{"id":13671,"date":"2020-07-01T07:00:28","date_gmt":"2020-07-01T07:00:28","guid":{"rendered":"https:\/\/twproject.com\/?p=13671"},"modified":"2020-06-29T11:29:49","modified_gmt":"2020-06-29T11:29:49","slug":"risk-mitigation-strategies-project-management","status":"publish","type":"post","link":"https:\/\/twproject.com\/blog\/risk-mitigation-strategies-project-management\/","title":{"rendered":"Risk mitigation strategies in project management"},"content":{"rendered":"<p>The <strong>capability of mitigating risks<\/strong> means they can be recognized proactively and addressed by implementing <strong>specific mitigation strategies<\/strong>.<\/p>\n<div class=\"table-of-content\">\n<h5>CONTENT<\/h5>\n<ul>\n<li><a href=\"#requirements\">Risk mitigation strategies: Expanding requirements<\/a><\/li>\n<li><a href=\"#team\">Risk mitigation strategies: Have the right project team<\/a><\/li>\n<li><a href=\"#risk\">Risk mitigation strategies: Risk distribution and\/or transfer<\/a><\/li>\n<li><a href=\"#communicate\">Risk mitigation strategies: Communicate and listen<\/a><\/li>\n<li><a href=\"#feasibility\">Risk mitigation strategies: Assess project feasibility<\/a><\/li>\n<li><a href=\"#tests\">Risk mitigation strategies: Run tests<\/a><\/li>\n<li><a href=\"#planb\">Risk mitigation strategies: Have a plan B<\/a><\/li>\n<\/ul>\n<\/div>\n<p><strong>Risk identification<\/strong> is undoubtedly an important and crucial step in project management, but by itself <strong>it is not enough<\/strong>.<\/p>\n<p>Knowing and thinking about risk is not the same as doing something about risk.<\/p>\n<p>Risk will happen; some will even bring positive results, others won&#8217;t; some will be minor, others catastrophic.<\/p>\n<p>So here are some of the most common ways to <strong>mitigate risks<\/strong> that can be faced in developing a project.<br \/>\n<a name=\"requirements\"><\/a><\/p>\n<h2>Risk mitigation strategies: Expanding requirements<\/h2>\n<p>First of all, we must know what&#8217;s what&#8230; Exactly, what do we want to achieve with the project?<\/p>\n<p>This is a key question to ask and have a clear understanding of it, it is in itself a risk mitigating factor because it automatically removes all the mistakes related to &#8220;<em>we didn&#8217;t know what we were doing<\/em>&#8220;.<\/p>\n<p>Taking full advantage of feasibility studies, <a href=\"https:\/\/twproject.com\/blog\/kick-off-meeting\/\" target=\"_blank\" rel=\"noopener\">kick off meetings<\/a>\u00a0with stakeholders and user groups to test ideas before making a full commitment, ensures that what is delivered is really what is desired.<br \/>\n<a name=\"team\"><\/a><\/p>\n<h2>Risk mitigation strategies: Have the right project team<\/h2>\n<p>People working on a project may be part of some risks themselves, especially in the case of inappropriate skills or perspectives that do not fit the company environment.<\/p>\n<p>People who are not available when needed also affect the timing of the project.<\/p>\n<p>This is why team members must be <a href=\"https:\/\/twproject.com\/blog\/create-project-team-7-tips-identifying-approving-supplying-best\/\" target=\"_blank\" rel=\"noopener\">chosen in a thoughtful manner<\/a>, thus mitigating the risks associated with people.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-13675\" src=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/risk-mitigation.png\" alt=\"risk mitigation\" width=\"1280\" height=\"853\" srcset=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/risk-mitigation.png 1280w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/risk-mitigation-630x420.png 630w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/risk-mitigation-1130x753.png 1130w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/risk-mitigation-705x470.png 705w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/risk-mitigation-450x300.png 450w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><a name=\"risk\"><\/a><\/p>\n<h2>Risk mitigation strategies: Risk distribution and\/or transfer<\/h2>\n<p>A big mistake is to place all the responsibility for a risk on a single person or a group.<\/p>\n<p>Without doubt, <strong>risk transfer<\/strong> is a proven and useful <strong>risk management strategy<\/strong>, but it must be used with care.<\/p>\n<p>Mitigating one&#8217;s own risk by transferring it to someone else isn&#8217;t always the best approach.<\/p>\n<p>For example, it is possible to transfer the risk to another player, but this could lead to increased costs &#8211; through increased supplier or insurance prices &#8211; which in many cases is not the most appropriate use of the organization&#8217;s funds.<\/p>\n<p>The solution here is to look for solutions for managing risk jointly with other stakeholders considering the impacts of this 360-degree strategy.<br \/>\n<a name=\"communicate\"><\/a><\/p>\n<h2>Risk mitigation strategies: Communicate and listen<\/h2>\n<p>There is another way in which risks can be added to a project: lack of communication.<\/p>\n<p>Communicating efficiently, consulting extensively and, above all, listening to the answers you receive, must be a core activity in any project.<\/p>\n<p>This strategy can help the project manager to identify risks and engage more effectively with stakeholders.