PRINCE2 area - Risk management🔺

Universal Practical Simple Benefit focused Principles Implement Templates Ready apps for Jira

Risk managemement is really important project management practices but unfortunatelly usually we do not give attention to it until real and seriuos problem or crisis happen. Risk management practices strongly depend on company top managers view, culture, maturity and experience aggregated from the past. My personal practice shows (it comes from different industries from project portolio manager role) - Project managers will not show relevant attention to risk management if managers above almost don't care. Moreover what we should expect if in some companies projects are missing at all this role - Project owner/executive who should review project risks, take appropriate decisions as being responsible for project benefit and success.

PRINCE2 knowledge areas here will be provided only in executive summary as PRINCE2 standard gives much more details.

GOAL:

Increase project success probability by identifying, assessing and managing project uncertainty

MUST MANAGEMENT PRACTICES:

Documented Risk Guide should be created in project plan with defined risk management procedure

Documented Risk register must be created and used on regular basis

Risk management procedure must be executed (Identify>Assess>Plan>Implement>Communicate) by Project manager

Lessons learned should be captured

TAILORING PRACTICES:

Here are just some limited number of management practices.

All recommended practices you can read in stardard manual yourself or learn it in PRINCE2 trainings.

Risk register🔺 template should be used

Appoint Risk owner for each risk

Use risk reserves where necessary

Define risk expression using 1) Cause, 2) Event, 3) Effect approach

Use different risk management strategies

Review total project risk on particular project decisions & include summary risk data in updated Business case

Examples from T RISK MANAGER solution:

T Risk Manager🔺 DOWNLOAD here

All 7 PRINCE2 knowledge areas:

Business case - answer to question - WHY we deliver project.
Organization- answer to question - WHO deliver project.
Risk management🔺- answer to question - WHAT IF it happens in project.
Planning- answer to question - WHEN & HOW MUCH in project.
Quality - answer to question - WHAT we deliver in project.
Change management- answer to question - WHATS the IMPACT for project delivery.
Progress- answer to question - HOW it goes to deliver project.