Figure 1: Six-Step Process

Figure 2: H-M-L (High Medium Low) Risk Matric

A formal, comprehensive project risk plan allows the project manager to be proactive regarding the innumerable things that can and do go wrong with a project.

Project risk management begins early in the life cycle. A clear understanding of the risks that face the project must be established. The Six-Step Process is a common and practical approach to establishing the project risk plan. This process should not be created in a vacuum and typically involves a great deal of research and collaboration with the project team.

Choose one of your current or recent projects, and practice the Six-Step Process (Figure 1). Make a list of potential risks to the project and prioritize each utilizing H-M-L or a simple metric-based scale (Figure 2). Pick any three risks and establish:

Preventive measures.

Contingencies.

Trigger points.

Two or three bullet points for each should suffice.

Two or three bullet points for each should suffice.