The document provides guidance on risk management for a project. It instructs the project manager to assess risks early by determining the project type and team roles. It also recommends establishing external quality control. The manager should generate a list of 10-20 risks by category and vet it with sponsors. A risk matrix should then be developed tracking each risk's description, timeframe, costs, prevention strategy and mitigation plan. The document outlines daily, weekly and escalation procedures for monitoring risks and keeping the project on track.

1. RISK MANAGEMENT
FALLING ON YOUR SWORD

2. YOU ARE IT
• YOU HAVE JUST BEEN INFORMED THAT YOU ARE THE PROJECT MANAGER OR
THAT YOU ARE ON THE TEAM AT THE BEGINNING OF THE PROJECT
• ASSESSING RISKS START NOW
• DETERMINE WHAT TYPE OF PROJECT YOU ARE ON
• ESTABLISH WHO IS ON THE PROJECT, THEIR ROLES, AND CONTACT
INFORMATION
• ESTABLISH AN EXTERNAL QUALITY CONTROL TO DEVELOP ANOTHER POINT OF
VIEW

3. GENERATING THE LIST
• CREATE A LIST OF TEN TO TWENTY RISKS THAT THE PROJECT FACES
• SEPARATE THE LISTS INTO CATEGORIES LIKE POLITICS, RESOURCES (PEOPLE,
MACHINES AND PLACES), REQUIREMENTS, TECHNOLOGY, TIMEFRAME, BUDGET,
CONTRACTS, AND SECURITY
• PLACE MOST SEVERE RISKS AT HEAD OF EACH CATEGORY
• VET THE LIST WITH SPONSOR(S) OF THE PROJECT
• MODIFY THE LIST BASED ON INPUT

4. DEVELOP THE RISK MATRIX
• CREATE A GRID THAT HAS THE FOLLOWING
• SHORT RISK NAME
• DESCRIPTION
• TIMEFRAME
• POTENTIAL COST TO BUDGET, REQUIREMENTS, RESOURCES, TIME
• PREVENTION STRATEGY
• PLAN IF RISKS MATERIALIZES
• CONTACTS FOR RISK MANAGEMENT

5. CREATE A MASTER CONTACT LIST
• ONE OF THE BEST PREVENTION STRATEGIES FOR AVOIDING PROBLEMS WITH
RISKS IS TO DEVELOP A PROJECT CONTACT LIST
• THE CONTACT LIST SHOULD CONTAIN INTERNAL PROJECT EMPLOYEES AND
IMPORTANT CONTACTS FOR INFRASTRUCTURE, CONTRACTS, PEERS AND
STAKEHOLDERS
• ADD TO THE CONTACT LIST OTHER GROUPS THAT WOULD LIKE
DEMONSTRATIONS
• DEVELOP MAILING GROUPS AND PROJECT WEBSITE

6. COFFEE NEWS
• IN THE MORNING, BEFORE EVERYTHING EXCEPT COFFEE, REVIEW THE RISK
MATRIX
• ORGANIZE THE RISK MATRIX ACCORDING TO CURRENT RISKS
• REVIEW PLANS FOR PREVENTION AND MITIGATION
• JOT DOWN PEOPLE AND CONTACT INFORMATION FOR EACH
• MAKE CALLS AND APPROPRIATE EMAIL
• PROTECT PEOPLE FIRST, BUDGET SECOND, REQUIREMENTS THIRD AND SCHEDULE
LAST UNLESS DIRECTED OTHERWISE

7. WALK AROUND TIME
• VISIT YOUR PERSONNEL AND CHECK ON THEIR STATUS
• FOR EACH RISK THAT HAS MATERIALIZED, ASSIGN PEOPLE TO RISK
• KEEP PROJECT MOVING ALONG FLIGHT PLAN UNLESS RISK IS CRITICAL
• CALL IN CALVARY IF NEEDED (OTHER PROJECT RESOURCES HELD IN RESERVE)
• IF NECESSARY, CREATE TASK FORCE WITH TEAM LEAD IF RISK MITIGATION IS
WARRANTED

8. SOLOMON’S TEA WHEN BAD THINGS HAPPEN
• THE PROJECT MANAGER IS ALWAYS ON THE HOT SEAT
• DRINK COFFEE, TEA, OR ANYTHING
• THEN ASK YOURSELF, HOW WOULD A WISE PERSON HANDLE THIS
• THEN WRITE IT DOWN OR TYPE IT OUT AND REVIEW WITH TEAM LEADS
• CONSULT THE INTERNAL QUALITY ASSURANCE OFFICER
• CONSULT STAKEHOLDER

9. WHEN YELLOW GOES TO RED
• REVIEW PROJECT AND GO WITH ALTERNATE PATHS
• REVIEW PROJECT WITH STAKEHOLDERS AND JETTISON SECONDARY
REQUIREMENTS
• REVIEW BUDGET AND CONTRACTS
• REASSIGN STAFF AND CONTRACTORS
• BRING IN OUTSIDE CONSULTANTS FOR PROJECT REVIEW

10. WHEN ALL IS WELL
• YOU DID IT, THE PROJECT RISK(S) HAVE BEEN ABATED
• UPDATE PROJECT PLAN
• CELEBRATE WITH STAFF
• SEND STAFF TO TRAINING
• SHOWCASE PROJECT TO OUTSIDE AGENCIES
• DO SOMETHING NICE FOR STAKEHOLDERS