Project Management and managing risk go hand-in-hand but what are the “silver bullets” you can use to make mitigating risk a reality? This ppt will give you 7 of the most transferable approaches you can take to mitigate risk.

1. 7 WAYS TO MITIGATE
RISK ON PROJECTS
BUILD SKILL SETS. CHANGE MINDSETS.
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2. WHAT DOES IT MEAN TO MITIGATE
RISK?
• Project Management, and managing risk go hand-in-
hand but what are the “silver bullets” you can use to
make mitigating risk a reality?
Here are 7 of the
most transferable
approaches you can
take to mitigate risk.

3. 1. CLARIFY
THE
REQUIREMEN
TS
• What is it that you want to
achieve with this project?
Knowing that, and having
true, deep clarity about that,
is a huge mitigating factor
for risk.
• Make full use of feasibility
studies, workshops and
user groups to test out the
ideas before making a full
commitment.

4. 2. GET THE
RIGHT TEAM
• People introduce all kinds of
risk to a project, largely due
to their availability and skills.
• Use resource allocation
techniques to identify the
resources you require for the
project and then secure
them.

5. 3. SPREAD
THE RISK
• Mitigating your own risk by
dumping it on one group or
individual isn’t always the
best approach.
• Look for ways to manage
risks jointly with contractors
or other stakeholders to
spread out the actions and
also the impact should the
risk occur.

6. 4.
COMMUNICATE
AND LISTEN
• There is another way that
people add risk to a project:
through their actions when
they are overlooked as
stakeholders.
• Communicate widely, consult
widely and listen to the
responses you get. Plan your
communications and take
third parties into account
too.

7. 5. ASSESS
FEASABILITY
• Make use of feasibility studies and
prototypes to test out ideas and
solutions before you move to a full
build.
• Breakdown your project to phases
and allow for an investigation
stage at the start.
• This is a short period of time
where you can fully scope out the
initial underpinning or enabling
work and test out your solution in
a limited way prior to a full rollout.

8. 6. TEST
EVERYTHING
• Test everything: training materials,
implementation plans, and obviously
software and the deliverables.
• Testing is an important part of
making sure that your project risk is
lower and manageable. Testing helps
flush out problems that might bring
the project to a standstill later.
• Estimate the time needed for testing
and then double it. Then build that
into your plan.

9. 7. HAVE A
PLAN B
• The best way to plan
for the unplannable is
to have alternatives in
your back pocket.
• Agree tolerances and
contingency with your
sponsor before the
project starts. Talk
about what additional
funding you can
secure to deal with
unforeseen issues and
how you will access
this when the time
comes.

10. IN SUMMARY
• Risk is an accepted part of
the Project Managers role
but planning ahead and
factoring it in can make for a
smoother ride.
• These 7 mitigation
measures for your risks will
work in many cases, so you
can apply them to your
project today.

11. THANK YOU