Risk Management has an impact on the business, the cost of not implementing it will deteriorate the effectiveness of the work process where all its related elements such as integrity, quality, profitability, etc… will be affected drastically.
The importance of having a qualified risk management control is not limited to being Proactive. If the project management office is proactive, the project plan will be provisional and will provide the ability to develop solutions to the issues ahead of time. Having said that, being reactive will force the project
team to mitigate the problem once occurred which will impact the tasks completeness due to management reaction toward this drop that will be reflected on the project timeline and milestones’ due dates as well as the project members moral.
Proper risk management will reduce not only the likelihood of an event occurring but also the magnitude of its impact. Once all possible risks that may threaten the success of the project are identified, the team must select the most likely to occur based on lesson learned and some other factors. Therefore risk management should be done early in the game and maintained over the life cycle of the project.
Implementing a Risk Management is not limited to providing mental satisfaction, avoiding disasters, increasing the sense of accountability and giving you competitive edge over others.
Introduce Risk Management Process Control in your plans before it is getting too late…