Regarding the four phases of project management, I suggest project managers can cope with risks in the following ways:
1. In the Initiation Stage
(1) Risk Identification: The project manager, together with the stakeholders, should identify potential risks by reviewing the project’s scope, objectives, and constraints. They can use techniques such as brainstorming, checklists, and historical data from similar projects.
(2) Initial Risk Assessment: Assess the likelihood and potential impact of each identified risk. This helps in prioritizing risks and determining which ones require more attention.
2. In the Planning Stage
(1) Risk Response Planning: Develop specific strategies for dealing with high – priority risks, including risk avoidance, risk reduction, risk transfer, or risk acceptance.
(2) Contingency Planning: Set aside reserves of time, money, and resources to deal with unexpected events. Especially, establish clear trigger points for when the contingency plan should be activated.
3. In the Execution Stage
(1) Risk Monitoring: Continuously monitor the project for new risks and changes in the status of existing risks. Regularly review project progress, team performance, and external factors that could impact the project.
(2) Risk Response Implementation: When a risk occurs or a trigger point is reached, implement the pre – defined risk response plan. This may involve reallocating resources, adjusting the project schedule, or implementing a workaround for a technical problem.
(3) Communication: Keep the project team and stakeholders informed about the status of risks and the actions being taken to address them. Transparent communication helps in managing expectations and ensuring everyone is on the same page.
4. In the Closing Stage
(1) Risk Review: Conduct a final review of the project’s risks to identify any lessons learned. This information can be used to improve risk management in future projects.
(2) Documentation: Document the entire risk management process, including the identified risks, the response strategies, and the outcomes. This documentation serves as a valuable reference for future projects.
In my opinion, the following measures can be taken:
1. make clear and reasonable resource allocation and cost control when designating the plan
2. review the system regularly to control the risk
3. every system update, fix or any other information needs to be clearly documented in case of emergencies
4. use the relevant tools to monitor the relevant data
1. Initiation stage:
Risk identification: The project manager should identify potential risk sources and document these risks.
Risk assessment: Evaluate the probability and impact of each risk to determine which risks need to be prioritized.
2. Planning stage:
Risk analysis: Conduct a detailed analysis of identified risks to understand their triggers and potential consequences.
Risk response planning: Develop response strategies for each significant risk, such as risk avoidance, risk mitigation, risk transfer, or risk acceptance.
Contingency planning: Create contingency plans to address potential risk events.
3. Execution stage:
Risk monitoring: Continuously monitor risks to ensure that risk response measures are implemented and strategies are adjusted in a timely manner to deal new emerging risks.
Risk communication: Communicate risk situations with team members and stakeholders to ensure that everyone is aware of the risks and their response measures.
4. Closing stage:
Risk review: At the end of the project, review the risk management process, summarize lessons learned, and improve risk management for future projects.
A project manager can do these to cope with risk during the stages of project management:
1. project initiation: Formulate the project workbook in detail, and reasonably formulate the project charter.
i. In addition to formulating the project workbook in detail and reasonably formulating the project charter, an initial risk assessment should also be conducted to identify potential external and internal factors that could impact the project, along with corresponding response strategies.
2. project planning: Enhance communication between teams, reasonable use of common project management software package to assist planning, reasonable economic feasibility analysis.
i. While emphasizing communication between teams, it’s also important to establish a clear roles and responsibilities matrix to ensure each team member understands their duties.
ii. On top of using project management software packages to assist planning, precise predictions should be made regarding resource allocation, time management, and cost control.
iii. Develop a comprehensive risk management plan, including risk identification, analysis, response planning, and monitoring.
3. project execution: Execute according to project priorities.
i. Executing according to project priorities is crucial, but maintaining flexibility to quickly adapt to changes or unexpected events is equally important.
ii. Regularly hold status update meetings to ensure all team members are aware of the latest progress and promptly address any emerging issues.
4. project closedown: Finish the finishing touches carefully and finish what you started
i. Carefully completing the finishing touches not only involves completing tasks but also ensuring all project documentation is properly archived to serve as learning materials for future projects.
ii. Conduct a post-implementation review (PIR) to summarize lessons learned, evaluate the achievement of project objectives, and identify practices that can be repeated in future projects.
Project managers can employ a variety of strategies to manage risk in the following four stages:
1. Start-up phase: In the start-up phase, the project manager identifies risks and assesses their impact. A careful analysis of the scope and resources of the project to ensure its feasibility.
2. Planning stage: In this stage, the risk is assessed in detail and a risk management plan is developed. Tools such as risk matrices or simulations can be used to predict the likelihood of risk and its impact and adjust plans accordingly.
3. Implementation phase: In the implementation phase, active risk monitoring is carried out. Project managers must constantly evaluate project performance and use tools such as Gantt charts or progress reports to identify and fix problems in a timely manner.
4. Closing stage: In closing stage, re-evaluate the remaining risks. Post-project reviews help identify lessons learned to better manage risk in future projects.
In my opinion, project managers deal with risks in the following four stages of project management as follows:
1.Project Identification and Selection Stage: Communicate comprehensively with all stakeholders to understand their needs and expectations and identify risks in advance. Use evaluation criteria such as technical difficulty and resource availability to assess risks, and prioritize projects and allocate resources according to risk levels.
2.Planning Stage: Ensure that the project is consistent with the company’s strategic goals and develop contingency plans for potential risks. Plan and manage resources rationally, arrange resource acquisition in advance, and address resource shortages.
3.Execution Stage: Continuously track project risks through methods such as meetings, reports, and reviews. Adopt a flexible approach to handle changing user requirements and make decisions after evaluating the impact of new requirements on the project.
4.Project Completion Stage: After the project is completed, summarize the lessons learned, analyze the risks and their response measures, and improve the management process. Organize risk and response strategy documents for reference in subsequent projects.
Project managers can take appropriate measures to avoid these risks.
