Use These Four Techniques to Manage Risks on Your Project
All projects have risks and the risks have the potential for negatively impacting the project. (I am not referring to opportunity (positive) risk.) Try to Include Budget and Schedule for Unknown Risks A project manager can request additional budget and schedule to account for known risks at the beginning of a project. Of course, the risk contingency does not include the full impact of risk. Instead you multiply impact by the percentage likelihood for all high risks. Then add the numbers to come up with a risk contingency budget and schedule. However, risk identification is not something that only happens at the beginning of a project. The project manager assesses risks throughout the project. Therefore, it makes sense to include time and budget for unknown risks as a part of your estimating process. If you do an effective job of periodically reassessing risks, you may find new risks to manage that were not included in the original risk contingency budget. You can include