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.
This video is safe for viewing in the workplace.This is learning, so, sit back and enjoy
But, too often, what people describe as my Strategy Number 1, ‘Risk Removal’ is really risk reduction.
Removing a risk altogether is not always possible, but here are five approaches that you can consider on aspects of your project.
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.
When you select components that are well tested, you can lock certainty of functionality, quality, or cost into a component of your plan.
There may be other solutions to an element of your plan that offer complete certainty of schedule, budget, or functionality.
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.
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.
Note that these remove specific risks – they don’t remove all risks!
Carefully curated video recommendations for you:
You may also like these articles about Project Risk Management
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.
Note that the links are affiliated.
For more great Project Management videos, please subscribe to the OnlinePMCourses YouTube channel.
If you want basic Management Courses – free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses.
For more of our Project Management videos in themed collections, join our Free Academy of Project Management.
For more of our videos in themed collections, join our Free Academy of Project Management.5 Ways to Remove a Risk Entirely | Video Click To Tweet
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.
Could Your Survive on Mars? Problem-Solving | Video
What is the STAR Format for Behavioral Interviews? | Video
Committing to Be a Professional Project Manager | Video
How to Anticipate Future Budget Challenges to Your Project | Video
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.