In the project initiating phase, the project manager needs to define project objectives, identify key stakeholders, and write an accurate scope document.
In the project planning phase, there is a need to make confident plans, such as choosing the right development model, for example, in the context of a project where requirements may change several times, choosing a waterfall model may lead to project failure, and using agile development instead of traditional development methods will greatly reduce the risk of failure. This avoids process risks, requirements risks, etc.
In the project executing phase of the project, the project manager needs to assign tasks, coordinate the team, set up regular meetings and so on. This can avoid personnel risk, resource risk.
In the project Closing down phase, the project results need to be accepted and lessons learned need to be summarized.
1. Risk Identification: During the project initiation and planning phases, the project manager identifies potential risks by conducting feasibility studies and analyzing the project’s scope, objectives, and constraints.
2. Risk Assessment: The project manager evaluates the likelihood and impact of identified risks. This involves quantifying the potential costs and benefits associated with each risk and determining its priority.
3. Risk Mitigation: The project manager develops strategies to mitigate or reduce the impact of risks. This can include creating contingency plans, allocating additional resources, or implementing alternative solutions.
4. Monitoring and Control: During the execution phase, the project manager continuously monitors the project’s progress and adjusts plans as needed to address emerging risks. This involves regular reviews of project performance and the implementation of corrective actions.
5. Communication: The project manager ensures that all stakeholders are informed about potential risks and mitigation strategies. Effective communication helps manage expectations and ensures that everyone is aligned in addressing risks.
6. Review and Learning: During the project closedown phase, the project manager reviews the project’s outcomes and identifies lessons learned. This helps improve future risk management practices and ensures that similar risks are better managed in subsequent projects.
1. Initiating: In-depth communication and cooperation: Through multi-department coordination and feedback, ensure that all participants (including customers, superiors and team members) have a clear understanding of the final requirements of the project.
Detailed Requirements document: After the requirements analysis is completed, a detailed, readable user manual or document is generated to clarify the rights and obligations of each role.
Risk assessment: Through preliminary requirements review and comparison, identify potential risk points (such as incomplete functions, interface errors, etc.) and make response plans.
2. Planning: Detailed project plan: Before decomposing tasks, generate a detailed project plan (such as task list, schedule, budget, etc.) to clarify the time node and resource allocation of each task.
3. Executing: Regular evaluation and adjustment: find and correct risks in time through regular inspection meetings and feedback tests.
Continuous improvement: continuously optimize the project process and resource allocation according to the effect of risk management.
4. Closing down: Make sure the project has no loopholes before closing down.
1. Initiation Phase
Identify Risks:
Conduct stakeholder interviews to clarify requirements. Use SWOT analysis or PESTLE analysis to spot external risks . Coping Strategies:
Define clear project objectives and success criteria in the charter. Secure stakeholder buy-in early to minimize resistance later.
2. Planning Phase
Assess Risks:
Perform risk categorization (technical, operational, organizational). Use a risk matrix to prioritize risks by likelihood and impact. Coping Strategies:
Develop a Risk Management Plan:
Define mitigation steps (e.g., prototyping for technical risks). Allocate contingency budgets and timelines. Use agile methodologies to accommodate changing requirements.
3. Execution Phase
Monitor Risks:
Hold daily standups to identify emerging issues. Track progress using tools like Gantt charts or Kanban boards. Coping Strategies:
Implement change control processes to manage scope creep. Cross-train team members to mitigate resource shortages.
4. Monitoring & Controlling Phase
Respond to Risks:
Use Earned Value Management to cost deviations. Conduct risk audits to ensure mitigation plans are effective. Coping Strategies:
Escalate high-impact risks to stakeholders for support. Update risk registers and reallocate resources as needed.
5. Closure Phase
Review Risks:
Hold a post-mortem meeting to document lessons learned. Archive risk logs for future projects. Coping Strategies:
Validate that all risks were addressed and deliverables meet quality standards.
The project manager’s response to risk：
1、Project initiation stage：At the start of the project, the project manager should fully collect information, clarify the project target stakeholders, etc., and formulate a sound project plan.
2、Project planning stage：Use analog estimation parameter estimation and other methods to accurately estimate project cost and time, and make reasonable budget and schedule plan.
3、Project execution stage：Closely monitor the project schedule, cost and quality, detect deviations in time and take corrective actions.
4、Project monitoring stage：Manage project scope changes to ensure that changes are strictly approved to avoid scope creep.
5、Project closing stage：Make a comprehensive summary of the project, analyze the risks encountered in the process of the project and the effectiveness of the countermeasures, sum up the experience and lessons, and provide references for subsequent projects.
Managers can address risks from the following aspects.
1. Project lnitiation:
Risk ldentification: The project manager should identify potential risks early in the projectlifecycle. This includes conducting a feasibility sludy to assess the slrategic benefits andpotential risks of the project.
Risk Assessment: Evaluate the likelihood and impact of identified risks to priorilize themand determine the appropriate response strategles
2.Project Planning:
Risk Mitigation Strategies: Develop strategies to miligate identifed risks, such ascontingency plans, risk avoidance, risk transfer, or risk acceptance.
Resource Allocation: Ensure that adequate resources are allocated to address potentialArisks, including budget, personnel, and time.
Risk Communication Plan: Establish a communication plan to keep stakeholders informedabout the status of identified risks and the actions being taken to mitigate them.
3.Project Execution:
Risk Monitoring: Continuously monitor the project for any changes in the risk landscape andnew risks that may emerge.
Risk Control: lmplement the risk mitigation strategies and adjust them as necessary basedon the project’s progress and any changes in the risk environment.
Stakeholder Engagement: Engage stakeholders in the risk management process to ensuretheir support and buy-in for the risk mitigation strategies.
4.Project Monitoring and Controlling.
e Performance Measurement: Use performance metrics to assess the effectiveness of therisk mitigation strategies and the overall project progress.
Earned Value Analysis (EVA): Apply EVA to compare the planned performance with theactual performance and identify any deviations that may indicate potential risks.
Change Management: Manage any changes to the project scope, schedule, or resources toensure they do not introduce new risks or exacerbate existing ones
5.Proiect Closing:
Post-mplementation Review: Conduct a post-implementation review to assess the project’ssuccess in meeting its objectives and to identify any lessons learned for future projects.Risk Documentation: Document the risks encountered during the project, the actions takento mitigate them, and the outcomes to serve as a reference for future projects
By following these steps, a project manager can effectively manage risks throughout the projectlifecycle, ensuring that the project stays on track and meets ils objectives
A project manager addresses risks proactively throughout the project lifecycle by integrating risk management into each phase:
1. Initiation phase: Identify risks and ensure risk tolerance.
2. Planning phase: Develop a comprehensive risk management plan and ensure resources are allocated for risk management activities.
3. Execution phase: Continuously monitor identified risks and execute risk response plans as needed
4. Closure phase: Conduct a post-project review to evaluate how risks were managed and identify lessons learned.
First, during project initiation, risks might involve unclear objectives or stakeholder misalignment. The project manager should probably identify key stakeholders and set clear expectations. Maybe using a project charter helps here to outline objectives and get everyone on the same page. Also, conducting a feasibility study could help assess potential risks early on.
In the planning phase, risk management becomes more structured. The project manager should create a risk management plan. Techniques like a risk assessment matrix could be used to prioritize risks based on their likelihood and impact. The work breakdown structure (WBS) might help in identifying risks at the task level.
During execution, monitoring is crucial. The project manager needs to track progress against the baseline plan. If risks materialize, change management procedures come into play. The project workbook could be updated to reflect new risks and mitigation strategies. Communication plans ensure stakeholders are informed about risks and any adjustments made.
In the closedown phase, the focus is on reviewing what went well and what did not. Post-project reviews can document lessons learned about risks, which helps in future projects. Closing contracts properly also mitigates legal or financial risks post-completion. —Sabrina_ ZHANG Ruizhen
During the project initiation phase, the project manager is supposed to communicate with stakeholders, professional technicians, and clients to determine requirements, carry out feasibility studies, and preliminarily identify risks. During the project planning phase, the project manager needs to have management skills, allocate resources, control costs, and effectively define and prioritize the project. During the project execution phase, the project manager should supervise the project, have the capability to solve technical problems, handle risk issues appropriately, attach significance to project change management, mediate conflicts, and promote collaboration among team members. In the closedown phase, the project manager should record the problems that emerged during the project process and summarize the lessons learned.
1. Project initiation phase :
Risk : Unclear goals or inconsistent opinions among stakeholders.
Measure: Clearly identify key stakeholders and set clear expectations, using the Project Charter to outline goals and reach consensus. Conduct feasibility studies to assess potential risks early on.
2. Project Planning Stage:
Risk: It is necessary to systematically identify and manage risks.
Measure: Develop a risk management plan and use the Risk Assessment Matrix to prioritize risks based on likelihood and impact. Identify risks at the task level through the Work Breakdown Structure (WBS).
3. Project Execution Phase:
Risk: Actual progress may deviate from the plan.
Measure: Closely monitor project progress and initiate change management processes if risks occur. Update the project work manual to document new risks and response strategies, and ensure stakeholders understand risks and adjustments through communication plans.
4. Project Closing Stage:Risk: Failure to summarize experience may lead to repeated errors in future projects.
Measure Conduct a post project review and document lessons learned from risk management. Properly close the contract to avoid legal or financial risks.
Summary: Project managers need to take targeted measures at each stage to identify, assess, and respond to risks, ensure the smooth completion of the project, and accumulate experience for future projects.
In my opinion, project managers deal with risk at all stages of project management as follows：
1. Initiation Stage
Risk Identification: Identify potential risks through brainstorming and historical data analysis.
Risk Planning: Develop a risk management plan outlining how risks will be identified, analyzed, and mitigated.
2. Planning Stage
Risk Analysis: Assess the likelihood and impact of risks using qualitative and quantitative methods.
Prioritization: Prioritize risks based on severity and likelihood, focusing on high-impact risks.
Mitigation Strategies: Develop strategies to mitigate high-priority risks, such as avoidance, transfer, or control implementation.
Budget and Schedule Contingencies: Build contingencies into the budget and schedule to address potential risks.
3. Execution Stage
Implement Mitigation: Execute risk mitigation plans developed during planning.
Monitor Risks: Continuously monitor risks and update the risk management plan as needed.
Communicate Risks: Inform stakeholders about risk status and mitigation efforts.
Adapt Plans: Adjust project plans in response to emerging risks or changes in the project environment.
4. Monitoring and Controlling Stage
Risk Monitoring: Use tools like risk registers and dashboards to actively monitor risks.
Evaluate Effectiveness: Regularly review the effectiveness of risk mitigation strategies and make adjustments.
Issue Management: Address issues arising from risks promptly to minimize their impact on the project.
5. Closing Stage
Risk Closure: Ensure all identified risks are resolved or no longer relevant, and hand over residual risks to appropriate stakeholders.
Lessons Learned: Document lessons learned from risk management efforts for future projects.
Post-Implementation Review: Conduct a review to assess the overall success of the project and the effectiveness of risk management strategies.
A project manager copes with risk during the stages of project management by conducting thorough risk analyses and ensuring that risk assessments are based on a proper methodology. They should also ensure that the project has a robust requirements definition that includes key system controls and that any changes or additional requirements are strictly controlled. Additionally, the project manager should be prepared for the possibility of personnel changes and have contingency plans in place to address the departure of key team members. Regular audits and reviews can help identify and mitigate risks throughout the project lifecycle.
