Excel Formula To Spell Ou The Day Of The Week Things Go Wrong – Manage Your Risks to Lessen Their Effect

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Things Go Wrong – Manage Your Risks to Lessen Their Effect

Risk management is often overlooked in projects. But it is very important to consider the risks before you start any project. You may not be a project manager but everyone is part of a project, even if the project is fixing a broken screen door or cooking Thanksgiving dinner. All jobs include projects. Do you write reports? Researching, composing, editing, revising, and proofreading are all phases of a project to create a report. Do you work in a retail store and need to inventory? The process of calculating, reporting and ordering is the project. Even a stay-at-home mom is planning a birthday party for her daughter or a couple planning a wedding is managing a project.

As you’ve probably experienced, some projects go well, some go poorly, and some never get done. This is because every project involves some risk. Every project has some reason, no matter how unlikely, that something will go wrong. For example, if you are writing a report on your computer and the network goes down, you may not be able to meet the deadline. If you’re listing and there’s a power outage, you won’t be able to finish that day. If you have reserved a hotel for a wedding reception, and suddenly the hotel goes out of business, you have a big problem. Some of these risks can be anticipated and measures put in place so that an incident (such as a power outage) has the least impact on your project. This is risk management.

One common factor in most projects is people. Even if there is only one person in the project, chances are that person will leave the project. If this happens, you should plan what to do. John works with you on an important project. One day his wife called the office and told him that he had gone to the hospital with appendicitis and would be out for at least six weeks. You need to replace him fast. Elena is supposed to list on the weekend but she calls in sick. Jamie comes into the office, tells her she won the lottery, picks up her stuff and walks out. All of these will affect your project. To minimize the impact, at the beginning of a project you want to plan for the possibility of a problem.

There are many ways to handle risk. The four main methods are acceptance, avoidance, transference, and mitigation. Acceptance is the realization of risk and taking the chance that it will not happen. There might be a power outage and you just accept that it might happen (and hope it won’t). For weddings, there is a risk that the florist will not deliver the flowers on time. If this happens, the wedding goes without flowers.

Avoidance is simple: do what you can to avoid the problem. You can avoid having fewer than four people to list by scheduling five people to do this. Of course paying an extra person will affect that budget. If you’re worried about not having fresh flowers, use silk. A mother planning a birthday party isn’t sure she can handle twelve kids. So he only invites nine people. These are all risk avoidance measures.

A transfer occurs when you transfer some or all of the risk to a third party. The most common form of transfer is insurance. If you’re planning a carnival but have to cancel if it rains, you can buy insurance that will cover your expenses if it rains. If you are unsure about the florist for the wedding, hire two florists, each offering half the flowers. So if one doesn’t show up, at least you have flowers from the other.

Mitigation is the risk event you do that, if it happens, will have the least impact on the project. If you want to reduce the risk of fewer than four people on an inventory project, and don’t want to go over budget, you can have someone on call. If one of the people on the list can’t make it at the last minute, you can call the on-call person as a replacement. For possible power outages, have a back-up generator or battery-powered lights and pre-charged laptops available. In the case of losing a team member, it may be someone you have already trained. You may also be able to kick someone out of a less important project (by making those arrangements when the project starts).

How important it is to have a mitigation plan depends on two things: how likely the event is to occur and how much impact it will have on the project. If something is unlikely and has little impact (the florist delivers the wrong color flowers) you might not bother preparing for it. But if something is likely to happen and has a high impact on the project (a 70-year-old team leader decides to retire), then you want to have a plan in place.

Risk management involves creating a list of potential risks, determining their impact and likelihood of occurrence, how you plan to handle it (accept, avoid, transfer, or mitigate) and how that plan will work (how you will avoid it or how you can do it). reduce its effect). Here is an example of a risk management plan (many people create it in an Excel spreadsheet or Word table):

  • Risk: Outdoor wedding rained in June
  • effect: High
  • event change: Medium
  • way to handle: Shaman
  • Plan: Reserve a room at the community center to use in case of rain
  • Risk: The bridegroom goes out
  • effect: very high
  • event change: Very low
  • way to handle: Acknowledgment
  • Plan: Call the wedding.

By having a risk management plan in place, you’ll find that when disaster strikes, you’re much better prepared to handle it.

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