the degree of their impact.
Understanding the types of risks, known unknowns and unknown unknowns, is the first step in the risk management process. Of course, as a project manager, you must take a realistic approach to risk identification and categorization. Risk management matrices are often useful for this purpose.
The final piece of risk management is identification, analysis, and response planning. Several strategies exist for risk mitigation. The important thing to remember is that you are prepared in advance so that the possibility of risk occurring is lessened, and when they do, the impact is mitigated.
There are five traditional mitigation, or if you want to call them avoidance, strategies that project managers have at their disposal: