Updated: Jul 29, 2022
Here, I briefly discuss how a manager or project director can evaluate the risk to his project in ways that both impacts and likelihood of occurrence are measurable.
Risk can actually be measured as the product of the probability of a situation occurring and the expected impacts it would have on the project. With reference to the risk that would occur if a project’s process, inputs, and outputs are not managed effectively, the project manager can assess risk by:
Defining deliverables: clearly state what your project deliverables are, and make the resources available to the project team.
Communication: devise a unique communication mechanism this is open and regular; set checkpoints or chain of command to maintain order, and demonstrate cultural competency
Standardized Tracking: a real-time system of accurate documentation and continuous tracking of issues is key.
Supportive Collaborative Environment: infrastructure readiness, morale rapport building, mutual multi-site or multi-shift tools, members acknowledgment, and training. Keep it together!
Change Management: mutual and shared inconvenience to handle differences in time zones and responsibility etc.
Note that the best way to become aware of any risk is through assessment. As a project team leader, you don't want to be surprised by a risk. To avoid surprises, assess the probability of occurrence of a risk, and the impact it will have on your project's objectives.