3 Top Risk Tracking Tips

ProjectManager.com

Risk is inevitable, but when leading a project it’s crucial to manage that risk. Jennifer Bridges, PMP, shows you the top 3 ways to track risk.

Here’s a shot of the whiteboard for your reference!

how to track risk in a project

In Review: 3 Top Risk Tracking Tips

Jennifer compared risk tracking to a GPS, because it lays out a route to your destination and alerts you to potential hazards en route, especially is you have software that is fed real-time traffic reports.

Along those lines, Jennifer compiled a GPS for your project. It’s not as dynamic as the one in your car or phone, perhaps, but these three tips will help keep your project from going off-road.

  1. Just do it! It’s not only an advertising cliche, but a call to action. Things are risky, so don’t drag your feet about setting up mechanisms to track them.
  2. Update early and often. Nothing stays the same, so it’s crucial for you to know where you are and what’s going on.
  3. Confirm and communicate. In a changing landscape it’s important to note if yesterday’s risk is also today’s risk.

Jennifer reminded us of the famous quote from Benjamin Franklin, “An ounce of prevention is worth a pound of cure.” Don’t play whack-a-mole with your project. Like those other great Americans, the Boy Scouts, say, “Be prepared!”

Pro-Tip: Of course what we’re talking about is risk management, which is discovering those risks before they can sabotage your project. Project management expert Mike Clayton writes about the leading indicators of project risk. You have to identify your enemy before you can beat them.

Thanks for watching!

Transcription

Today, we are talking about the top three risk tracking tips. When I think of risk tracking, I think of a GPS. I think of going on a trip, and when I go on a trip, I wanna know where I’m going, what risk I am going to encounter along the way, and how those risks are going to impact my trip. Well, the same thing applies for a project. So today, I wanna share the top three tips I found helpful in tracking risk.

Tip number one, just do it. I recommend to people spend less time trying to justify why not to track risk and just do it. Benjamin Franklin says, “An ounce of prevention is worth a pound of cure,” and I found that to be truthful on my projects.

Tip number two, update early and often. The truth is things continually change on a project. I mean all kinds of things can happen: Natural disasters, weathers can change, resources can change. Any change is going to invoke you to look at your risk again and see how those will change maybe your risk register or your risk response plans.

Tip number three is confirm and communicate. And because things do change, you need to confirm the risks are still valid, and that the risk response plans are still valid too. And with that, you need to continue to communicate any changes to your team, your stake holders, your vendors, your executives, anybody and everybody on the project. So if you need a tool that can help you with your risk tracking then sign up for our software now at projectmanager.com.

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