Risk management for projects
Good practice risk management must be followed during the Design and Construction phases of the project.
You'll need to continually:
- identify, manage and monitor potential risks (threats and opportunities)
- react to issues when they occur
- keep the Board of Trustees informed.
Risks and issues should be discussed at the regular Project Control Group meetings and site meetings.
Depending on the level of risk/criticality of the issue, you may have to:
- Adjust timelines to accommodate delays and work in with other project tasks
- Look for ways to adjust the budget so that the project stays within budget, including making changes to specifications.
Before starting a large and complex project, it may be useful to hold a risk identification workshop with the Project Control Group and relevant stakeholders.
Keep a risk register and an issues register
To manage major problems, keep a risk register and an issues register in the project file.
The risk and issues registers should record, as a minimum:
- Identification date
- The person managing the risk/issue
- A description of the risk/issue
- Potential impact on the project (risk)
- Actual impact on the project (issue)
- Responses to the risk/issue
- The date by which you need to resolve the risk/issue
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