Managing risk is the most critical part of any project. There are various factors contributing to the rise of risks in a project. Because of this risk can happen on any project whether it is big or small.
The first step in managing risk is by making it a recurring process. At the very beginning of the starting of project itself the risks that can arise during the project and the methodologies for managing them need to be listed in detail. A risk register need to be created at the beginning of the project which should be rechecked at the several stages. A SWOT analysis need to be carried out for identifying the risks factors.
It is to be noted that all risks that may arise during the project are dangerous. Prioritizing and re-prioritizing the risks should be part of the risk management. Assigning each risk a value depending upon the probability of happening and the impact of affecting will be good to keep priorities. Reordering the various risks and re-checking them based on priorities keeps the project running smoothly.
For each risk, there should be an associated mitigation strategy and tracking the risks based on this the final step in risk management. It is also essential to track all project tasks so that no flaw occurs in the project process.