Project manager may report to a project management office or to the development organization. Project management staff use budgets assigned to them to deliver IS initiatives and report on project progress to the IT steering committee.
project initiation phase:
Evaluate the necessity, size, scope and complexity of the project and establish procedures to deal with potential risk.
project planning phase:
(1)Continually try to identify and assess risk and risk resources.
(2)Give particular attention to the sections in the requirements definition that address key system controls, such as measures to ensure segregation of Duties.
(3)The system design and estimates should be frozen only if there is an overwhelming reason for changing.
project execution phase:
(1)Monitoring project progress to prevent deviation from baseline project plan with tools such as Gantt chart.
(2)Communicate the project status with stakeholders by various format with suitable document in case there’s a risk.
project closedown phase:
(1) Prepare to handle possible negative issues such as job termination.
(2) Gain agreement form customer that all contractual obligations have been met and that further work is not our responsibility. Then close the relevant contracts.
Project initiation stage: The project manager assesses the overall project risk by understanding the project’s size, scope, and complexity. They form a project initiation team with members who can help identify and address potential risks. By establishing a good relationship with the customer, the project manager can better understand the requirements and expectations, reducing the risk of misunderstandings. Creating a project initiation plan and defining management procedures also helps in setting a framework for risk management. For example, determining how project funding and billing will be handled can prevent financial – related risks.
Project planning stage: During this stage, the project manager decomposes the project into manageable tasks and creates a detailed schedule using tools like Gantt charts and network diagrams. They estimate resources accurately and develop a resource plan to avoid resource – related risks. Risk identification and assessment are crucial. The project manager lists potential risks, analyzes their likelihood and impact, and develops risk response strategies. For example, if a risk is identified as a potential shortage of a particular skill set in the team, the manager can plan for training or hire external experts in advance.
Project execution stage: The project manager closely monitors the project’s progress against the baseline plan. They use project schedule charts to detect any deviations early. When risks materialize, such as a task delay or a change in requirements, the project manager takes immediate action. This may involve reallocating resources, adjusting the schedule, or finding alternative solutions. For example, if a key team member leaves, the manager can redistribute tasks among the remaining members or hire a replacement. Effective communication with the team and stakeholders is also essential during this stage to keep everyone informed about the risks and the actions being taken.
Project closure stage: The project manager conducts a post – project review to evaluate how well the project managed risks. They analyze what went well and what could be improved in the risk management process. This feedback is used to enhance risk management practices in future projects. For example, if a particular risk was not adequately addressed during the project, the manager can identify the reasons and develop strategies to prevent similar issues in the future. The manager also ensures that all contractual obligations are met and that the project is officially closed in a proper manner.
1. Startup phase
– Risk identification: communicating with stakeholders to identify potential risks.
Clear objectives: Define clear project objectives and scope to reduce ambiguity and avoid late scope creep.
2. Planning stage
Develop a risk management plan, including risk identification, assessment, prioritization and response strategies.
Allocate emergency resources: Set aside time, budget and resources for high-risk areas.
Communication plan: Establish clear communication channels to ensure that team and stakeholder information is in sync.
3. Implementation phase
– Continuous monitoring: Periodically check the risk status to identify and resolve problems in a timely manner.
– Flexible adjustment: Adjust the plan according to the actual situation to ensure that the project objectives are not affected.
– Teamwork: Maintain effective communication within the team and with stakeholders to ensure that risk response measures are implemented.
4. Monitoring and control stage
Risk tracking: Use project management tools to monitor risk triggers and the effectiveness of response actions.
– Periodic review: Hold risk review meetings to update the risk management plan and ensure it is consistent with the progress of the project.
– Corrective action: Take corrective action for deviations from the plan to prevent risk escalation.
Specific coping strategies:
Avoid risk
Risk mitigation
Transfer risk
Receiving wind
Project Initiation Stage:The project manager assesses overall risk by understanding the project’s size, scope, and complexity. A team is formed to identify and address potential risks. Building a strong relationship with the client helps clarify requirements and reduce misunderstandings. A project initiation plan and management procedures are established to set a risk management framework.
Project Planning Stage: The project is broken down into manageable tasks, with detailed schedules created using tools like Gantt charts. Resources are estimated accurately, and a resource plan is developed. Risks are identified, assessed, and response strategies are formulated, such as planning for training or hiring experts if skill shortages are anticipated.
Project Execution Stage:The project manager monitors progress against the baseline plan, using schedule charts to detect deviations. Immediate actions are taken when risks arise, such as reallocating resources or adjusting schedules. Effective communication with the team and stakeholders is maintained to keep everyone informed about risks and actions.
Project Closure Stage:A post-project review evaluates risk management effectiveness. Lessons learned are used to improve future risk management practices. Contractual obligations are fulfilled, and the project is formally closed.
In the initiation stage, a project manager identifies risks by brainstorming and using past data. During planning, risks are analyzed, and mitigation strategies like contingency plans are created. In the execution stage, continuous monitoring helps spot emerging risks early. Quick actions, such as re – allocating resources, are taken when risks materialize. In the close – out stage, the effectiveness of risk management is evaluated, and lessons are learned for future projects.
Regarding the four phases of project management, I suggest project managers can cope with risks in the following ways:
1. In the Initiation Stage
(1) Risk Identification: The project manager, together with the stakeholders, should identify potential risks by reviewing the project’s scope, objectives, and constraints. They can use techniques such as brainstorming, checklists, and historical data from similar projects.
(2) Initial Risk Assessment: Assess the likelihood and potential impact of each identified risk. This helps in prioritizing risks and determining which ones require more attention.
2. In the Planning Stage
(1) Risk Response Planning: Develop specific strategies for dealing with high – priority risks, including risk avoidance, risk reduction, risk transfer, or risk acceptance.
(2) Contingency Planning: Set aside reserves of time, money, and resources to deal with unexpected events. Especially, establish clear trigger points for when the contingency plan should be activated.
3. In the Execution Stage
(1) Risk Monitoring: Continuously monitor the project for new risks and changes in the status of existing risks. Regularly review project progress, team performance, and external factors that could impact the project.
