To have effective risk management, you must have risk control strategies that work for you. The process starts with detecting the type of risks that can hamper your project’s progress. Once you can identify the palpable issues, you have a starting point to create an action plan and mitigate them. There are three options available that you can fully utilize for project risk management. In this article at IT Tool Kit, learn how to make risk control strategies work for you.
3 Risk Control Strategies to Choose From
Detect and Review
Once you have identified the risks, evaluate them thoroughly. The impact, the gravity of the impact, the actions to be taken, if the management must be involved, etc.
Start the Process
While you have detected the risks, your team might not be aware of them yet. Furthermore, some risks you will willingly accept while others you might not. So, risk strategies should include the time, costs, and effort you will put in to address each of them.
Risk Acceptance – One of your control strategies could be accepting the risk. However, ensure you have enough resources, time, and budget to accept the risk.Risk Avoidance – This option will save you from taking charge of the risk entirely. Remember, you might have to tweak your project’s scope, plan, resources, etc., to avoid the risk.Risk Mitigation – When you undertake to mitigate risk, you are accepting as well as avoiding it. A slight change in plans is required to address it.
Which One of the Risk Control Strategies Is Right?
This varies from project to project, risk to risk. Bear in mind that every time you address a risk, you must face the consequences. So, ensure that the risk strategies you choose are benefitting you in some ways.
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