<br \/>\n<a name=\"feasibility\"><\/a><\/p>\n<h2>Risk mitigation strategies: Assess project feasibility<\/h2>\n<p>Making use of <strong>feasibility studies<\/strong> and prototypes to test ideas and solutions before moving on to actual development can be an easy way to <strong>mitigate the risk of a project<\/strong>.<\/p>\n<p>In this way it is possible to use this early stage as a test bed for checking concepts, methodology and solutions.<\/p>\n<p>How? Break the project into phases and include time, at the beginning of each phase, for a feasibility study or survey.<\/p>\n<p>This learning can be incredibly useful to shape the rest of the project and can prove &#8211; or disprove &#8211; the business case without having to commit the entire investment.<br \/>\n<a name=\"tests\"><\/a><\/p>\n<h2>Risk mitigation strategies: Run tests<\/h2>\n<p>Arguably many people will know that when project time is nearing its end, testing is often the task that is cut out in the first place.<\/p>\n<p>You should try to <strong>avoid this situation<\/strong>; testing is an important part of <strong>making sure that the project risk is reduced and manageable<\/strong>.<\/p>\n<p>Tests help to eliminate much more important problems that may later fall on the project.<\/p>\n<p>One way to make sure that you always have enough time to do tests is to estimate the &#8220;traditional&#8221; time needed to do tests and then double it.<\/p>\n<p>This way, even if the project will encounter problems that will slow it down, there will always be room for tests.<\/p>\n<p>Tests are often widely underestimated, but they are a great tool to detect defects or bugs that can be corrected so quickly, without causing much more serious problems later on.<\/p>\n<p>That&#8217;s why carefully estimating and having a dedicated planning contingency for testing is fundamental in project management and can be considered a<strong> real risk mitigation strategy<\/strong>.<br \/>\n<a name=\"planb\"><\/a><\/p>\n<h2>Risk mitigation strategies: \u00a0Have a plan B<\/h2>\n<p>Despite having planned everything, including risk mitigation strategies, an unforeseen problem occurs.<\/p>\n<p>You don&#8217;t have to worry&#8230; it happens.<\/p>\n<p>So the best way to deal with these unpredictable situations is to have alternatives to the hand, which you can include:<\/p>\n<ul>\n<li>Emergency funds<\/li>\n<li>Additional resources on standby<\/li>\n<li>Options to split the project into segments and\/or reduce the scope<\/li>\n<\/ul>\n<p>A plan B isn&#8217;t exactly something that the project manager plans to use. However, having one prepared as a backup in case a risk materializes unexpectedly can be extremely valuable.<\/p>\n<p>To prepare this strategy, it is necessary to discuss tolerances and contingencies with the sponsor and stakeholders before the project begins.<\/p>\n<p>Determine what <strong>additional funding<\/strong> can be provided to address unforeseen problems and how to access it if and when the time comes.<\/p>\n<p>&nbsp;<\/p>\n<p>The key to dealing with the unknown is to have an <strong>attack plan<\/strong>, maintain flexibility and always make sure you learn the reality of the situation so that you can adapt your actions accordingly.<\/p>\n<p>This is therefore the solution to<strong> successfully manage risk<\/strong> for any initiative or at any stage of a project.<\/p>\n<p>You cannot <strong>avoid risks<\/strong>, however you can prepare yourself through <strong>appropriate mitigation strategies<\/strong>.<\/p>\n<div class=\"tw_promobox box_type3 sBlue sImage\" style=\"background-image: url('https:\/\/static.twproject.com\/blog\/wp-content\/uploads\/get-it-now-r.jpg'); background-size: 140%; background-position: -90px -210px;\">\n<div class=\"av_promobox avia-button-yes avia-builder-el-1 el_after_av_promobox avia-builder-el-last\">\n<div class=\"avia-promocontent\">\n<h2>Manage risks in your projects.<\/h2>\n<\/div>\n<div class=\"avia-button-wrap avia-button-right \"><a class=\"avia-button avia-icon_select-no avia-color-custom avia-size-xlarge\" href=\"https:\/\/demo.twproject.com\/applications\/teamwork\/welcome\/createUserEnvironment.jsp\" target=\"blank\"><span class=\"avia_iconbox_title\">Try Twproject for free!<\/span><\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The capability of mitigating risks means they can be recognized proactively and addressed by implementing specific mitigation strategies. CONTENT Risk mitigation strategies: Expanding requirements Risk mitigation strategies: Have the right project team Risk mitigation strategies: Risk distribution and\/or transfer Risk mitigation strategies: Communicate and listen Risk mitigation strategies: Assess project feasibility Risk mitigation strategies: Run &hellip; <a href=\"https:\/\/twproject.com\/blog\/risk-mitigation-strategies-project-management\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Risk mitigation strategies in project management&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":13674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_custom_body_class":"","_custom_post_class":"","footnotes":""},"categories":[58],"tags":[],"class_list":["post-13671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - 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