Question

Deliberate the 10 golden rules of project risk management using a project of your choice.

Answer 1

In here we can set an example of a project "CARS" who develops car doors for one particular model by "ABC" organization, in context with that the golden rules of risk management are as:-

Rule 1:- Make Risk a part of the Project in here if the "CARS" project is backed by the risk associated with the project then the wastage or breakdowns can be avoided

Rule 2:- Identify Risks Early in the project, If the project here is successful in identifying its risks then they start making early profits and rapid progressions

Rule 3:- Communicate about the risk, the "CARS" project risk if properly communicated in here could be able to identify the exact component of risk generation and will be able to mitigate the risks

Rule 4, Consider both threats & Opportunities, the project should consider what is coming forth in their path be it adversity or advantage both could be used at own profit.

Rule 5, Clarify Ownership Issue, the project should have a properly stated ownership model as to which is the responsibility of the task or project part.

Rule 6, Prioritising Risk, any project should prioritize their risks as they could be a breaking point for the project thereby mitigating it as much as possible

Rule 7, Analyse Risks, If the "CARS" project by "ABC" fails to analyze the risks then the project may fall apart only. The analysis is required as to how much the risk is feasible and so on.

Rule 8, Plan & Implement Risk responses, the first all stages wouldn't mean anything if this stage is not executed properly i.e, taking effective measures to mitigate risks, for example, if the "CARS" project generates a risk of low sales volume in a particular month then specific measures must be ensured to tackle that

Rule 9, Registering Project Risks, A book-keeping practice to register the risk in case the same thing appears again with the same components we have a solution in-hand or the solution can be rephrased in accordance with the attributes of the particular time

Rule 10, Track Risks & Associated Risks, Every risk & associated risk should be tracked on a daily basis as once it becomes a part of the Project planning it ensures there's no delay in the project commencement to the end.