Managing risk
Featured in the The Project Management Activity Pack training manual
By Eddie Davies
Category: Management
Credit price: 4 download credits (Single user)
While some projects end successfully many more fail and most end somewhere in between. Often one of the key measures is missed; you’ve gone over deadline, exceeded budget or not fully met customer expectations. Many industry studies say that in excess of 70 per cent of IT projects are abandoned before completion. There is no universal agreed definition of ‘project failure’. Some projects fail to meet their original targets for completely legitimate, unforeseen circumstances and some projects ‘fail’ because they become too successful.
You start the training activity by leading a discussion exploring some of the common features behind why major projects fail. One of the common threads you discuss is the subject of this activity – the managing of risk. Participants are asked to share their definitions of what ‘risk’ means in terms of project management and their definitions are compared with a current popular version. The participants now work in small groups to identify the potential benefits to the project manager of implementing risk management procedures. Following a review of their ideas you demonstrate a four-part risk management model and then take them through each stage one step at a time. Following inputs on the key features involved in identifying risk and assessing how important they may be to the project success, you share a matrix which will help them prioritise the risks. The participants then take part in a short exercise using the ideas behind the matrix and apply them to an everyday problem – missing a holiday flight. You review their ideas and then go on to introduce the four steps involved in risk planning. The participants return to the earlier exercise and, once again, have the opportunity to apply the key principles for addressing common project risks. In the next stage of the training activity you introduce them to the first of two monitoring documents – the risk register. Following on from your explanation and discussion, the participants are given an opportunity in small groups to draft a risk register for a project they are currently involved in. Following a plenary review which constructively analyses what went on, you then introduce them to the final stage – risk control, and the second useful monitoring document – the project status report. Participants are then given the opportunity to discuss how they might use this approach in their real workplace projects. You end the training activity by encouraging the participants to review how they will apply what they have learned from the activity back at their workplace. (They fill in their learning review diary where appropriate). The training activity closes with individuals being given the opportunity to declare one key point they will take away from the course and use later.
Who is it for: This training resource is intended for use by trainers to improve participants’ project management skills and their ability to identify, assess, action plan and control risks throughout their projects that may have an impact in delivering the project objectives on time and budget.
| Resource Type: | Activity |
| Min Group Size: | 4 |
| Max Group Size: | 20 |
| Typical Duration: | 02:35:00 |
| No of Pages: | 33 |
Resources: View standard resources for Fenman training activities
Purpose: This training resource is intended for use by trainers on any introductory or intermediate level course which aims to improve participants’ project management skills. It fits best after events which introduce the basic concepts of planning the projects major activities although in-depth knowledge of these topics is not necessary for success as the training activity can stand alone. The final stage of this training activity links well with ‘Writing project reports’.
Download the training activity, Managing risk as featured in the Fenman training manual; The Project Management Activity Pack