With every successful project management assessment, comes the risk management portion. All businesses have varying degrees of risk and how you choose to acknowledge and deal with your risk could either level you up or hold you back. In this installment of netlogx project and program management series learn about risk management and your business.
Successful organizations recognize that risk is ever-present, and they learn to master it. They take advantage of the opportunities which risk presents, and they mitigate its adverse effects. Risk management isn’t just part of project management; it is project management. It’s all about as few adverse outcomes as possible balanced against achieving desirable ones: the prevention of certain things happening but also the assurance that positive project risks are realized.
At netlogx, we don’t just guide you through setting up a risk management process. We show you how to sustain it and make the most of it too. Here’s how our iterative risk management methodology works:
- Risk management planning: We look at who we need to get on board and when and how often to conduct risk management tasks.
- Risk identification: We analyze risks and opportunities across all your business’s risk categories.
- Quantitative risk analysis: We look subjectively at probability and impact and identify critical risks. It’s here where the initial decision is made about the potential severity of a risk to a project and the potential escalation to project leadership is needed.
- Qualitative risk analysis: We’ll work out which areas need time and resources to manage the risk. We’ll also answer a fundamental question: What is the overall risk versus the benefit of the project or program?
- Risk response planning: We determine what can be done to reduce the probability and impact of a risk. Additionally, we look into increasing the likelihood and gain from opportunities that may present themselves.
- Risk monitoring and control: We put the risk response plan into action and manage its progress and compliance. This includes refining plans as further risks are identified, more qualitative and quantitative analysis is carried out, and more risk responses are planned.
Risk Management has been a fundamental aspect of our work with the Neuro Diagnostic Institute (NDI) located on the campus of Community East Hospital in Indianapolis throughout the building design, physical construction, patient move planning, and process and policy implementation. Risks spanned across different categories such as patient safety, building infrastructure, staff performance and quality, and project schedule. Risk planning, response, and mitigation should occur throughout a project and be consistently monitored.
Thinking of some things that might be considered a risk? That’s what we’re here for. Contact netlogx here and learn about how we can help you assess and mitigate those lurking risks.