(2) Risk Response Implementation: When a risk occurs or a trigger point is reached, implement the pre – defined risk response plan. This may involve reallocating resources, adjusting the project schedule, or implementing a workaround for a technical problem.
(3) Communication: Keep the project team and stakeholders informed about the status of risks and the actions being taken to address them. Transparent communication helps in managing expectations and ensuring everyone is on the same page.
4. In the Closing Stage
(1) Risk Review: Conduct a final review of the project’s risks to identify any lessons learned. This information can be used to improve risk management in future projects.
(2) Documentation: Document the entire risk management process, including the identified risks, the response strategies, and the outcomes. This documentation serves as a valuable reference for future projects.
In my opinion, the following measures can be taken:
1. make clear and reasonable resource allocation and cost control when designating the plan
2. review the system regularly to control the risk
3. every system update, fix or any other information needs to be clearly documented in case of emergencies
4. use the relevant tools to monitor the relevant data
Project Risk Management Summary：
Initiation Phase: Identify risks, set priorities (risk matrix), clarify objectives.
Planning Phase: Develop risk register (RAID log), reserve emergency resources, validate feasibility (prototype).
Execution Phase: Iterative delivery (agile), strict change control, real-time communication.
Monitoring Phase: Track risk indicators, flexibly adjust plans, enhance quality testing.
Closing Phase: Review experiences, improve document handover.
General Strategy: Clarify responsibility division, use tools for tracking (e.g., Jira), maintain transparent communication, design modularity to reduce impact.
1. Initiation stage:
Risk identification: The project manager should identify potential risk sources and document these risks.
Risk assessment: Evaluate the probability and impact of each risk to determine which risks need to be prioritized.
2. Planning stage:
Risk analysis: Conduct a detailed analysis of identified risks to understand their triggers and potential consequences.
Risk response planning: Develop response strategies for each significant risk, such as risk avoidance, risk mitigation, risk transfer, or risk acceptance.
Contingency planning: Create contingency plans to address potential risk events.
3. Execution stage:
Risk monitoring: Continuously monitor risks to ensure that risk response measures are implemented and strategies are adjusted in a timely manner to deal new emerging risks.
Risk communication: Communicate risk situations with team members and stakeholders to ensure that everyone is aware of the risks and their response measures.
4. Closing stage:
Risk review: At the end of the project, review the risk management process, summarize lessons learned, and improve risk management for future projects.
A project manager can do these to cope with risk during the stages of project management:
1. project initiation: Formulate the project workbook in detail, and reasonably formulate the project charter.
i. In addition to formulating the project workbook in detail and reasonably formulating the project charter, an initial risk assessment should also be conducted to identify potential external and internal factors that could impact the project, along with corresponding response strategies.
2. project planning: Enhance communication between teams, reasonable use of common project management software package to assist planning, reasonable economic feasibility analysis.
i. While emphasizing communication between teams, it’s also important to establish a clear roles and responsibilities matrix to ensure each team member understands their duties.
ii. On top of using project management software packages to assist planning, precise predictions should be made regarding resource allocation, time management, and cost control.
iii. Develop a comprehensive risk management plan, including risk identification, analysis, response planning, and monitoring.
3. project execution: Execute according to project priorities.
i. Executing according to project priorities is crucial, but maintaining flexibility to quickly adapt to changes or unexpected events is equally important.
ii. Regularly hold status update meetings to ensure all team members are aware of the latest progress and promptly address any emerging issues.
4. project closedown: Finish the finishing touches carefully and finish what you started
i. Carefully completing the finishing touches not only involves completing tasks but also ensuring all project documentation is properly archived to serve as learning materials for future projects.
ii. Conduct a post-implementation review (PIR) to summarize lessons learned, evaluate the achievement of project objectives, and identify practices that can be repeated in future projects.
Project managers can employ a variety of strategies to manage risk in the following four stages:
1. Start-up phase: In the start-up phase, the project manager identifies risks and assesses their impact. A careful analysis of the scope and resources of the project to ensure its feasibility.
2. Planning stage: In this stage, the risk is assessed in detail and a risk management plan is developed. Tools such as risk matrices or simulations can be used to predict the likelihood of risk and its impact and adjust plans accordingly.
3. Implementation phase: In the implementation phase, active risk monitoring is carried out. Project managers must constantly evaluate project performance and use tools such as Gantt charts or progress reports to identify and fix problems in a timely manner.
4. Closing stage: In closing stage, re-evaluate the remaining risks. Post-project reviews help identify lessons learned to better manage risk in future projects.
In my opinion, project managers deal with risks in the following four stages of project management as follows:
1.Project Identification and Selection Stage: Communicate comprehensively with all stakeholders to understand their needs and expectations and identify risks in advance. Use evaluation criteria such as technical difficulty and resource availability to assess risks, and prioritize projects and allocate resources according to risk levels.
2.Planning Stage: Ensure that the project is consistent with the company’s strategic goals and develop contingency plans for potential risks. Plan and manage resources rationally, arrange resource acquisition in advance, and address resource shortages.
3.Execution Stage: Continuously track project risks through methods such as meetings, reports, and reviews. Adopt a flexible approach to handle changing user requirements and make decisions after evaluating the impact of new requirements on the project.
4.Project Completion Stage: After the project is completed, summarize the lessons learned, analyze the risks and their response measures, and improve the management process. Organize risk and response strategy documents for reference in subsequent projects.
Linda Yujing Gao
Project managers can take appropriate measures to avoid these risks.
In the project initiating phase, the project manager needs to define project objectives, identify key stakeholders, and write an accurate scope document.
In the project planning phase, there is a need to make confident plans, such as choosing the right development model, for example, in the context of a project where requirements may change several times, choosing a waterfall model may lead to project failure, and using agile development instead of traditional development methods will greatly reduce the risk of failure. This avoids process risks, requirements risks, etc.
