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5 Ways to Remove a Risk Entirely | Video

5 Ways to Remove a Risk Entirely | Video

There are six (arguably seven) strategies for managing risk. But the one that is least understood is the most powerful of all… if you can make it work: removing a risk entirely.

So, let’s survey one of the most important risk management strategies: removing project risk entirely.

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Risk Happens!

In my book, Risk Happens! there are six fundamental strategies for dealing with a project risk.

But, too often, what people describe as my Strategy Number 1, ‘Risk Removal’ is really risk reduction.

So, how can you completely remove a risk?

Removing a risk altogether is not always possible, but here are five approaches that you can consider on aspects of your project.

1. Over-design

A ‘gold-plated’ specification that is over-specified with respect to the core functionality. Examples include redundant components, over-size strength components, or higher specification materials.

2. Buy certainty

When you select components that are well tested, you can lock certainty of functionality, quality, or cost into a component of your plan.

3. Alternative solution

There may be other solutions to an element of your plan that offer complete certainty of schedule, budget, or functionality.

4. Address root cause

Root cause analysis, using techniques like Failure Mode and Effects Analysis, Pre-mortem, Fishbone, and Five Whys, can help you identify a strategy that will address the cause and remove the threat entirely.

5. Remove the risky element from your plan

If you cannot control the risk, and the threat level is unacceptable, the only thing to do is remove that element from your plan and accept the compromise this causes.

Important Note:

Note that these remove specific risks – they don’t remove all risks!

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What Kit does a Project Manager Need?

I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. I added my own. 

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About the Author Mike Clayton

Dr Mike Clayton is one of the most successful and in-demand project management trainers in the UK. He is author of 14 best-selling books, including four about project management. He is also a prolific blogger and contributor to ProjectManager.com and Project, the journal of the Association for Project Management. Between 1990 and 2002, Mike was a successful project manager, leading large project teams and delivering complex projects. In 2016, Mike launched OnlinePMCourses.

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