Risk Response Strategies: Negative Risks Part I

startup-photos (1).jpgRisks can come in all forms and fashions, some positive and others negative. In this blog, we’ll be discussing negative risks and how to take them head on to make them become a positive aspect of your project.

  • Mitigate Try to marginalize the possibility of the negative risks happening or greatly impacting the project. When you see the potential, do what is necessary to avert those issues.
  • Transfer To better manage this risk, be sure to shift it to an involved third party. Note, this does not eradicate the risk but rather transfers it to another.
  • Avoid – Do your best in completely getting rid of any risk and the possible negative impact that it can have on the objective of the overall project. Accomplish by either changing the schedule of the project or by altering the project scope a bit.
  • Accept – This is simply taking the risk as it is an either passively accepting by doing nothing more than noting it or actively accepting the risk by keeping a plan B on hand to manage said risk if it does happen to occur.

The bottom line is when you’re faced with a bunch of negative risks in your project, look at it from a different angle and make it work for you.

Next week, we’ll discuss positive risk response strategies!

Learn even more tips like these and much more from our certified PMP® coaches at The Smart PMP®. Schedule your FREE 15-consultation by clicking here!

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