In the project executing phase of the project, the project manager needs to assign tasks, coordinate the team, set up regular meetings and so on. This can avoid personnel risk, resource risk.
In the project Closing down phase, the project results need to be accepted and lessons learned need to be summarized.
1. Risk Identification: During the project initiation and planning phases, the project manager identifies potential risks by conducting feasibility studies and analyzing the project’s scope, objectives, and constraints.
2. Risk Assessment: The project manager evaluates the likelihood and impact of identified risks. This involves quantifying the potential costs and benefits associated with each risk and determining its priority.
3. Risk Mitigation: The project manager develops strategies to mitigate or reduce the impact of risks. This can include creating contingency plans, allocating additional resources, or implementing alternative solutions.
4. Monitoring and Control: During the execution phase, the project manager continuously monitors the project’s progress and adjusts plans as needed to address emerging risks. This involves regular reviews of project performance and the implementation of corrective actions.
5. Communication: The project manager ensures that all stakeholders are informed about potential risks and mitigation strategies. Effective communication helps manage expectations and ensures that everyone is aligned in addressing risks.
6. Review and Learning: During the project closedown phase, the project manager reviews the project’s outcomes and identifies lessons learned. This helps improve future risk management practices and ensures that similar risks are better managed in subsequent projects.
1. Initiating: In-depth communication and cooperation: Through multi-department coordination and feedback, ensure that all participants (including customers, superiors and team members) have a clear understanding of the final requirements of the project.
Detailed Requirements document: After the requirements analysis is completed, a detailed, readable user manual or document is generated to clarify the rights and obligations of each role.
Risk assessment: Through preliminary requirements review and comparison, identify potential risk points (such as incomplete functions, interface errors, etc.) and make response plans.
2. Planning: Detailed project plan: Before decomposing tasks, generate a detailed project plan (such as task list, schedule, budget, etc.) to clarify the time node and resource allocation of each task.
3. Executing: Regular evaluation and adjustment: find and correct risks in time through regular inspection meetings and feedback tests.
Continuous improvement: continuously optimize the project process and resource allocation according to the effect of risk management.
4. Closing down: Make sure the project has no loopholes before closing down.
1. Initiation Phase
Identify Risks:
Conduct stakeholder interviews to clarify requirements. Use SWOT analysis or PESTLE analysis to spot external risks . Coping Strategies:
Define clear project objectives and success criteria in the charter. Secure stakeholder buy-in early to minimize resistance later.
2. Planning Phase
Assess Risks:
Perform risk categorization (technical, operational, organizational). Use a risk matrix to prioritize risks by likelihood and impact. Coping Strategies:
Develop a Risk Management Plan:
Define mitigation steps (e.g., prototyping for technical risks). Allocate contingency budgets and timelines. Use agile methodologies to accommodate changing requirements.
3. Execution Phase
Monitor Risks:
Hold daily standups to identify emerging issues. Track progress using tools like Gantt charts or Kanban boards. Coping Strategies:
Implement change control processes to manage scope creep. Cross-train team members to mitigate resource shortages.
4. Monitoring & Controlling Phase
Respond to Risks:
Use Earned Value Management to cost deviations. Conduct risk audits to ensure mitigation plans are effective. Coping Strategies:
Escalate high-impact risks to stakeholders for support. Update risk registers and reallocate resources as needed.
5. Closure Phase
Review Risks:
Hold a post-mortem meeting to document lessons learned. Archive risk logs for future projects. Coping Strategies:
Validate that all risks were addressed and deliverables meet quality standards.
The project manager’s response to risk：
1、Project initiation stage：At the start of the project, the project manager should fully collect information, clarify the project target stakeholders, etc., and formulate a sound project plan.
2、Project planning stage：Use analog estimation parameter estimation and other methods to accurately estimate project cost and time, and make reasonable budget and schedule plan.
3、Project execution stage：Closely monitor the project schedule, cost and quality, detect deviations in time and take corrective actions.
4、Project monitoring stage：Manage project scope changes to ensure that changes are strictly approved to avoid scope creep.
5、Project closing stage：Make a comprehensive summary of the project, analyze the risks encountered in the process of the project and the effectiveness of the countermeasures, sum up the experience and lessons, and provide references for subsequent projects.
Managers can address risks from the following aspects.
1. Project lnitiation:
Risk ldentification: The project manager should identify potential risks early in the projectlifecycle. This includes conducting a feasibility sludy to assess the slrategic benefits andpotential risks of the project.
Risk Assessment: Evaluate the likelihood and impact of identified risks to priorilize themand determine the appropriate response strategles
2.Project Planning:
Risk Mitigation Strategies: Develop strategies to miligate identifed risks, such ascontingency plans, risk avoidance, risk transfer, or risk acceptance.
Resource Allocation: Ensure that adequate resources are allocated to address potentialArisks, including budget, personnel, and time.
Risk Communication Plan: Establish a communication plan to keep stakeholders informedabout the status of identified risks and the actions being taken to mitigate them.
3.Project Execution:
Risk Monitoring: Continuously monitor the project for any changes in the risk landscape andnew risks that may emerge.
Risk Control: lmplement the risk mitigation strategies and adjust them as necessary basedon the project’s progress and any changes in the risk environment.
Stakeholder Engagement: Engage stakeholders in the risk management process to ensuretheir support and buy-in for the risk mitigation strategies.
4.Project Monitoring and Controlling.
e Performance Measurement: Use performance metrics to assess the effectiveness of therisk mitigation strategies and the overall project progress.
Earned Value Analysis (EVA): Apply EVA to compare the planned performance with theactual performance and identify any deviations that may indicate potential risks.
