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Tracking Risk in Project Management

tracking-risk-in-project-managementWhen you are planning and strategizing for your project you might think of considering risks as unnecessary. Tracking risk in project management is a reality. You must know all types of risks that your project is exposed to in order to be ready with a plan B or alternative path when the primary approach doesn’t seem to be working. Remember, when you are working on a project you have been provided with a deadline already; now you have to make sure to start working on your project at just the right time to end it before deadline or on the date. During all this process it becomes necessary for the project manager to identify and track all the risks to his project management.

LOCATING RISK

There are various ways for locating the risks that could delay the project from its original deadline but they require diligence from the project manager to actually prove useful for the project. Obviously, when you know of all the risks to your project, you will plan for them and come up with different strategies to make your project safer. This will guarantee a foolproof plan for the project and even if things go wrong here and there, it wouldn’t eventually result in skipping the deadline. You can read further to know the different forms of risks that are suspended and floating around your project to delay it.

PROJECT FACTORS

You can track the risks by knowing the factors contributing in your project first of all. You must know all the tasks, milestones, goals, activities and actions involved in your project to complete on time or before time. Once you know these things only then you will be able to identify the risks as well. Think about it: when you invest money in a particular sport only then you will try to know the consequences of putting money into that sport. You will definitely want to know what risks were there to your money and how high the chances are for you to get a return for the money you have invested in the sports.

So since the nature of the project does not affect the fact that you have to spend some money on it, it is essential for you to know the risks involved with the money. Your money could be wasted not only because you are paying the workers too much but also because you are buying the necessary materials at higher rates. You might be spending on things that are not mission-critical in your project. You might be investing in resources that are playing a very small role in making the project a success.

Second important thing you are investing in a project is the time and without a doubt, handling the time right guarantees a project’s success or failure. If you don’t have a chart or some kind of illustration safe with you telling you about the timeline for every activity and task within the project you might have to face troubles. So when you are working on a project, make sure you know the estimated finish and start times of your tasks so you can complete the project within the provided deadline.

Another important thing you are putting in your project is the resources. You have to make a very sensible use of all the resources that you are putting into the project. You might have to shuffle your resources and incorporate them here and there to get the best results out of them. Your resources should be allocated in a flexible manner so when you have to expedite a certain activity in your project you could deploy some of the resources from other activities. You have to prioritize your most and least critical activities in the project.

Lastly, you have risks to your project that are beyond your control: natural disasters and weather conditions. In construction projects these risks play an important role: you can’t expect the weather to remain the same throughout the span of your project if it’s a big one.

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