As life, every project contains a part of uncertainty. The role of Risk Management is to deal
with this uncertainty to try to limit its influence on the project.
Risk Management Strategies
The project manager will not be just identifying the risks, but he will be also defining the strategy he will be using
to deal with each risk
Project managers usually use one of these common strategies to deal with their risks:
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Risk avoidance: reorganize the project so that it cannot be affected by that risk.
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For example: you need to use a new framework. A risk avoidance
strategy could be to drop this new framework and using another one that is well-known by the
team.
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Risk transfer: reorganize the project so that someone or something else bears the risk.
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For example: the application you are developing need to communicate with a legacy
system. Rather that taking the risk. A risk transfer strategy could be to
make the legacy support team responsible of providing the APIs to access the legacy system.
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Risk mitigation: define a mitigation plan to to reduce the probability or the impact of the
risk.
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For example: you need to use a new middleware. A risk mitigation strategy
could be to build a prototype using this new middleware to validate that he will provide the features
you need for your application.
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Risk acceptance: decide to live with the risk, and define a contingency plan.
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For example: your integrator is the only one who knows how to integrate the different components
of your applicaiton. A contingency plan, could be to identify a resource on another
project that you could bring on if your integrator is sick, leave the company, etc.
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