Change Management: Manage any changes to the project scope, schedule, or resources toensure they do not introduce new risks or exacerbate existing ones
5.Proiect Closing:
Post-mplementation Review: Conduct a post-implementation review to assess the project’ssuccess in meeting its objectives and to identify any lessons learned for future projects.Risk Documentation: Document the risks encountered during the project, the actions takento mitigate them, and the outcomes to serve as a reference for future projects
By following these steps, a project manager can effectively manage risks throughout the projectlifecycle, ensuring that the project stays on track and meets ils objectives
A project manager addresses risks proactively throughout the project lifecycle by integrating risk management into each phase:
1. Initiation phase: Identify risks and ensure risk tolerance.
2. Planning phase: Develop a comprehensive risk management plan and ensure resources are allocated for risk management activities.
3. Execution phase: Continuously monitor identified risks and execute risk response plans as needed
4. Closure phase: Conduct a post-project review to evaluate how risks were managed and identify lessons learned.
First, during project initiation, risks might involve unclear objectives or stakeholder misalignment. The project manager should probably identify key stakeholders and set clear expectations. Maybe using a project charter helps here to outline objectives and get everyone on the same page. Also, conducting a feasibility study could help assess potential risks early on.
In the planning phase, risk management becomes more structured. The project manager should create a risk management plan. Techniques like a risk assessment matrix could be used to prioritize risks based on their likelihood and impact. The work breakdown structure (WBS) might help in identifying risks at the task level.
During execution, monitoring is crucial. The project manager needs to track progress against the baseline plan. If risks materialize, change management procedures come into play. The project workbook could be updated to reflect new risks and mitigation strategies. Communication plans ensure stakeholders are informed about risks and any adjustments made.
In the closedown phase, the focus is on reviewing what went well and what did not. Post-project reviews can document lessons learned about risks, which helps in future projects. Closing contracts properly also mitigates legal or financial risks post-completion. —Sabrina_ ZHANG Ruizhen
During the project initiation phase, the project manager is supposed to communicate with stakeholders, professional technicians, and clients to determine requirements, carry out feasibility studies, and preliminarily identify risks. During the project planning phase, the project manager needs to have management skills, allocate resources, control costs, and effectively define and prioritize the project. During the project execution phase, the project manager should supervise the project, have the capability to solve technical problems, handle risk issues appropriately, attach significance to project change management, mediate conflicts, and promote collaboration among team members. In the closedown phase, the project manager should record the problems that emerged during the project process and summarize the lessons learned.
1. Project initiation phase :
Risk : Unclear goals or inconsistent opinions among stakeholders.
Measure: Clearly identify key stakeholders and set clear expectations, using the Project Charter to outline goals and reach consensus. Conduct feasibility studies to assess potential risks early on.
2. Project Planning Stage:
Risk: It is necessary to systematically identify and manage risks.
Measure: Develop a risk management plan and use the Risk Assessment Matrix to prioritize risks based on likelihood and impact. Identify risks at the task level through the Work Breakdown Structure (WBS).
3. Project Execution Phase:
Risk: Actual progress may deviate from the plan.
Measure: Closely monitor project progress and initiate change management processes if risks occur. Update the project work manual to document new risks and response strategies, and ensure stakeholders understand risks and adjustments through communication plans.
4. Project Closing Stage:Risk: Failure to summarize experience may lead to repeated errors in future projects.
Measure Conduct a post project review and document lessons learned from risk management. Properly close the contract to avoid legal or financial risks.
Summary: Project managers need to take targeted measures at each stage to identify, assess, and respond to risks, ensure the smooth completion of the project, and accumulate experience for future projects.
In my opinion, project managers deal with risk at all stages of project management as follows：
1. Initiation Stage
Risk Identification: Identify potential risks through brainstorming and historical data analysis.
Risk Planning: Develop a risk management plan outlining how risks will be identified, analyzed, and mitigated.
2. Planning Stage
Risk Analysis: Assess the likelihood and impact of risks using qualitative and quantitative methods.
Prioritization: Prioritize risks based on severity and likelihood, focusing on high-impact risks.
Mitigation Strategies: Develop strategies to mitigate high-priority risks, such as avoidance, transfer, or control implementation.
Budget and Schedule Contingencies: Build contingencies into the budget and schedule to address potential risks.
3. Execution Stage
Implement Mitigation: Execute risk mitigation plans developed during planning.
Monitor Risks: Continuously monitor risks and update the risk management plan as needed.
Communicate Risks: Inform stakeholders about risk status and mitigation efforts.
Adapt Plans: Adjust project plans in response to emerging risks or changes in the project environment.
4. Monitoring and Controlling Stage
Risk Monitoring: Use tools like risk registers and dashboards to actively monitor risks.
Evaluate Effectiveness: Regularly review the effectiveness of risk mitigation strategies and make adjustments.
Issue Management: Address issues arising from risks promptly to minimize their impact on the project.
5. Closing Stage
Risk Closure: Ensure all identified risks are resolved or no longer relevant, and hand over residual risks to appropriate stakeholders.
Lessons Learned: Document lessons learned from risk management efforts for future projects.
Post-Implementation Review: Conduct a review to assess the overall success of the project and the effectiveness of risk management strategies.
Here’s how PMs address risks at each stage:
1.Initiation Phase
(1).Risk Identification.
(2).Scope Definition.
(3).Stakeholder Analysis.
2.Planning Phase
(1).Risk Register.
(2).Contingency Reserves.
(3).Prototyping.
(4).Work Breakdown Structure.
3. Execution Phase
(1).Agile Practices.
(2).Daily Stand-ups.
(3).Change Control Proces.
4.Monitoring & Controlling Phase
(1).KPIs and Dashboards.
(2).Risk Audits.
(3).Escalation Protocols.
5.Closure Phase
(1).Post-Implementation Review .
(2).User Training.
(3).Handover Documentation.
A project manager copes with risk during the stages of project management by conducting thorough risk analyses and ensuring that risk assessments are based on a proper methodology. They should also ensure that the project has a robust requirements definition that includes key system controls and that any changes or additional requirements are strictly controlled. Additionally, the project manager should be prepared for the possibility of personnel changes and have contingency plans in place to address the departure of key team members. Regular audits and reviews can help identify and mitigate risks throughout the project lifecycle.
