Faced with these formidable challenges, what should a project manager do? Project team members – not just the manager – should be constantly on the lookout for possible risks threatening the project. They can do this only if they are all on the same page, and clued in to what project risk management entails. One of the first things to do when the team is assembled, is to identify problems in project management through risk analysis. This means members need to thoroughly understand the project’s goals, and their own roles and responsibilities in relation to it. Communication is central to this; miscommunication is particularly dangerous for project teams because of the conflict it may cause.
Another “must-do” in project risk management is the setting of milestones to measure progress as the project moves towards the realisation of its objectives. This has multiple purposes, as it also helps the project manager keep track of project costs and deadlines, among other things. Regular team meetings are necessary to ensure that team members are up to speed. Despite keeping track of project costs and deadlines, estimating a project’s expenses is still a major challenge. Project managers may need the help of project management tools that will support decision-making through timely provision of information, thus helping the project avoid unanticipated expenses.
Keeping track of projects doesn’t guarantee deadlines will be met, however. Delays are normal, but project managers should apply careful monitoring and set project management key risk indicators so that the project can be quickly brought back on track. When it comes to project team members, careful selection is key. The project’s success depends on their skill – but every project manager knows that the necessary talents are not always available. Faced with this challenge, the project manager should, ideally, be able to match the organisation’s existing talent with the skills required, but if that is not possible, skills upgrades or retraining may be an option.
It takes a project manager with exceptional foresight and experience, to determine the competencies required, and assess the talent available, to properly fill project team positions. Similarly, the application of project risk management requires certain levels of professionalism and skill for it to be effective.
28 The IERP® Monthly Newsletter September - October 2021