Severity: How badly will the risk impact the project.Probability: Provide an estimated percentage that indicates how likely it is that the risk will actually occur.Recognition Date: This is the date that the client/stakeholders acknowledged the possibility of the risk.Description: Start with identifying the risks and their causes.Create a spreadsheet with the following columns: Begin with a risk register this will help you organize all possible risks for a project. Before you start color coding and organizing to-do lists, start by building a risk management strategy to share with your client. The client has just signed an agreement and you’re ready to solidify your timeline and build out the project for your developers. A risk management strategy provides a clear plan for identifying risks, monitoring them, resolving them, and communicating them to the client. Other times it can be a matter of underestimation or lack of resources. How often do you begin a project with confidence, having a solid timeline and ensuring your developer’s workload is manageable, only to hit a wall in the middle of the project? Sometimes the circumstances are uncontrollable like a termination or sudden personal event. In addition, it sets expectations for you, your team, and the client. A risk management strategy eliminates the guessing game that comes with estimating a project. Risk is any problem that might come up down the road and set back your timeline or affect your budget. With each project comes a certain level of risk.
No matter how much padding you add or timeline extensions, there are some risks you just can’t predict. As a project manager, it’s hard to plan for EVERYTHING.
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