Project manager may report to a project management office or to the development organization. Project management staff use budgets assigned to them to deliver IS initiatives and report on project progress to the IT steering committee.
project initiation phase:
Evaluate the necessity, size, scope and complexity of the project and establish procedures to deal with potential risk.
project planning phase:
(1)Continually try to identify and assess risk and risk resources.
(2)Give particular attention to the sections in the requirements definition that address key system controls, such as measures to ensure segregation of Duties.
(3)The system design and estimates should be frozen only if there is an overwhelming reason for changing.
project execution phase:
(1)Monitoring project progress to prevent deviation from baseline project plan with tools such as Gantt chart.
(2)Communicate the project status with stakeholders by various format with suitable document in case there’s a risk.
project closedown phase:
(1) Prepare to handle possible negative issues such as job termination.
(2) Gain agreement form customer that all contractual obligations have been met and that further work is not our responsibility. Then close the relevant contracts.
Project initiation stage: The project manager assesses the overall project risk by understanding the project’s size, scope, and complexity. They form a project initiation team with members who can help identify and address potential risks. By establishing a good relationship with the customer, the project manager can better understand the requirements and expectations, reducing the risk of misunderstandings. Creating a project initiation plan and defining management procedures also helps in setting a framework for risk management. For example, determining how project funding and billing will be handled can prevent financial – related risks.
Project planning stage: During this stage, the project manager decomposes the project into manageable tasks and creates a detailed schedule using tools like Gantt charts and network diagrams. They estimate resources accurately and develop a resource plan to avoid resource – related risks. Risk identification and assessment are crucial. The project manager lists potential risks, analyzes their likelihood and impact, and develops risk response strategies. For example, if a risk is identified as a potential shortage of a particular skill set in the team, the manager can plan for training or hire external experts in advance.
Project execution stage: The project manager closely monitors the project’s progress against the baseline plan. They use project schedule charts to detect any deviations early. When risks materialize, such as a task delay or a change in requirements, the project manager takes immediate action. This may involve reallocating resources, adjusting the schedule, or finding alternative solutions. For example, if a key team member leaves, the manager can redistribute tasks among the remaining members or hire a replacement. Effective communication with the team and stakeholders is also essential during this stage to keep everyone informed about the risks and the actions being taken.
Project closure stage: The project manager conducts a post – project review to evaluate how well the project managed risks. They analyze what went well and what could be improved in the risk management process. This feedback is used to enhance risk management practices in future projects. For example, if a particular risk was not adequately addressed during the project, the manager can identify the reasons and develop strategies to prevent similar issues in the future. The manager also ensures that all contractual obligations are met and that the project is officially closed in a proper manner.
1. Startup phase
– Risk identification: communicating with stakeholders to identify potential risks.
Clear objectives: Define clear project objectives and scope to reduce ambiguity and avoid late scope creep.
2. Planning stage
Develop a risk management plan, including risk identification, assessment, prioritization and response strategies.
Allocate emergency resources: Set aside time, budget and resources for high-risk areas.
Communication plan: Establish clear communication channels to ensure that team and stakeholder information is in sync.
3. Implementation phase
– Continuous monitoring: Periodically check the risk status to identify and resolve problems in a timely manner.
– Flexible adjustment: Adjust the plan according to the actual situation to ensure that the project objectives are not affected.
– Teamwork: Maintain effective communication within the team and with stakeholders to ensure that risk response measures are implemented.
4. Monitoring and control stage
Risk tracking: Use project management tools to monitor risk triggers and the effectiveness of response actions.
– Periodic review: Hold risk review meetings to update the risk management plan and ensure it is consistent with the progress of the project.
– Corrective action: Take corrective action for deviations from the plan to prevent risk escalation.
Specific coping strategies:
Avoid risk
Risk mitigation
Transfer risk
Receiving wind
Project Risk Management Overview:
Initiation: Spot risks, prioritize with a risk matrix, and define clear objectives.
Planning: Create a risk register (RAID log), allocate emergency resources, and verify feasibility through prototyping.
Execution: Adopt iterative (agile) delivery, enforce strict change control, and ensure real – time communication.
Monitoring: Follow risk indicators, adapt plans flexibly, and strengthen quality testing.
Closing: Reflect on experiences and enhance document handover.
Overall Approach: Define clear responsibilities, use tracking tools like Jiva, keep communication open, and design modularly to minimize impacts.
Project Initiation Stage:The project manager assesses overall risk by understanding the project’s size, scope, and complexity. A team is formed to identify and address potential risks. Building a strong relationship with the client helps clarify requirements and reduce misunderstandings. A project initiation plan and management procedures are established to set a risk management framework.
Project Planning Stage: The project is broken down into manageable tasks, with detailed schedules created using tools like Gantt charts. Resources are estimated accurately, and a resource plan is developed. Risks are identified, assessed, and response strategies are formulated, such as planning for training or hiring experts if skill shortages are anticipated.
Project Execution Stage:The project manager monitors progress against the baseline plan, using schedule charts to detect deviations. Immediate actions are taken when risks arise, such as reallocating resources or adjusting schedules. Effective communication with the team and stakeholders is maintained to keep everyone informed about risks and actions.
Project Closure Stage:A post-project review evaluates risk management effectiveness. Lessons learned are used to improve future risk management practices. Contractual obligations are fulfilled, and the project is formally closed.
In the initiation stage, a project manager identifies risks by brainstorming and using past data. During planning, risks are analyzed, and mitigation strategies like contingency plans are created. In the execution stage, continuous monitoring helps spot emerging risks early. Quick actions, such as re – allocating resources, are taken when risks materialize. In the close – out stage, the effectiveness of risk management is evaluated, and lessons are learned for future projects.