01/05/2020 10 Common Risk Mistakes to Avoid - Part 1 - Converging 360

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10 Common Risk Mistakes to Avoid on Projects, Part One

Do you want to control your projects instead of having them control you? One of the main ways to do that is
by strategically managing risk. But if you aren’t taking the right approach to risk management, you won’t be
taking full advantage of what this technique has to offer, and you might even end up doing more harm than
good. So, to help you along, we’ve compiled a list of 10 common risk mistakes that you should aim to avoid
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01/05/2020 10 Common Risk Mistakes to Avoid - Part 1 - Converging 360
To get started, and to help you improve your risk management strategy, here’s
RITA MULCAHY'S a list of EXAM
ORIGINAL ve of the ten ™
PREP
common risk management mistakes, along with Tricks of the Trade® on how to avoid them.
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Mistake #1 — Starting Risk Management Without the Necessary Inputs

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Outputs and information from your other project management activities serve as Agile
Project Management inputs to riskBusiness Analysis Resource Library Rita’s Process Chart
management. Without the necessary inputs, some risks will remain unidenti ed.

Tricks of the Trade®

First, gather the following inputs before beginning formal risk management:

Project background information

The project charter

Risk appetite

Risk threshold information

Historical records

Lessons learned

Risk management policies, procedures, and templates

You’ll also need project planning outputs, including:

The stakeholder register

Project scope statement

Project constraints and assumptions

WBS

Network diagram

Activity duration and cost estimates

The resource, communications, and procurement management plans

Mistake #2 — Not Tailoring Risk Management Activities to the Needs of the Project

Projects often fail because project managers don’t adjust their processes to the needs of the project.

Tricks of the Trade®

Consider the following when tailoring risk management activities:

When will the activities be done?

How much time will be spent on those activities?

Who will be involved?

What risk rating scales, forms, and processes will be used?

Mistake #3 — Not Identifying Enough Risks

Your list of risks (threats and opportunities) needs to be comprehensive. In fact, you should be able to
identify hundreds of risks for your projects—not just 10 or 20.

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01/05/2020 10 Common Risk Mistakes to Avoid - Part 1 - Converging 360
How do you know when you’re done identifying risks?RITA
The truth is that you ORIGINAL
MULCAHY'S pretty much EXAM
do it until
PREPit gets
™
ridiculous!
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Create a list of risk categories to consider on each project.

Identify individual risks, as well as overall project risk. Management

Project Agile Business Analysis Resource Library Rita’s Process Chart

Identify risks by work package and by activity.

Mistake #4 — Identifying Facts, Not Risks

Facts are not risks.Therefore, facts should be addressed in the project management plan, not as part of risk
management.

Here’s an example. The following is a fact, not a risk: “We don’t have enough people or resources to
complete the project by the required date.”

Tricks of the Trade®

Create a standard for what is a certainty and what is a risk.

To differentiate between facts and risks, bear in mind that: “Anything with less than an 80% probability of
happening is a risk; greater than 80% is a fact.”

Mistake #5 — Forgetting Opportunities

Opportunities are positive risks, so they need to be included in risk management as well.

Tricks of the Trade®

Create a separate list of opportunities before creating a list of threats.

Provide the team with examples of opportunities.

Ready to Tackle the Next Five Mistakes?

That covers just half of our list of the most common mistakes made in the realm of risk management.
When you’re ready to discover even more tips and tricks that you can use right away to become a more
effective project manager, you can continue reading the next 5 Common Risk Mistakes to Avoid on Projects.

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