What could go wrong.
WHAT A RISK IS
Something that may happen and would affect the project.
WHAT AN ISSUE IS
Something that has already happened.
WHY THE DISTINCTION MATTERS
Risks can be prevented; issues must be managed.
WHAT TO DO AT THE START
List what could go wrong.
HOW
Ask the team, and ask what went wrong on similar work.
WHAT TO RECORD FOR EACH
What it is How likely How bad What you will do about it Who owns it
WHAT THE RESPONSES ARE
- Avoid it: change the plan so it cannot occur
- Reduce it: make it less likely or less damaging
- Transfer it: insurance, or a supplier contract
- Accept it: decide to live with it, knowingly
WHY ACCEPTING IS LEGITIMATE
Some risks cost more to address than they are worth.
WHAT MATTERS
That acceptance is a decision, not an oversight.
WHAT COMMON PROJECT RISKS ARE
Key people unavailable Suppliers late Requirements changing Estimates wrong Approvals delayed Technology not working as expected
WHAT TO WATCH FOR
Risks with high likelihood that nobody owns.
WHAT TO DO WEEKLY
Review the list, and update it.
WHY WEEKLY
Risks change as the project moves.
WHAT TO ESCALATE
Risks you cannot address at your level.
WHAT TO RECORD WHEN A RISK OCCURS
That it did, and what it cost.
WHY
It improves the next project's risk list.
